Westlake Co. (NYSE:WLK) Director David Tsung-Hung Chao Sells 1,750 Shares of Stock

Westlake Co. (NYSE:WLK) Director David Tsung-Hung Chao sold 1,750 shares of Westlake stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $130.00, for a total transaction of $227,500.00. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Westlake Price Performance

Shares of NYSE:WLK opened at $131.93 on Tuesday. The firm has a market capitalization of $16.98 billion, a PE ratio of 185.82, a PEG ratio of 2.52 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. Westlake Co. has a 1-year low of $118.64 and a 1-year high of $162.64. The business’s 50 day moving average is $138.31 and its 200-day moving average is $144.44.

Westlake (NYSE:WLK) last announced its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share (EPS) 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 business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same period last year, the firm earned $2.20 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. Sell-side analysts predict that Westlake Co. will post 6.47 earnings per share for the current year.

Westlake Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 26th will be given a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Tuesday, November 26th. Westlake’s dividend payout ratio (DPR) is presently 295.77%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WLK. Piper Sandler reduced their price target on Westlake from $180.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. Bank of America raised Westlake from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $151.00 to $159.00 in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price target on shares of Westlake from $123.00 to $135.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. Wells Fargo & Company decreased their price objective on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Finally, BMO Capital Markets dropped their target price on shares of Westlake from $171.00 to $165.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $162.17.

Institutional Investors Weigh In On Westlake

A number of institutional investors have recently added to or reduced their stakes in WLK. Comerica Bank boosted its stake in Westlake by 17.9% in the 1st quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company’s stock valued at $3,742,000 after buying an additional 3,710 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Westlake in the 2nd quarter valued at $544,000. 1832 Asset Management L.P. bought a new stake in shares of Westlake in the 2nd quarter worth about $27,179,000. Envestnet Asset Management Inc. increased its position in shares of Westlake by 89.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 44,194 shares of the specialty chemicals company’s stock worth $6,400,000 after purchasing an additional 20,913 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in Westlake by 134.4% during the 2nd quarter. Cetera Investment Advisers now owns 7,612 shares of the specialty chemicals company’s stock valued at $1,102,000 after purchasing an additional 4,364 shares during the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

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.