Amalgamated Bank Sells 5,549 Shares of Westlake Co. (NYSE:WLK)

Amalgamated Bank lessened its stake in shares of Westlake Co. (NYSE:WLK) by 25.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,300 shares of the specialty chemicals company’s stock after selling 5,549 shares during the quarter. Amalgamated Bank’s holdings in Westlake were worth $2,361,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pathway Financial Advisers LLC bought a new stake in Westlake during the 1st quarter worth approximately $43,000. Quest Partners LLC grew its position in shares of Westlake by 8,400.0% during the 2nd quarter. Quest Partners LLC now owns 340 shares of the specialty chemicals company’s stock valued at $49,000 after purchasing an additional 336 shares in the last quarter. UniSuper Management Pty Ltd increased its holdings in shares of Westlake by 66.7% in the first 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 period. Acadian Asset Management LLC purchased a new stake in shares of Westlake in the second quarter worth $101,000. Finally, Headlands Technologies LLC bought a new stake in Westlake during the second quarter valued at $122,000. 28.40% of the stock is currently owned by institutional investors.

Westlake Trading Up 1.9 %

Shares of WLK stock opened at $147.93 on Wednesday. The business has a 50-day moving average of $143.45 and a 200 day moving average of $148.61. 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 Co. has a 1-year low of $112.77 and a 1-year high of $162.64. The stock has a market capitalization of $19.02 billion, a PE ratio of 74.34, a P/E/G ratio of 1.83 and a beta of 1.18.

Westlake (NYSE:WLK) last issued its earnings results on Tuesday, August 6th. The specialty chemicals company reported $2.40 earnings per share (EPS) 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 firm had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.22 billion. During the same quarter last year, the business earned $2.31 earnings per share. The business’s revenue was down 1.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Westlake Co. will post 7.13 earnings per share for the current year.

Westlake Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Tuesday, August 20th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 1.42%. This is an increase from Westlake’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Tuesday, August 20th. Westlake’s dividend payout ratio is 105.53%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Royal Bank of Canada raised Westlake from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $157.00 to $174.00 in a report on Friday, August 23rd. BMO Capital Markets lifted their target price on shares of Westlake from $167.00 to $171.00 and gave the company a “market perform” rating in a research report on Tuesday, August 13th. UBS Group decreased their price target on shares of Westlake from $172.00 to $160.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Mizuho assumed coverage on shares of Westlake in a report on Thursday, August 8th. They set an “outperform” rating and a $170.00 price objective for the company. Finally, Citigroup increased their target price on Westlake from $162.00 to $168.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Westlake currently has an average rating of “Hold” and an average price target of $166.00.

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.