Acadian Asset Management LLC, a global investment management firm, has recently decreased its holdings in Westlake Co. (NYSE:WLK) by 46.0% in the first quarter of this year, according to its latest 13F filing with the Securities and Exchange Commission (SEC). The firm now owns 24,765 shares of Westlake’s stock after selling 21,116 shares during the period. As of the most recent filing with the SEC, Acadian Asset Management LLC’s holdings in Westlake are valued at approximately $2,869,000.
Westlake is a leading specialty chemicals company that operates in various sectors. This recent reduction in holdings by Acadian Asset Management LLC raises questions about investors’ outlook on the company. As financial markets are always evolving, it is important to analyze such moves and their potential implications.
To gain further insight into Westlake’s performance and prospects, let us examine its most recent quarterly earnings data. On Thursday, August 3rd of this year, Westlake reported earnings per share (EPS) of $2.31 for the quarter, which fell short of the consensus estimate of $2.83 by ($0.52). The company generated revenue of $3.25 billion during this period compared to an estimated $3.50 billion.
It is noteworthy that Westlake’s quarterly revenue experienced a decline of 27.5% on a year-over-year basis. In the same quarter last year, the company had reported impressive earnings per share of $6.60. This significant decrease raises concerns about how Westlake will perform throughout the rest of this fiscal year.
Despite these challenges, equities analysts maintain their expectations for Westlake Co.’s future performance. It is anticipated that the company will post an EPS of 8.78 for this fiscal year.
Acadian Asset Management LLC’s decision to decrease its holdings in Westlake signifies a shift in investor sentiment towards the company. However, it is essential to recognize that investment decisions are multifaceted and influenced by various factors such as market conditions, industry trends, and individual investment strategies.
As investors navigate the ever-changing financial landscape, it becomes crucial to remain informed about companies like Westlake Co. and their performance in order to make well-informed investment decisions.
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Westlake Co. Attracts Institutional Investors and Hedge Funds, Analysts Provide Varied Ratings and Price Targets
Westlake Co. has recently garnered the attention of several institutional investors and hedge funds, leading to modifications in their holdings of the company. Worth Asset Management LLC acquired a new position in Westlake shares during the first quarter, valued at approximately $28,000. Similarly, ANTIPODES PARTNERS Ltd and Gyon Technologies Capital Management LP also acquired new positions in Westlake during the fourth quarter, valued at around $26,000 and $32,000 respectively. Orion Capital Management LLC followed suit in the first quarter by acquiring a new position worth about $46,000.
Furthermore, Exchange Traded Concepts LLC displayed confidence in Westlake’s potential by increasing its holdings by 39.9% during the first quarter. This move boosted its existing ownership of Westlake shares to 638, with a value of $74,000 after purchasing an additional 182 shares.
It is worth noting that institutional investors and hedge funds currently own approximately 28.40% of the stocks available.
Research analysts have also weighed in on Westlake with various reports. UBS Group raised their target price from $125.00 to $127.00 while StockNews.com initiated coverage for Westlake with a “hold” rating.
Wells Fargo & Company also expressed optimism for Westlake by raising its target price from $139.00 to $150.00 and giving it an “overweight” rating.
However, Tudor Pickering took a more cautious stance as they downgraded Westlake from “hold” to “sell” in early May and decreased their price target from $112.00 to $108.00.
In total, five investment analysts have given Westlake a sell rating, ten have assigned it a hold rating, and three have recommended buying the stock.
As per data obtained from Bloomberg.com , the current average rating for Westlake is categorized as “Hold,” with an expected consensus price target of around $127.67.
Separately, Director David Tsung-Hung Chao made a significant move by selling 1,000 shares of Westlake stock on August 23rd, amounting to a total transaction value of $131,000. Following the completion of this transaction, the director now holds 10,148 shares in Westlake directly, worth approximately $1,329,388. This sale was disclosed through a filing with the SEC and can be accessed on their website. It is noteworthy that insiders currently own 74.10% of the company’s stock.
On Friday, trading for Westlake Co. began at $130.97 per share. The company boasts a quick ratio of 2.17 and a current ratio of 2.95 whilst maintaining a debt-to-equity ratio of 0.44. With a market capitalization totaling $16.72 billion and a price-to-earnings ratio standing at 12.78, Westlake Co.’s performance is being closely observed by investors.
Over the past year, shares of Westlake Co. have ranged from a low of $81.29 to a high of $138.39, reflecting significant volatility in its trading range.
Currently, Westlake maintains a fifty-day moving average worth $128.06 along with its two-hundred-day moving average positioned at $119.34.
As we progress into the future, it remains to be seen how Westlake will navigate these fluctuations and whether institutional investors and hedge funds will continue modifying their holdings accordingly based on thorough analysis and ratings from reputable research analysts.
