Engineers Gate Manager LP Makes New $21.39 Million Investment in Westlake Corporation $WLK

Engineers Gate Manager LP purchased a new position in Westlake Corporation (NYSE:WLK) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 289,255 shares of the specialty chemicals company’s stock, valued at approximately $21,388,000. Engineers Gate Manager LP owned approximately 0.23% of Westlake as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of WLK. Caitong International Asset Management Co. Ltd purchased a new stake in Westlake in the third quarter worth $28,000. Quarry LP purchased a new stake in Westlake in the fourth quarter worth $31,000. Fifth Third Bancorp increased its position in Westlake by 71.3% in the fourth quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock worth $42,000 after buying an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in Westlake in the third quarter worth $53,000. Finally, NewEdge Advisors LLC increased its position in Westlake by 49.6% in the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock worth $57,000 after buying an additional 247 shares during the last quarter. Institutional investors own 28.40% of the company’s stock.

Westlake Price Performance

NYSE:WLK opened at $83.43 on Thursday. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of -6.57 and a beta of 0.58. Westlake Corporation has a 52-week low of $56.33 and a 52-week high of $124.23. The stock has a fifty day moving average of $98.95 and a 200 day moving average of $93.82. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.56 and a current ratio of 2.17.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.67). Westlake had a negative return on equity of 1.89% and a negative net margin of 14.91%.The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same period last year, the firm earned ($0.31) EPS. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. On average, research analysts expect that Westlake Corporation will post 3.81 EPS for the current fiscal year.

Westlake Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Wednesday, May 27th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $2.12 annualized dividend and a yield of 2.5%. Westlake’s payout ratio is -16.69%.

Analyst Ratings Changes

WLK has been the subject of a number of recent research reports. Citigroup downgraded Westlake from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $125.00 to $95.00 in a research report on Wednesday, May 27th. BMO Capital Markets upgraded Westlake from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $108.00 to $127.00 in a research report on Thursday, March 5th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $115.00 price target on shares of Westlake in a research report on Thursday, May 7th. Wall Street Zen cut Westlake from a “hold” rating to a “sell” rating in a research report on Sunday, May 3rd. Finally, Mizuho lifted their price target on Westlake from $97.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, March 23rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $107.36.

Westlake 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.