Norges Bank Makes New Investment in Westlake Co. (NYSE:WLK)

Norges Bank acquired a new stake in shares of Westlake Co. (NYSE:WLK) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 406,712 shares of the specialty chemicals company’s stock, valued at approximately $46,630,000.

Other hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. grew its stake in Westlake by 247.7% during the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 161 shares during the last quarter. Continuum Advisory LLC boosted its position 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 buying an additional 96 shares during the last quarter. Allworth Financial LP increased its holdings in Westlake by 6,316.7% in the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock worth $45,000 after buying an additional 379 shares during the period. GAMMA Investing LLC raised its position in Westlake by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 523 shares of the specialty chemicals company’s stock worth $60,000 after buying an additional 219 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in Westlake by 84.4% during the 4th quarter. Versant Capital Management Inc now owns 531 shares of the specialty chemicals company’s stock valued at $61,000 after acquiring an additional 243 shares during the period. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Stock Performance

NYSE:WLK opened at $88.54 on Friday. The company has a fifty day moving average of $108.44 and a two-hundred day moving average of $121.71. Westlake Co. has a fifty-two week low of $85.31 and a fifty-two week high of $162.64. The stock has a market capitalization of $11.35 billion, a PE ratio of 124.71, a P/E/G ratio of 2.36 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.98). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $3.01 billion. During the same period in the prior year, the business posted $0.72 earnings per share. The company’s quarterly revenue was up .6% compared to the same quarter last year. As a group, 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. Investors of record on Tuesday, March 4th were given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Tuesday, March 4th. Westlake’s payout ratio is 45.36%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. StockNews.com lowered shares of Westlake from a “hold” rating to a “sell” rating in a research note on Thursday. Morgan Stanley cut their price target on Westlake from $130.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Bank of America reduced their price objective on Westlake from $134.00 to $116.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. JPMorgan Chase & Co. upgraded Westlake from an “underweight” rating to a “neutral” rating and lowered their target price for the stock from $135.00 to $110.00 in a research note on Thursday, February 27th. Finally, Citigroup reduced their price target on Westlake from $130.00 to $116.00 and set a “buy” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $136.50.

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.