Rhumbline Advisers Grows Stock Holdings in Westlake Co. (NYSE:WLK)

Rhumbline Advisers increased its position in Westlake Co. (NYSE:WLK) by 4.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 98,056 shares of the specialty chemicals company’s stock after purchasing an additional 4,088 shares during the quarter. Rhumbline Advisers owned 0.08% of Westlake worth $11,242,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp raised its holdings in Westlake by 0.8% in the third quarter. State Street Corp now owns 1,198,710 shares of the specialty chemicals company’s stock valued at $180,154,000 after acquiring an additional 9,838 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Westlake by 699.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 595,149 shares of the specialty chemicals company’s stock valued at $89,445,000 after acquiring an additional 520,669 shares in the last quarter. Geode Capital Management LLC raised its holdings in Westlake by 4.5% in the third quarter. Geode Capital Management LLC now owns 552,646 shares of the specialty chemicals company’s stock valued at $82,837,000 after acquiring an additional 23,558 shares in the last quarter. Ilex Capital Partners UK LLP acquired a new stake in Westlake in the third quarter valued at $55,542,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Westlake by 35.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 318,284 shares of the specialty chemicals company’s stock valued at $47,835,000 after acquiring an additional 82,617 shares in the last quarter. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $129.08, for a total value of $225,890.00. Following the completion of the transaction, the director now owns 7,784 shares in the company, valued at $1,004,758.72. This represents a 18.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 74.10% of the stock is currently owned by insiders.

Westlake Stock Performance

Shares of WLK opened at $109.68 on Monday. The firm has a 50-day moving average price of $114.25 and a 200 day moving average price of $129.38. The firm has a market capitalization of $14.12 billion, a PE ratio of 154.48, a P/E/G ratio of 2.36 and a beta of 1.17. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. Westlake Co. has a 52-week low of $108.56 and a 52-week high of $162.64.

Westlake Announces Dividend

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. This represents a $2.10 dividend on an annualized basis and a yield of 1.91%. Westlake’s dividend payout ratio is presently 295.77%.

Analyst Upgrades and Downgrades

WLK has been the topic of a number of research reports. Wells Fargo & Company dropped their target price on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Citigroup raised shares of Westlake from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $152.00 to $140.00 in a report on Wednesday, December 18th. Piper Sandler dropped their target price on shares of Westlake from $155.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Royal Bank of Canada dropped their target price on shares of Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Finally, Truist Financial started coverage on shares of Westlake in a report on Tuesday, January 28th. They issued a “buy” rating and a $168.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $155.79.

Westlake Company 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.