MQS Management LLC Acquires Shares of 3,411 Westlake Co. (NYSE:WLK)

MQS Management LLC bought a new position in shares of Westlake Co. (NYSE:WLK) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,411 shares of the specialty chemicals company’s stock, valued at approximately $513,000.

Several other institutional investors have also modified their holdings of the business. Pathway Financial Advisers LLC purchased a new stake in Westlake during the 1st quarter worth approximately $43,000. Quest Partners LLC grew its position in shares of Westlake by 8,400.0% during the second quarter. Quest Partners LLC now owns 340 shares of the specialty chemicals company’s stock worth $49,000 after buying an additional 336 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of Westlake in the second quarter worth $66,000. nVerses Capital LLC acquired a new stake in Westlake in the third quarter valued at $75,000. Finally, UniSuper Management Pty Ltd boosted its stake in Westlake by 66.7% during the 1st quarter. UniSuper Management Pty Ltd now owns 500 shares of the specialty chemicals company’s stock valued at $76,000 after acquiring an additional 200 shares during the last quarter. Institutional investors and hedge funds own 28.40% of the company’s stock.

Wall Street Analyst Weigh In

WLK has been the subject of a number of research reports. StockNews.com downgraded Westlake from a “hold” rating to a “sell” rating in a research note on Thursday, September 19th. Piper Sandler decreased their target price on Westlake from $180.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. Barclays raised Westlake from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $162.00 to $180.00 in a research report on Monday, September 30th. BMO Capital Markets lowered their target price on shares of Westlake from $171.00 to $165.00 and set a “market perform” rating for the company in a research note on Wednesday. Finally, UBS Group reduced their price target on shares of Westlake from $160.00 to $144.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Westlake currently has a consensus rating of “Hold” and an average price target of $162.17.

Westlake Stock Up 0.4 %

Shares of Westlake stock opened at $128.31 on Thursday. The company has a market capitalization of $16.51 billion, a P/E ratio of 180.72, a PEG ratio of 2.36 and a beta of 1.19. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04. Westlake Co. has a 1-year low of $118.64 and a 1-year high of $162.64. The business’s fifty day moving average price is $139.54 and its two-hundred day moving average price is $145.66.

Westlake (NYSE:WLK) last released its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing the consensus estimate 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 net margin of 0.81% and a return on equity of 6.93%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the business posted $2.20 EPS. As a group, research analysts forecast that Westlake Co. will post 6.76 EPS for the current year.

About Westlake

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.