Westlake (NYSE:WLK) Shares Gap Down – What’s Next?

Westlake Co. (NYSE:WLK) gapped down before the market opened on Wednesday . The stock had previously closed at $116.85, but opened at $111.31. Westlake shares last traded at $112.55, with a volume of 157,411 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on WLK shares. Morgan Stanley lowered their price target on shares of Westlake from $155.00 to $130.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Piper Sandler decreased their target price on shares of Westlake from $155.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Truist Financial initiated coverage on shares of Westlake in a report on Tuesday, January 28th. They issued a “buy” rating and a $168.00 target price for the company. Royal Bank of Canada decreased their target price on shares of Westlake from $170.00 to $167.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Finally, UBS Group raised shares of Westlake from a “neutral” rating to a “buy” rating and set a $144.00 target price for the company in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $155.79.

Westlake Price Performance

The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The firm’s fifty day moving average price is $114.44 and its two-hundred day moving average price is $129.74. The stock has a market capitalization of $14.12 billion, a PE ratio of 154.48, a PEG ratio of 2.41 and a beta of 1.17.

Westlake Announces Dividend

The business also recently disclosed 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 1.91%. Westlake’s payout ratio is 295.77%.

Insider Activity

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $129.08, for a total transaction of $225,890.00. Following the completion of the sale, the director now directly owns 7,784 shares in the company, valued at approximately $1,004,758.72. The trade was a 18.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 74.10% of the stock is owned by corporate insiders.

Institutional Trading of Westlake

Large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in Westlake by 247.7% during the fourth quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 161 shares during the period. Continuum Advisory LLC grew its position in Westlake by 43.2% during the third quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock valued at $48,000 after buying an additional 96 shares during the period. Allworth Financial LP boosted its position in shares of Westlake by 6,316.7% in the fourth quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 379 shares during the period. Transamerica Financial Advisors Inc. boosted its position in shares of Westlake by 1,668.2% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 367 shares during the period. Finally, Brooklyn Investment Group bought a new position in shares of Westlake in the third quarter worth approximately $62,000. 28.40% of the stock is currently owned by institutional investors.

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.