Skandinaviska Enskilda Banken AB publ Has $743,000 Stock Position in Westlake Co. (NYSE:WLK)

Posted by on May 14th, 2023

Skandinaviska Enskilda Banken AB publ decreased its stake in Westlake Co. (NYSE:WLK – Get Rating) by 80.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,247 shares of the specialty chemicals company’s stock after selling 30,600 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Westlake were worth $743,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. First Trust Advisors LP increased its stake in Westlake by 189.0% during the first quarter. First Trust Advisors LP now owns 802,507 shares of the specialty chemicals company’s stock valued at $99,029,000 after acquiring an additional 524,828 shares during the period. Pacer Advisors Inc. raised its stake in shares of Westlake by 51.1% in the 4th quarter. Pacer Advisors Inc. now owns 1,012,486 shares of the specialty chemicals company’s stock valued at $103,820,000 after buying an additional 342,204 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Westlake in the 3rd quarter valued at $22,014,000. Victory Capital Management Inc. raised its stake in shares of Westlake by 5.9% in the 3rd quarter. Victory Capital Management Inc. now owns 3,018,650 shares of the specialty chemicals company’s stock valued at $262,260,000 after buying an additional 169,460 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Westlake by 31.3% during the 2nd quarter. State Street Corp now owns 707,543 shares of the specialty chemicals company’s stock worth $69,353,000 after buying an additional 168,840 shares during the period. Institutional investors and hedge funds own 26.79% of the company’s stock.

Wall Street Analysts Forecast Growth

WLK has been the subject of several analyst reports. StockNews.com upgraded Westlake from a “sell” rating to a “hold” rating in a research report on Wednesday, May 3rd. KeyCorp boosted their price target on shares of Westlake from $103.00 to $107.00 and gave the company an “underweight” rating in a research report on Tuesday, April 11th. UBS Group boosted their price target on shares of Westlake from $125.00 to $127.00 in a research report on Monday, May 8th. Tudor, Pickering, Holt & Co. lowered shares of Westlake from a “hold” rating to a “sell” rating and reduced their price target for the company from $112.00 to $108.00 in a research report on Tuesday, May 9th. Finally, Wells Fargo & Company boosted their price target on shares of Westlake from $125.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, February 22nd. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Westlake presently has an average rating of “Hold” and an average price target of $120.00.

Westlake Trading Up 0.9 %

NYSE WLK opened at $114.47 on Friday. Westlake Co. has a twelve month low of $81.29 and a twelve month high of $137.14. The company has a quick ratio of 1.99, a current ratio of 2.85 and a debt-to-equity ratio of 0.45. The company has a market cap of $14.58 billion, a price-to-earnings ratio of 7.87 and a beta of 1.24. The business’s fifty day moving average is $113.66 and its 200 day moving average is $111.58.

Westlake (NYSE:WLK – Get Rating) last posted its earnings results on Thursday, May 4th. The specialty chemicals company reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $1.00. Westlake had a net margin of 12.49% and a return on equity of 18.19%. The firm had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the firm posted $5.83 EPS. The company’s revenue for the quarter was down 17.3% compared to the same quarter last year. As a group, sell-side analysts expect that Westlake Co. will post 10.27 EPS for the current fiscal year.

Westlake Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Wednesday, March 1st were paid a $0.357 dividend. The ex-dividend date was Tuesday, February 28th. This represents a $1.43 annualized dividend and a dividend yield of 1.25%. Westlake’s dividend payout ratio is presently 9.77%.

Westlake Profile

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Westlake Corp. Is a global diversified industrial company, which engages in the manufacturing and supplying of essential products. It operates through the Performance and Essential Materials, and Housing and Infrastructure Products segments. The Performance and Essential Materials segment includes Westlake North American Vinyls, Westlake North American Chlor-alkali and Derivatives, Westlake European and Asian Chlorovinyls, Westlake Olefins, Westlake Polyethylene, and Westlake Epoxy.

See Also

Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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