Custom Index Systems LLC Acquires 4,956 Shares of Westlake Co. (NYSE:WLK)

Custom Index Systems LLC increased its holdings in shares of Westlake Co. (NYSE:WLK - Free Report) by 230.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,105 shares of the specialty chemicals company's stock after acquiring an additional 4,956 shares during the quarter. Custom Index Systems LLC's holdings in Westlake were worth $1,068,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Pathway Financial Advisers LLC bought a new stake in shares of Westlake during the 1st quarter worth $43,000. Quest Partners LLC raised its position in Westlake by 8,400.0% in the second quarter. Quest Partners LLC now owns 340 shares of the specialty chemicals company's stock worth $49,000 after acquiring an additional 336 shares during the period. Itau Unibanco Holding S.A. purchased a new position in Westlake in the second quarter valued at about $66,000. UniSuper Management Pty Ltd increased its stake in shares of Westlake by 66.7% during the 1st quarter. UniSuper Management Pty Ltd now owns 500 shares of the specialty chemicals company's stock worth $76,000 after purchasing an additional 200 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in shares of Westlake in the 3rd quarter worth approximately $75,000. Hedge funds and other institutional investors own 28.40% of the company's stock.

Westlake Price Performance

NYSE WLK traded down $2.06 during trading on Friday, reaching $132.73. The company's stock had a trading volume of 419,609 shares, compared to its average volume of 433,744. The firm has a fifty day moving average of $142.86 and a 200 day moving average of $147.31. Westlake Co. has a one year low of $113.38 and a one year high of $162.64. The stock has a market capitalization of $17.07 billion, a PE ratio of 66.70, a P/E/G ratio of 1.95 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.61 and a quick ratio of 1.94.

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

Westlake Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 20th were given a $0.525 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This is a positive change from Westlake's previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a yield of 1.58%. Westlake's payout ratio is 105.53%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on WLK shares. StockNews.com lowered Westlake from a "hold" rating to a "sell" rating in a report on Thursday, September 19th. Barclays raised shares of Westlake from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $162.00 to $180.00 in a report on Monday, September 30th. Piper Sandler lowered their price target on shares of Westlake from $180.00 to $170.00 and set an "overweight" rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. upped their price target on shares of Westlake from $123.00 to $135.00 and gave the company an "underweight" rating in a research note on Thursday, August 15th. Finally, Bank of America upgraded shares of Westlake from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $151.00 to $159.00 in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company 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.