Contravisory Investment Management Inc. Sells 764 Shares of Westlake Co. (NYSE:WLK)

Contravisory Investment Management Inc. lowered its holdings in Westlake Co. (NYSE:WLK) by 1.2% during the first quarter, Holdings Channel.com reports. The firm owned 63,208 shares of the specialty chemicals company’s stock after selling 764 shares during the period. Westlake accounts for about 2.1% of Contravisory Investment Management Inc.’s portfolio, making the stock its 9th largest position. Contravisory Investment Management Inc.’s holdings in Westlake were worth $9,658,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. CVA Family Office LLC acquired a new position in shares of Westlake during the fourth quarter valued at $25,000. Venturi Wealth Management LLC lifted its stake in shares of Westlake by 51.3% during the fourth quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after acquiring an additional 80 shares during the period. GAMMA Investing LLC bought a new stake in Westlake in the fourth quarter valued at about $37,000. Planned Solutions Inc. bought a new stake in Westlake in the fourth quarter valued at about $87,000. Finally, Astoria Portfolio Advisors LLC. bought a new stake in Westlake in the fourth quarter valued at about $202,000. Institutional investors and hedge funds own 28.40% of the company’s stock.

Insider Buying and Selling at Westlake

In other news, CFO Mark Steven Bender sold 4,950 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $152.19, for a total transaction of $753,340.50. Following the completion of the sale, the chief financial officer now directly owns 40,356 shares in the company, valued at $6,141,779.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 74.10% of the company’s stock.

Westlake Price Performance

WLK traded down $2.14 during trading on Friday, reaching $147.97. The stock had a trading volume of 2,438,267 shares, compared to its average volume of 375,800. The stock has a market cap of $19.02 billion, a PE ratio of 74.36, a PEG ratio of 1.89 and a beta of 1.26. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.83 and a current ratio of 2.46. Westlake Co. has a one year low of $107.34 and a one year high of $162.64. The business has a 50-day moving average of $153.64 and a 200-day moving average of $146.02.

Westlake (NYSE:WLK) last released its earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.25. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Westlake had a return on equity of 7.69% and a net margin of 2.13%. The firm’s revenue was down 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.05 earnings per share. As a group, equities research analysts anticipate that Westlake Co. will post 6.62 EPS for the current fiscal year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, May 21st were given a dividend of $0.50 per share. The ex-dividend date was Monday, May 20th. This represents a $2.00 annualized dividend and a yield of 1.35%. Westlake’s payout ratio is 100.50%.

Analyst Ratings Changes

A number of equities research analysts recently commented on WLK shares. Bank of America upgraded Westlake from a “hold” rating to a “buy” rating and upped their price objective for the company from $138.00 to $174.00 in a report on Thursday, April 18th. Barclays upped their price objective on Westlake from $160.00 to $162.00 and gave the company an “equal weight” rating in a report on Monday, June 17th. Wells Fargo & Company increased their price target on Westlake from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft upgraded Westlake from a “hold” rating to a “buy” rating and increased their price target for the stock from $138.00 to $174.00 in a report on Thursday, April 18th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $158.00 price target on shares of Westlake in a report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $152.00.

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.