Inspire Investing LLC Reduces Holdings in Westlake Co. (NYSE:WLK)

Inspire Investing LLC lessened its stake in Westlake Co. (NYSE:WLK - Free Report) by 76.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,903 shares of the specialty chemicals company's stock after selling 6,121 shares during the quarter. Inspire Investing LLC's holdings in Westlake were worth $286,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. 1832 Asset Management L.P. purchased a new position in shares of Westlake in the second quarter worth about $27,179,000. Appian Way Asset Management LP purchased a new position in Westlake in the 1st quarter valued at approximately $25,154,000. Bank of Montreal Can raised its holdings in Westlake by 3,330.4% during the 2nd quarter. Bank of Montreal Can now owns 150,047 shares of the specialty chemicals company's stock valued at $23,802,000 after acquiring an additional 145,673 shares during the period. Natixis lifted its position in shares of Westlake by 41,979.2% during the first quarter. Natixis now owns 85,000 shares of the specialty chemicals company's stock worth $12,988,000 after acquiring an additional 84,798 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Westlake in the second quarter worth $10,302,000. Hedge funds and other institutional investors own 28.40% of the company's stock.

Westlake Price Performance

NYSE WLK traded down $0.84 during trading hours on Friday, reaching $139.34. 378,498 shares of the stock traded hands, compared to its average volume of 433,929. The stock has a 50 day simple moving average of $143.85 and a two-hundred day simple moving average of $148.14. Westlake Co. has a 1 year low of $112.77 and a 1 year high of $162.64. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.61 and a quick ratio of 1.94. The company has a market cap of $17.92 billion, a price-to-earnings ratio of 66.99, a price-to-earnings-growth ratio of 1.98 and a beta of 1.17.

Westlake (NYSE:WLK - Get Free Report) last released its earnings results on Tuesday, August 6th. The specialty chemicals company reported $2.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.99 by $0.41. Westlake had a return on equity of 7.84% and a net margin of 2.27%. The company had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter in the previous year, the company posted $2.31 EPS. Westlake's quarterly revenue was down 1.4% compared to the same quarter last year. On average, analysts predict that Westlake Co. will post 7.13 EPS for the current fiscal year.

Westlake Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Tuesday, August 20th were paid a $0.525 dividend. This is a boost from Westlake's previous quarterly dividend of $0.50. The ex-dividend date was Tuesday, August 20th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.51%. Westlake's dividend payout ratio is 100.96%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WLK. BMO Capital Markets increased their price objective on Westlake from $167.00 to $171.00 and gave the stock a "market perform" rating in a report on Tuesday, August 13th. Mizuho initiated coverage on shares of Westlake in a research report on Thursday, August 8th. They issued an "outperform" rating and a $170.00 price objective for the company. JPMorgan Chase & Co. upped their target price on shares of Westlake from $123.00 to $135.00 and gave the stock an "underweight" rating in a report on Thursday, August 15th. Royal Bank of Canada cut their price target on shares of Westlake from $174.00 to $170.00 and set an "outperform" rating for the company in a report on Friday, October 11th. Finally, Piper Sandler decreased their price target on shares of Westlake from $180.00 to $170.00 and set an "overweight" rating on the stock in a report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Westlake presently has a consensus rating of "Hold" and an average target price of $165.92.

Westlake Profile

Westlake Corporation engages in the manufacture and marketing of performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Mexico, Brazil, France, Italy, Taiwan, and internationally. The company operates through two segments: Performance and Essential Materials and Housing and Infrastructure Products.