Quantbot Technologies LP Has $4.62 Million Stock Position in Westlake Co. (NYSE:WLK)

Quantbot Technologies LP raised its stake in shares of Westlake Co. (NYSE:WLK - Free Report) by 86.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,742 shares of the specialty chemicals company's stock after buying an additional 14,294 shares during the period. Quantbot Technologies LP's holdings in Westlake were worth $4,620,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Comerica Bank boosted its position in Westlake by 17.9% during the first quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company's stock valued at $3,742,000 after purchasing an additional 3,710 shares during the last quarter. CIBC Asset Management Inc bought a new stake in shares of Westlake in the 2nd quarter valued at approximately $544,000. 1832 Asset Management L.P. acquired a new position in Westlake in the second quarter worth approximately $27,179,000. Envestnet Asset Management Inc. lifted its stake in Westlake by 89.8% in the second quarter. Envestnet Asset Management Inc. now owns 44,194 shares of the specialty chemicals company's stock valued at $6,400,000 after acquiring an additional 20,913 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in Westlake by 134.4% in the second quarter. Cetera Investment Advisers now owns 7,612 shares of the specialty chemicals company's stock worth $1,102,000 after acquiring an additional 4,364 shares in the last quarter. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Stock Performance

NYSE WLK traded up $0.27 during midday trading on Wednesday, hitting $128.46. The company had a trading volume of 49,446 shares, compared to its average volume of 445,617. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The firm has a fifty day simple moving average of $137.83 and a two-hundred day simple moving average of $144.05. Westlake Co. has a fifty-two week low of $118.64 and a fifty-two week high of $162.64. The stock has a market cap of $16.53 billion, a price-to-earnings ratio of 180.55, a P/E/G ratio of 2.55 and a beta of 1.19.

Westlake (NYSE:WLK - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing the consensus estimate of $2.21 by ($0.80). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.31 billion. During the same period last year, the company earned $2.20 EPS. The company's revenue was up .1% on a year-over-year basis. Equities analysts forecast that Westlake Co. will post 6.47 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 26th will be issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend is Tuesday, November 26th. Westlake's payout ratio is 295.77%.

Insider Activity

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $130.00, for a total transaction of $227,500.00. Following the completion of the transaction, the director now owns 9,534 shares in the company, valued at $1,239,420. This trade represents a 15.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WLK. Piper Sandler reduced their price objective on shares of Westlake from $180.00 to $170.00 and set an "overweight" rating for the company in a research note on Thursday, September 5th. StockNews.com raised Westlake from a "sell" rating to a "hold" rating in a research report on Tuesday. Mizuho started coverage on Westlake in a research note on Thursday, August 8th. They issued an "outperform" rating and a $170.00 price objective on the stock. Bank of America upgraded Westlake from an "underperform" rating to a "neutral" rating and boosted their target price for the stock from $151.00 to $159.00 in a report on Wednesday, October 16th. Finally, BMO Capital Markets dropped their price target on shares of Westlake from $171.00 to $165.00 and set a "market perform" rating on the stock in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $162.17.

About Westlake

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.