Point72 Hong Kong Ltd Has $1.51 Million Stock Position in Westlake Co. (NYSE:WLK)

Point72 Hong Kong Ltd lowered its stake in shares of Westlake Co. (NYSE:WLK) by 60.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,059 shares of the specialty chemicals company’s stock after selling 15,197 shares during the period. Point72 Hong Kong Ltd’s holdings in Westlake were worth $1,512,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in WLK. Tidal Investments LLC lifted its stake in Westlake by 30.1% in the first quarter. Tidal Investments LLC now owns 5,017 shares of the specialty chemicals company’s stock valued at $767,000 after acquiring an additional 1,162 shares during the last quarter. Comerica Bank lifted its stake in Westlake by 17.9% in the 1st quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company’s stock valued at $3,742,000 after purchasing an additional 3,710 shares during the last quarter. Cetera Advisors LLC bought a new position in Westlake during the first quarter worth about $316,000. DekaBank Deutsche Girozentrale increased its position in Westlake by 3.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 3,518 shares of the specialty chemicals company’s stock worth $532,000 after buying an additional 116 shares during the last quarter. Finally, DNB Asset Management AS raised its stake in Westlake by 364.1% in the second quarter. DNB Asset Management AS now owns 29,029 shares of the specialty chemicals company’s stock valued at $4,204,000 after buying an additional 22,774 shares during the period. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Stock Performance

Shares of NYSE:WLK opened at $128.40 on Monday. Westlake Co. has a 12-month low of $118.64 and a 12-month high of $162.64. The company’s 50 day moving average price is $136.87 and its two-hundred day moving average price is $143.54. The firm has a market cap of $16.53 billion, a PE ratio of 180.85, a PEG ratio of 2.48 and a beta of 1.16. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). The company had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.31 billion. Westlake had a return on equity of 6.93% and a net margin of 0.81%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.20 EPS. Equities research analysts predict that Westlake Co. will post 6.47 earnings per share for the current year.

Westlake Announces Dividend

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

Insider Activity at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the 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 sale, the director now owns 9,534 shares in the company, valued at approximately $1,239,420. This trade represents a 15.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the company. StockNews.com upgraded Westlake from a “sell” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays raised shares of Westlake from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $162.00 to $180.00 in a research report on Monday, September 30th. Wells Fargo & Company dropped their price objective on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. UBS Group cut their target price on shares of Westlake from $160.00 to $144.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. Finally, Mizuho started coverage on shares of Westlake in a research note on Thursday, August 8th. They issued an “outperform” rating and a $170.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $162.17.

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.