AXQ Capital LP Buys Shares of 12,097 Westlake Co. (NYSE:WLK)

AXQ Capital LP bought a new stake in Westlake Co. (NYSE:WLK) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 12,097 shares of the specialty chemicals company’s stock, valued at approximately $1,387,000. Westlake comprises approximately 0.6% of AXQ Capital LP’s investment portfolio, making the stock its 24th biggest position.

Other large investors have also recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its stake in Westlake by 1.1% in the third quarter. Thrivent Financial for Lutherans now owns 7,855 shares of the specialty chemicals company’s stock valued at $1,181,000 after acquiring an additional 89 shares during the period. Continuum Advisory LLC grew its stake in Westlake by 43.2% in the third quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock valued at $48,000 after acquiring an additional 96 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in shares of Westlake by 3.8% in the third quarter. Oppenheimer & Co. Inc. now owns 2,624 shares of the specialty chemicals company’s stock valued at $394,000 after purchasing an additional 97 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Westlake by 2.4% in the fourth quarter. Pacer Advisors Inc. now owns 4,988 shares of the specialty chemicals company’s stock valued at $572,000 after purchasing an additional 115 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Westlake by 1.4% in the fourth quarter. Arizona State Retirement System now owns 11,204 shares of the specialty chemicals company’s stock valued at $1,285,000 after purchasing an additional 153 shares in the last quarter. 28.40% of the stock is currently owned by institutional investors.

Westlake Price Performance

Westlake stock opened at $100.73 on Friday. Westlake Co. has a 52 week low of $99.18 and a 52 week high of $162.64. The business has a 50-day simple moving average of $112.03 and a 200 day simple moving average of $124.36. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The stock has a market cap of $12.92 billion, a price-to-earnings ratio of 141.87, a PEG ratio of 2.36 and a beta of 1.18.

Westlake (NYSE:WLK) last issued its quarterly 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 the consensus estimate of $3.01 billion. During the same period last year, the firm earned $0.72 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts forecast that Westlake Co. will post 6.48 earnings per share for the current fiscal year.

Westlake Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Tuesday, March 4th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Tuesday, March 4th. Westlake’s dividend payout ratio (DPR) is currently 45.36%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Piper Sandler dropped their target price on Westlake from $155.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Royal Bank of Canada dropped their target price on Westlake from $147.00 to $133.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Citigroup upgraded Westlake from a “neutral” rating to a “buy” rating and dropped their target price for the company from $152.00 to $140.00 in a report on Wednesday, December 18th. Morgan Stanley dropped their price target on Westlake from $130.00 to $122.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Finally, Barclays dropped their price target on Westlake from $175.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $140.07.

Westlake Company 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.