Westlake Corp. (NYSE:WLK) Stock Holdings Increased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in Westlake Corp. (NYSE:WLK) by 0.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 76,996 shares of the specialty chemicals company’s stock after acquiring an additional 315 shares during the quarter. Principal Financial Group Inc.’s holdings in Westlake were worth $7,702,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Treasurer of the State of North Carolina raised its holdings in Westlake by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 14,742 shares of the specialty chemicals company’s stock worth $1,690,000 after purchasing an additional 90 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its position in Westlake by 2.2% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,877 shares of the specialty chemicals company’s stock valued at $557,000 after purchasing an additional 104 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Westlake by 33.9% in the 1st quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company’s stock worth $53,000 after purchasing an additional 133 shares during the period. Cetera Investment Advisers grew its holdings in Westlake by 4.7% during the 4th quarter. Cetera Investment Advisers now owns 3,007 shares of the specialty chemicals company’s stock valued at $345,000 after buying an additional 136 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Westlake by 0.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,396 shares of the specialty chemicals company’s stock valued at $3,292,000 after purchasing an additional 151 shares in the last quarter. 28.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Citigroup upped their target price on Westlake from $85.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Truist Financial lowered their price target on Westlake from $117.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, May 30th. BMO Capital Markets set a $94.00 price objective on Westlake and gave the company a “market perform” rating in a research note on Tuesday, May 20th. Bank of America reduced their price objective on Westlake from $90.00 to $84.00 and set a “buy” rating for the company in a research note on Wednesday, June 18th. Finally, Piper Sandler decreased their target price on Westlake from $105.00 to $100.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 14th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $93.77.

Westlake Stock Performance

Shares of NYSE:WLK opened at $81.84 on Wednesday. The firm has a market cap of $10.50 billion, a PE ratio of 27.46, a PEG ratio of 9.91 and a beta of 0.91. Westlake Corp. has a 12-month low of $68.55 and a 12-month high of $153.34. The company’s 50 day moving average price is $77.32 and its two-hundred day moving average price is $95.32. The company has a quick ratio of 1.86, a current ratio of 2.63 and a debt-to-equity ratio of 0.42.

Westlake (NYSE:WLK) last announced its quarterly earnings results on Friday, May 2nd. The specialty chemicals company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($1.01). Westlake had a return on equity of 4.19% and a net margin of 3.23%. The firm had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same period last year, the business earned $1.34 EPS. Westlake’s revenue was down 4.3% on a year-over-year basis. Equities research analysts predict that Westlake Corp. will post 6.48 earnings per share for the current year.

Westlake Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, May 20th were issued a $0.525 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $2.10 dividend on an annualized basis and a yield of 2.57%. Westlake’s payout ratio is 70.47%.

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.