ProShare Advisors LLC Acquires 67,486 Shares of Westlake Corporation $WLK

ProShare Advisors LLC increased its holdings in Westlake Corporation (NYSE:WLK) by 19.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 422,640 shares of the specialty chemicals company’s stock after buying an additional 67,486 shares during the period. ProShare Advisors LLC owned 0.33% of Westlake worth $32,569,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. KBC Group NV increased its holdings in shares of Westlake by 79.9% in the second quarter. KBC Group NV now owns 48,014 shares of the specialty chemicals company’s stock worth $3,646,000 after purchasing an additional 21,319 shares during the period. Neo Ivy Capital Management purchased a new position in Westlake during the second quarter worth about $404,000. Norges Bank bought a new position in Westlake in the 2nd quarter worth about $104,314,000. Hsbc Holdings PLC increased its stake in Westlake by 142.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,833 shares of the specialty chemicals company’s stock worth $1,963,000 after acquiring an additional 15,193 shares during the last quarter. Finally, Brandes Investment Partners LP raised its holdings in shares of Westlake by 246.0% in the 2nd quarter. Brandes Investment Partners LP now owns 1,456,871 shares of the specialty chemicals company’s stock valued at $110,621,000 after acquiring an additional 1,035,851 shares in the last quarter. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Chairman Albert Chao sold 40,836 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $73.57, for a total value of $3,004,304.52. Following the transaction, the chairman directly owned 627,722 shares in the company, valued at $46,181,507.54. This trade represents a 6.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

WLK has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Westlake in a research note on Wednesday, January 21st. Citigroup restated a “buy” rating and issued a $100.00 target price (up previously from $85.00) on shares of Westlake in a research report on Tuesday, January 13th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $83.00 target price (down previously from $91.00) on shares of Westlake in a research note on Tuesday, November 4th. Bank of America raised shares of Westlake from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $87.00 to $84.00 in a research note on Monday, November 3rd. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $100.00 price objective on shares of Westlake in a report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Westlake presently has an average rating of “Hold” and an average target price of $89.47.

Westlake Price Performance

Shares of NYSE WLK opened at $99.06 on Wednesday. Westlake Corporation has a 1 year low of $56.33 and a 1 year high of $118.23. The stock has a market capitalization of $12.71 billion, a P/E ratio of -13.35, a P/E/G ratio of 48.57 and a beta of 0.91. The company’s 50-day moving average is $79.79 and its 200 day moving average is $78.07. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.99 and a quick ratio of 1.39.

Westlake Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 25th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, November 25th. Westlake’s payout ratio is -28.57%.

Westlake Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.