Appian Way Asset Management LP Has $9.86 Million Stake in Westlake Co. (NYSE:WLK)

Appian Way Asset Management LP boosted its stake in Westlake Co. (NYSE:WLK) by 34.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 65,618 shares of the specialty chemicals company’s stock after buying an additional 16,778 shares during the period. Westlake makes up 2.2% of Appian Way Asset Management LP’s portfolio, making the stock its 14th largest holding. Appian Way Asset Management LP’s holdings in Westlake were worth $9,862,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the company. Tidal Investments LLC lifted its holdings in shares of Westlake by 30.1% in the first quarter. Tidal Investments LLC now owns 5,017 shares of the specialty chemicals company’s stock worth $767,000 after acquiring an additional 1,162 shares during the last quarter. Comerica Bank boosted its holdings in shares of Westlake by 17.9% during the 1st quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company’s stock worth $3,742,000 after buying an additional 3,710 shares in the last quarter. Cetera Advisors LLC acquired a new stake in shares of Westlake during the 1st quarter worth approximately $316,000. Pathway Financial Advisers LLC bought a new stake in shares of Westlake in the 1st quarter valued at $43,000. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Westlake by 3.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 3,518 shares of the specialty chemicals company’s stock valued at $532,000 after acquiring an additional 116 shares during the period. Institutional investors own 28.40% of the company’s stock.

Insiders Place Their Bets

In other Westlake news, Director David Tsung-Hung Chao sold 1,750 shares of Westlake stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $130.00, for a total value of $227,500.00. Following the completion of the transaction, the director now directly owns 9,534 shares of the company’s stock, valued at approximately $1,239,420. The trade was a 15.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 74.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Westlake from $123.00 to $135.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. StockNews.com raised shares of Westlake from a “sell” rating to a “hold” rating in a research report on Tuesday. Bank of America raised shares of Westlake from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $151.00 to $159.00 in a report on Wednesday, October 16th. Mizuho assumed coverage on Westlake in a research report on Thursday, August 8th. They set an “outperform” rating and a $170.00 target price for the company. Finally, UBS Group dropped their price target on Westlake from $160.00 to $144.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $162.17.

Westlake Stock Performance

Westlake stock opened at $128.50 on Friday. Westlake Co. has a 1-year low of $118.64 and a 1-year high of $162.64. The firm has a market cap of $16.54 billion, a P/E ratio of 180.99, a P/E/G ratio of 2.48 and a beta of 1.19. 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 50-day moving average of $137.19 and a 200-day moving average of $143.83.

Westlake (NYSE:WLK) last released its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share for the quarter, missing the consensus estimate of $2.21 by ($0.80). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The company had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter last year, the firm earned $2.20 EPS. The business’s revenue was up .1% on a year-over-year basis. Sell-side analysts expect that Westlake Co. will post 6.47 EPS for the current year.

Westlake Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 26th will be paid a $0.525 dividend. The ex-dividend date is Tuesday, November 26th. This represents a $2.10 annualized dividend and a yield of 1.63%. Westlake’s payout ratio is 295.77%.

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.