Moran Wealth Management LLC Reduces Holdings in Westlake Co. (NYSE:WLK)

Moran Wealth Management LLC trimmed its position in shares of Westlake Co. (NYSE:WLK) by 5.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 68,539 shares of the specialty chemicals company’s stock after selling 4,082 shares during the quarter. Moran Wealth Management LLC owned approximately 0.05% of Westlake worth $7,858,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in WLK. Wealth Enhancement Advisory Services LLC purchased a new stake in Westlake in the 3rd quarter valued at $205,000. Robeco Institutional Asset Management B.V. purchased a new stake in Westlake in the 3rd quarter valued at $382,000. Sigma Planning Corp purchased a new stake in Westlake in the 3rd quarter valued at $380,000. Crossmark Global Holdings Inc. grew its holdings in Westlake by 28.5% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 2,898 shares of the specialty chemicals company’s stock valued at $436,000 after buying an additional 643 shares in the last quarter. Finally, Versor Investments LP grew its holdings in Westlake by 106.8% in the 3rd quarter. Versor Investments LP now owns 14,845 shares of the specialty chemicals company’s stock valued at $2,231,000 after buying an additional 7,666 shares in the last quarter. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Price Performance

WLK opened at $110.63 on Tuesday. The stock’s 50-day moving average price is $113.36 and its 200 day moving average price is $126.92. Westlake Co. has a 12-month low of $104.74 and a 12-month 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 has a market cap of $14.19 billion, a price-to-earnings ratio of 155.81, a PEG ratio of 2.36 and a beta of 1.18.

Westlake (NYSE:WLK) last posted its earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.98). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same period in the previous year, the company posted $0.72 EPS. Westlake’s revenue was up .6% on a year-over-year basis. As a group, sell-side analysts expect that Westlake Co. will post 6.48 earnings per share for the current year.

Westlake Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Tuesday, March 4th will be issued a dividend of $0.525 per share. The ex-dividend date is Tuesday, March 4th. This represents a $2.10 annualized dividend and a yield of 1.90%. Westlake’s dividend payout ratio (DPR) is 45.36%.

Analysts Set New Price Targets

WLK has been the subject of several analyst reports. Barclays dropped their target price on Westlake from $175.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, February 25th. Morgan Stanley decreased their price target on Westlake from $130.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 26th. Piper Sandler decreased their price target on Westlake from $155.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company decreased their price target on Westlake from $160.00 to $130.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Finally, Bank of America decreased their price target on Westlake from $134.00 to $116.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $140.07.

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.