Amalgamated Bank trimmed its position in Westlake Co. (NYSE:WLK – Free Report) by 13.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,161 shares of the specialty chemicals company’s stock after selling 3,582 shares during the quarter. Amalgamated Bank’s holdings in Westlake were worth $2,570,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Worth Asset Management LLC acquired a new position in shares of Westlake in the 1st quarter worth approximately $28,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Westlake in the 4th quarter worth approximately $26,000. Gyon Technologies Capital Management LP acquired a new position in shares of Westlake in the 4th quarter worth approximately $32,000. Exchange Traded Concepts LLC lifted its holdings in shares of Westlake by 39.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 638 shares of the specialty chemicals company’s stock worth $74,000 after acquiring an additional 182 shares during the last quarter. Finally, Zions Bancorporation N.A. lifted its holdings in shares of Westlake by 12,680.0% in the 1st quarter. Zions Bancorporation N.A. now owns 639 shares of the specialty chemicals company’s stock worth $79,000 after acquiring an additional 634 shares during the last quarter. 29.44% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have recently commented on WLK shares. KeyCorp upped their price objective on shares of Westlake from $106.00 to $112.00 in a report on Tuesday, July 11th. Wells Fargo & Company upped their target price on shares of Westlake from $130.00 to $139.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 18th. Tudor, Pickering, Holt & Co. downgraded shares of Westlake from a “hold” rating to a “sell” rating and cut their target price for the stock from $112.00 to $108.00 in a research note on Tuesday, May 9th. Barclays upped their target price on shares of Westlake from $122.00 to $130.00 in a research note on Monday, May 8th. Finally, Bank of America cut their target price on shares of Westlake from $144.00 to $135.00 in a research note on Thursday, June 22nd. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Westlake has an average rating of “Hold” and a consensus price target of $122.33.
Westlake Trading Up 1.7 %
Westlake (NYSE:WLK – Get Free Report) last posted its earnings results on Thursday, May 4th. The specialty chemicals company reported $3.05 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $1.00. The firm had revenue of $3.36 billion for the quarter, compared to the consensus estimate of $3.41 billion. Westlake had a net margin of 12.49% and a return on equity of 18.19%. The company’s revenue was down 17.3% on a year-over-year basis. During the same period last year, the firm posted $5.83 EPS. On average, sell-side analysts expect that Westlake Co. will post 10.1 earnings per share for the current fiscal year.
Westlake Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 8th. Investors of record on Tuesday, May 23rd were paid a dividend of $0.357 per share. This represents a $1.43 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend was Monday, May 22nd. Westlake’s dividend payout ratio is currently 9.83%.
Westlake Profile
Westlake Corporation manufactures and markets performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Italy, Taiwan, and internationally. The Performance and Essential Materials segment offers polyethylene, styrene monomer, ethylene co-products, polyvinyl chloride (PVC), vinyl chloride monomer, ethylene dichloride chlor-alkali, chlorinated derivative products, and epoxy resins.
Further Reading
- Five stocks we like better than Westlake
- How to Invest in Energy
- Can SAIA Continue its Stratospheric Rally?
- How to Start Investing in Real Estate
- Why Markets Are Loving Exxon Mobil, Despite The Earnings Dip
- How to Evaluate a Stock Before BuyingÂ
- 7 Best Industrial REITs to Buy Now
Want to see what other hedge funds are holding WLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westlake Co. (NYSE:WLK – Free Report).
Receive News & Ratings for Westlake Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake and related companies with MarketBeat.com's FREE daily email newsletter.
