Recurrent Investment Advisors LLC Boosts Stock Position in Westlake Corporation $WLK

Recurrent Investment Advisors LLC grew its position in shares of Westlake Corporation (NYSE:WLK) by 49.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 112,790 shares of the specialty chemicals company’s stock after acquiring an additional 37,157 shares during the period. Westlake accounts for approximately 0.8% of Recurrent Investment Advisors LLC’s holdings, making the stock its 23rd largest holding. Recurrent Investment Advisors LLC’s holdings in Westlake were worth $13,176,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new stake in Westlake in the 3rd quarter worth approximately $28,000. Quarry LP bought a new position in Westlake during the fourth quarter valued at approximately $31,000. Fifth Third Bancorp raised its stake in shares of Westlake by 71.3% during the fourth quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock worth $42,000 after acquiring an additional 234 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in shares of Westlake during the third quarter worth approximately $53,000. Finally, NewEdge Advisors LLC raised its stake in shares of Westlake by 49.6% during the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock worth $57,000 after acquiring an additional 247 shares in the last quarter. 28.40% of the stock is owned by hedge funds and other institutional investors.

Westlake Stock Down 0.2%

Shares of NYSE WLK opened at $72.19 on Wednesday. The firm’s fifty day moving average is $80.47 and its 200 day moving average is $94.52. Westlake Corporation has a 52 week low of $56.33 and a 52 week high of $124.23. The company has a quick ratio of 1.56, a current ratio of 2.17 and a debt-to-equity ratio of 0.56. The company has a market cap of $9.25 billion, a price-to-earnings ratio of -5.68 and a beta of 0.62.

Westlake (NYSE:WLK) last announced its quarterly earnings results 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 firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Westlake had a negative net margin of 14.91% and a negative return on equity of 1.89%. The company’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.31) EPS. On average, equities research analysts expect that Westlake Corporation will post 3.2 earnings per share for the current year.

Westlake Dividend Announcement

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

Analyst Ratings Changes

WLK has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Westlake in a research note on Friday, July 17th. Bank of America lowered their price target on shares of Westlake from $104.00 to $85.00 and set a “neutral” rating for the company in a research note on Tuesday, June 30th. Mizuho cut their price target on shares of Westlake from $110.00 to $88.00 and set a “neutral” rating for the company in a research report on Wednesday, July 1st. BMO Capital Markets reiterated a “market perform” rating and issued a $96.00 price objective on shares of Westlake in a report on Monday, July 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $115.00 target price on shares of Westlake in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $97.64.

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.