Contravisory Investment Management Inc. Sells 107 Shares of Westlake Co. (NYSE:WLK)

Contravisory Investment Management Inc. decreased its position in Westlake Co. (NYSE:WLK) by 0.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,783 shares of the specialty chemicals company’s stock after selling 107 shares during the period. Westlake comprises approximately 2.0% of Contravisory Investment Management Inc.’s portfolio, making the stock its 18th biggest holding. Contravisory Investment Management Inc.’s holdings in Westlake were worth $9,135,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Wealthcare Advisory Partners LLC purchased a new position in shares of Westlake in the first quarter valued at $1,273,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Westlake during the 1st quarter valued at about $3,254,000. Comerica Bank grew 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 acquiring an additional 3,710 shares during the period. CIBC Asset Management Inc purchased a new stake in Westlake in the second quarter worth $544,000. Finally, Avantax Advisory Services Inc. bought a new position in shares of Westlake in the 1st quarter worth about $207,000. 28.40% of the stock is owned by hedge funds and other institutional investors.

Westlake Stock Down 0.3 %

Shares of NYSE:WLK opened at $143.64 on Friday. The business has a fifty day moving average of $143.83 and a two-hundred day moving average of $148.66. The company has a quick ratio of 1.94, a current ratio of 2.61 and a debt-to-equity ratio of 0.41. The stock has a market cap of $18.47 billion, a P/E ratio of 69.06, a PEG ratio of 1.86 and a beta of 1.17. Westlake Co. has a 52-week low of $112.77 and a 52-week high of $162.64.

Westlake (NYSE:WLK) last posted its earnings results on Tuesday, August 6th. The specialty chemicals company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.41. The company had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.22 billion. Westlake had a net margin of 2.27% and a return on equity of 7.84%. Westlake’s revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.31 EPS. On average, research analysts expect that Westlake Co. will post 7.18 earnings per share for the current year.

Westlake Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Tuesday, August 20th were issued a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 1.46%. This is a positive change from Westlake’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Tuesday, August 20th. Westlake’s payout ratio is presently 100.96%.

Analyst Upgrades and Downgrades

WLK has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Westlake from $123.00 to $135.00 and gave the stock an “underweight” rating in a report on Thursday, August 15th. Piper Sandler decreased their price target on Westlake from $180.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, September 5th. UBS Group dropped their target price on shares of Westlake from $172.00 to $160.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Citigroup raised their price target on Westlake from $162.00 to $168.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Finally, BMO Capital Markets upped their target price on shares of Westlake from $167.00 to $171.00 and gave the company a “market perform” rating in a research report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $167.50.

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.