Recurrent Investment Advisors LLC Increases Holdings in Westlake Corporation $WLK

Recurrent Investment Advisors LLC increased its stake in Westlake Corporation (NYSE:WLK) by 49.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 112,790 shares of the specialty chemicals company’s stock after buying an additional 37,157 shares during the quarter. Westlake accounts for approximately 0.8% of Recurrent Investment Advisors LLC’s portfolio, making the stock its 23rd largest holding. Recurrent Investment Advisors LLC owned 0.09% of Westlake worth $13,176,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Westlake during the 3rd quarter worth approximately $28,000. Quarry LP purchased a new stake in Westlake in the 4th quarter worth about $31,000. Fifth Third Bancorp raised its stake in Westlake by 71.3% in the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after acquiring an additional 234 shares during the period. CIBC Private Wealth Group LLC purchased a new stake in Westlake during the third quarter valued at about $53,000. Finally, NewEdge Advisors LLC lifted its holdings in Westlake by 49.6% during the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock valued at $57,000 after purchasing an additional 247 shares during the last quarter. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Analyst Ratings Changes

WLK has been the subject of several recent research reports. Truist Financial reduced their target price on shares of Westlake from $127.00 to $104.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Morgan Stanley reduced their price objective on shares of Westlake from $106.00 to $92.00 and set an “equal weight” rating for the company in a research note on Thursday, July 2nd. Wells Fargo & Company lowered their target price on shares of Westlake from $125.00 to $110.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Bank of America dropped their target price on Westlake from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $96.00 price target on shares of Westlake in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $97.64.

Westlake Stock Down 0.2%

WLK opened at $72.19 on Wednesday. The firm has a market capitalization of $9.25 billion, a P/E ratio of -5.68 and a beta of 0.62. Westlake Corporation has a one year low of $56.33 and a one year high of $124.23. The company has a fifty day moving average price of $80.47 and a 200-day moving average price of $94.52. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.17 and a quick ratio of 1.56.

Westlake (NYSE:WLK) last posted its quarterly earnings data on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.67). The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.79 billion. Westlake had a negative return on equity of 1.89% and a negative net margin of 14.91%.The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.31) earnings per share. Equities research analysts expect that Westlake Corporation will post 3.2 earnings per share for the current fiscal year.

Westlake Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Wednesday, May 27th were given a dividend of $0.53 per share. The ex-dividend date was Wednesday, May 27th. This represents a $2.12 annualized dividend and a dividend yield of 2.9%. Westlake’s dividend payout ratio (DPR) is -16.69%.

Westlake Company 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.