Thrivent Financial for Lutherans Grows Holdings in Westlake Co. (NYSE:WLK)

Thrivent Financial for Lutherans raised its stake in Westlake Co. (NYSE:WLK) by 1.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 7,855 shares of the specialty chemicals company’s stock after purchasing an additional 89 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Westlake were worth $1,181,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in WLK. Quest Partners LLC raised its position in Westlake by 8,400.0% during the second quarter. Quest Partners LLC now owns 340 shares of the specialty chemicals company’s stock valued at $49,000 after purchasing an additional 336 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Westlake in the 2nd quarter worth approximately $66,000. nVerses Capital LLC purchased a new stake in Westlake in the third quarter worth approximately $75,000. Acadian Asset Management LLC bought a new position in Westlake during the second quarter valued at approximately $101,000. Finally, Headlands Technologies LLC purchased a new position in shares of Westlake during the second quarter worth approximately $122,000. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Westlake Trading Down 0.1 %

Shares of WLK opened at $128.40 on Monday. Westlake Co. has a 1-year low of $118.64 and a 1-year high of $162.64. The company has a current ratio of 2.79, a quick ratio of 2.04 and a debt-to-equity ratio of 0.41. The firm’s 50-day moving average price is $136.87 and its 200-day moving average price is $143.54. The firm has a market capitalization of $16.53 billion, a price-to-earnings ratio of 180.85, a PEG ratio of 2.48 and a beta of 1.19.

Westlake (NYSE:WLK) last posted its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The firm had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.31 billion. During the same quarter last year, the company posted $2.20 EPS. The firm’s revenue was up .1% on a year-over-year basis. Sell-side analysts anticipate that Westlake Co. will post 6.47 EPS for the current year.

Westlake Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 26th will be issued a $0.525 dividend. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $2.10 dividend on an annualized basis and a yield of 1.64%. Westlake’s dividend payout ratio (DPR) is 295.77%.

Analysts Set New Price Targets

Several analysts have issued reports on WLK shares. Piper Sandler cut their price target on shares of Westlake from $180.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. Mizuho initiated coverage on Westlake in a report on Thursday, August 8th. They set an “outperform” rating and a $170.00 target price for the company. Barclays raised Westlake from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $162.00 to $180.00 in a research note on Monday, September 30th. BMO Capital Markets dropped their price objective on Westlake from $171.00 to $165.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Finally, UBS Group decreased their target price on shares of Westlake from $160.00 to $144.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $162.17.

Insider Buying and Selling at Westlake

In other Westlake news, Director David Tsung-Hung Chao sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $130.00, for a total transaction of $227,500.00. Following the completion of the transaction, the director now owns 9,534 shares of the company’s stock, valued at approximately $1,239,420. This trade represents a 15.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 74.10% of the company’s stock.

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.