DnB Asset Management AS Has $3.58 Million Stake in Westlake Co. (NYSE:WLK)

DnB Asset Management AS increased its stake in Westlake Co. (NYSE:WLK) by 0.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 31,196 shares of the specialty chemicals company’s stock after purchasing an additional 282 shares during the quarter. DnB Asset Management AS’s holdings in Westlake were worth $3,577,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Pictet Asset Management Holding SA lifted its stake in shares of Westlake by 18.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 22,096 shares of the specialty chemicals company’s stock worth $2,533,000 after buying an additional 3,520 shares during the last quarter. Norges Bank acquired a new position in Westlake during the 4th quarter worth $46,630,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Westlake by 0.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,396 shares of the specialty chemicals company’s stock worth $3,292,000 after acquiring an additional 151 shares during the last quarter. Korea Investment CORP grew its position in shares of Westlake by 137.9% in the fourth quarter. Korea Investment CORP now owns 13,627 shares of the specialty chemicals company’s stock valued at $1,562,000 after purchasing an additional 7,900 shares during the last quarter. Finally, Walnut Level Capital LLC increased its stake in shares of Westlake by 60.6% in the fourth quarter. Walnut Level Capital LLC now owns 72,285 shares of the specialty chemicals company’s stock worth $8,287,000 after purchasing an additional 27,285 shares during the period. Institutional investors own 28.40% of the company’s stock.

Westlake Price Performance

Shares of Westlake stock opened at $100.14 on Tuesday. Westlake Co. has a 1-year low of $97.37 and a 1-year high of $162.64. The firm’s 50-day moving average price is $110.20 and its two-hundred day moving average price is $122.68. 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 stock has a market capitalization of $12.84 billion, a price-to-earnings ratio of 141.04, a P/E/G ratio of 2.36 and a beta of 1.18.

Westlake (NYSE:WLK) last released its quarterly earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.98). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter last year, the company earned $0.72 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. On average, equities analysts predict that Westlake Co. will post 6.48 earnings per share for the current fiscal year.

Westlake Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Tuesday, March 4th were issued a $0.525 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.10%. Westlake’s dividend payout ratio is 45.36%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on WLK. Bank of America decreased their target price on Westlake from $134.00 to $116.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Morgan Stanley decreased their price target on shares of Westlake from $130.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. UBS Group upgraded shares of Westlake from a “neutral” rating to a “buy” rating and set a $144.00 target price for the company in a research note on Friday, January 10th. StockNews.com upgraded shares of Westlake from a “sell” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Wells Fargo & Company dropped their price objective on shares of Westlake from $160.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Westlake presently has a consensus rating of “Moderate Buy” and a consensus price target of $138.21.

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.