Victory Capital Management Inc. Acquires 574,068 Shares of Westlake Co. (NYSE:WLK)

Victory Capital Management Inc. grew its position in shares of Westlake Co. (NYSE:WLK - Free Report) by 21.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,313,847 shares of the specialty chemicals company's stock after buying an additional 574,068 shares during the quarter. Victory Capital Management Inc. owned 2.57% of Westlake worth $379,933,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Raymond James & Associates raised its holdings in shares of Westlake by 1.6% in the 3rd quarter. Raymond James & Associates now owns 19,420 shares of the specialty chemicals company's stock worth $2,919,000 after purchasing an additional 304 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Westlake in the 3rd quarter worth approximately $205,000. Janney Montgomery Scott LLC raised its holdings in shares of Westlake by 1.0% in the 3rd quarter. Janney Montgomery Scott LLC now owns 46,666 shares of the specialty chemicals company's stock worth $7,013,000 after purchasing an additional 474 shares during the period. Robeco Institutional Asset Management B.V. bought a new stake in shares of Westlake in the 3rd quarter worth approximately $382,000. Finally, Financial Enhancement Group LLC bought a new stake in shares of Westlake in the 3rd quarter worth approximately $1,476,000. Institutional investors own 28.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on WLK. Truist Financial lowered their price target on shares of Westlake from $168.00 to $166.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Bank of America reduced their price objective on shares of Westlake from $134.00 to $116.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Barclays reduced their price objective on shares of Westlake from $175.00 to $135.00 and set an "overweight" rating for the company in a research note on Tuesday, February 25th. Morgan Stanley reduced their price objective on shares of Westlake from $130.00 to $122.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 26th. Finally, Royal Bank of Canada reduced their price objective on shares of Westlake from $147.00 to $133.00 and set an "outperform" rating for the company in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $140.07.

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Westlake Price Performance

Shares of WLK traded up $1.28 during mid-day trading on Friday, reaching $112.03. 717,477 shares of the stock traded hands, compared to its average volume of 493,382. The firm has a fifty day moving average price of $113.40 and a 200 day moving average price of $127.41. The company has a market cap of $14.37 billion, a price-to-earnings ratio of 157.79, a price-to-earnings-growth ratio of 2.36 and a beta of 1.18. The company has a current ratio of 2.79, a quick ratio of 2.04 and a debt-to-equity ratio of 0.41. Westlake Co. has a 1 year low of $104.74 and a 1 year high of $162.64.

Westlake (NYSE:WLK - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.98). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm had revenue of $2.84 billion for the quarter, compared to analysts' expectations of $3.01 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The firm's revenue for the quarter was up .6% on a year-over-year basis. As a group, equities research analysts predict that Westlake Co. will post 6.48 earnings per share for the current year.

Westlake Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Tuesday, March 4th will be given a $0.525 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $2.10 annualized dividend and a yield of 1.87%. Westlake's dividend payout ratio (DPR) is presently 45.36%.

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.