JPMorgan Chase & Co. Purchases 38,560 Shares of Westlake Corporation $WLK

JPMorgan Chase & Co. boosted its position in Westlake Corporation (NYSE:WLK) by 29.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 167,595 shares of the specialty chemicals company’s stock after acquiring an additional 38,560 shares during the period. JPMorgan Chase & Co. owned 0.13% of Westlake worth $12,725,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in WLK. PNC Financial Services Group Inc. raised its position in shares of Westlake by 11.8% during the second quarter. PNC Financial Services Group Inc. now owns 1,433 shares of the specialty chemicals company’s stock worth $109,000 after purchasing an additional 151 shares during the period. Police & Firemen s Retirement System of New Jersey grew its position in Westlake by 4.1% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 5,020 shares of the specialty chemicals company’s stock valued at $381,000 after purchasing an additional 198 shares during the period. CWM LLC increased its stake in Westlake by 54.5% during the 2nd quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock valued at $43,000 after purchasing an additional 200 shares in the last quarter. Signaturefd LLC raised its holdings in Westlake by 49.9% during the second quarter. Signaturefd LLC now owns 640 shares of the specialty chemicals company’s stock worth $49,000 after buying an additional 213 shares during the last quarter. Finally, Brooklyn Investment Group lifted its stake in shares of Westlake by 66.0% in the first quarter. Brooklyn Investment Group now owns 601 shares of the specialty chemicals company’s stock valued at $60,000 after buying an additional 239 shares in the last quarter. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Price Performance

Westlake stock opened at $67.98 on Monday. Westlake Corporation has a 52 week low of $56.33 and a 52 week high of $128.85. The company’s 50 day moving average price is $70.58 and its two-hundred day moving average price is $77.10. The stock has a market cap of $8.72 billion, a P/E ratio of -9.16 and a beta of 0.94. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.39.

Westlake (NYSE:WLK) last released its earnings results on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.47). The business had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.97 billion. Westlake had a negative net margin of 8.34% and a negative return on equity of 0.78%. The business’s revenue was down 9.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.41 earnings per share. On average, equities analysts predict that Westlake Corporation will post 6.48 earnings per share for the current year.

Westlake Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Tuesday, November 25th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, November 25th. This represents a $2.12 annualized dividend and a dividend yield of 3.1%. Westlake’s dividend payout ratio (DPR) is currently -28.57%.

Analyst Ratings Changes

Several equities research analysts have recently commented on WLK shares. Citigroup decreased their target price on shares of Westlake from $88.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Bank of America upgraded Westlake from a “neutral” rating to a “buy” rating and cut their price target for the company from $87.00 to $84.00 in a research note on Monday, November 3rd. Truist Financial set a $90.00 price objective on Westlake and gave the stock a “buy” rating in a report on Monday, October 13th. JPMorgan Chase & Co. raised their target price on Westlake from $73.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, September 25th. Finally, The Goldman Sachs Group set a $78.00 target price on Westlake and gave the company a “neutral” rating in a research report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $86.67.

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.