Westlake (NYSE:WLK) Sets New 1-Year Low – What’s Next?

Shares of Westlake Co. (NYSE:WLK) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $106.00 and last traded at $106.52, with a volume of 66819 shares trading hands. The stock had previously closed at $109.71.

Analyst Ratings Changes

WLK has been the subject of several recent research reports. Truist Financial began coverage on Westlake in a research report on Tuesday, January 28th. They set a “buy” rating and a $168.00 price target for the company. Royal Bank of Canada dropped their price objective on Westlake from $170.00 to $167.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Morgan Stanley reduced their target price on shares of Westlake from $155.00 to $130.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. UBS Group upgraded shares of Westlake from a “neutral” rating to a “buy” rating and set a $144.00 price target for the company in a report on Friday, January 10th. Finally, BMO Capital Markets cut their price objective on shares of Westlake from $171.00 to $165.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $155.79.

Westlake Trading Down 2.1 %

The firm has a 50-day moving average price of $114.25 and a 200 day moving average price of $129.38. The company has a market cap of $13.82 billion, a price-to-earnings ratio of 151.09, a price-to-earnings-growth ratio of 2.36 and a beta of 1.17. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Tuesday, March 4th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 1.96%. Westlake’s dividend payout ratio (DPR) is 295.77%.

Insider Buying and Selling

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $129.08, for a total value of $225,890.00. Following the completion of the sale, the director now owns 7,784 shares of the company’s stock, valued at $1,004,758.72. This represents a 18.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 74.10% of the company’s stock.

Institutional Trading of Westlake

A number of institutional investors have recently made changes to their positions in the stock. Raymond James & Associates grew its holdings in shares of Westlake by 1.6% in the 3rd quarter. Raymond James & Associates now owns 19,420 shares of the specialty chemicals company’s stock worth $2,919,000 after acquiring an additional 304 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Westlake in the 3rd quarter valued at $15,295,000. Louisiana State Employees Retirement System increased its stake in Westlake by 2.2% in the 3rd quarter. Louisiana State Employees Retirement System now owns 9,300 shares of the specialty chemicals company’s stock worth $1,398,000 after purchasing an additional 200 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Westlake during the 3rd quarter worth about $205,000. Finally, State of Alaska Department of Revenue lifted its stake in Westlake by 1.5% during the third quarter. State of Alaska Department of Revenue now owns 27,813 shares of the specialty chemicals company’s stock valued at $4,179,000 after buying an additional 415 shares in 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.