Envestnet Asset Management Inc. Cuts Stake in Westlake Corporation $WLK

Envestnet Asset Management Inc. reduced its holdings in shares of Westlake Corporation (NYSE:WLK) by 23.1% during the second quarter, Holdings Channel reports. The fund owned 20,396 shares of the specialty chemicals company’s stock after selling 6,139 shares during the period. Envestnet Asset Management Inc.’s holdings in Westlake were worth $1,549,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Westlake by 3.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 244,497 shares of the specialty chemicals company’s stock valued at $24,457,000 after purchasing an additional 8,143 shares during the last quarter. Signaturefd LLC boosted its position in Westlake by 49.9% during the second quarter. Signaturefd LLC now owns 640 shares of the specialty chemicals company’s stock valued at $49,000 after buying an additional 213 shares during the period. HITE Hedge Asset Management LLC grew its stake in shares of Westlake by 17.9% during the first quarter. HITE Hedge Asset Management LLC now owns 71,475 shares of the specialty chemicals company’s stock valued at $7,150,000 after buying an additional 10,827 shares during the last quarter. LPL Financial LLC grew its stake in shares of Westlake by 17.3% during the first quarter. LPL Financial LLC now owns 30,421 shares of the specialty chemicals company’s stock valued at $3,043,000 after buying an additional 4,493 shares during the last quarter. Finally, Jefferies Financial Group Inc. increased its holdings in shares of Westlake by 336.0% in the first quarter. Jefferies Financial Group Inc. now owns 9,108 shares of the specialty chemicals company’s stock worth $911,000 after buying an additional 7,019 shares during the period. 28.40% of the stock is currently owned by institutional investors.

Westlake Stock Performance

Shares of WLK stock opened at $57.56 on Thursday. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of -108.61 and a beta of 0.95. The stock has a fifty day moving average of $75.09 and a 200 day moving average of $78.45. Westlake Corporation has a 52 week low of $56.85 and a 52 week high of $133.51. The company has a quick ratio of 1.75, a current ratio of 2.47 and a debt-to-equity ratio of 0.43.

Westlake (NYSE:WLK) last issued its quarterly earnings data on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.47). Westlake had a negative net margin of 0.57% and a positive return on equity of 1.26%. The company had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. The firm’s revenue for the quarter was down 9.0% compared to the same quarter last year. As a group, research analysts expect that Westlake Corporation will post 6.48 earnings per share for the current year.

Westlake Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Tuesday, November 25th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, November 25th. Westlake’s dividend payout ratio is presently -28.57%.

Wall Street Analysts Forecast Growth

WLK has been the subject of several analyst reports. Tudor Pickering upgraded Westlake from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 6th. BMO Capital Markets reissued a “market perform” rating and set a $83.00 price objective (down previously from $91.00) on shares of Westlake in a research note on Tuesday, November 4th. Morgan Stanley cut their target price on shares of Westlake from $98.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 6th. Bank of America upgraded shares of Westlake from a “neutral” rating to a “buy” rating and lowered their price target for the company from $87.00 to $84.00 in a report on Monday, November 3rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Westlake from $73.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, September 25th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Westlake has an average rating of “Moderate Buy” and a consensus target price of $86.67.

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.