Westlake (NYSE:WLK) Hits New 1-Year Low – Here’s What Happened

Shares of Westlake Co. (NYSE:WLK) hit 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. The stock had previously closed at $109.71.

Analysts Set New Price Targets

A number of brokerages have commented on WLK. UBS Group raised 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. Citigroup raised Westlake from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $152.00 to $140.00 in a research note on Wednesday, December 18th. StockNews.com upgraded shares of Westlake from a “sell” rating to a “hold” rating in a research report on Tuesday, November 26th. Morgan Stanley dropped their price target on Westlake from $155.00 to $130.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Finally, Wells Fargo & Company reduced their price objective on Westlake from $180.00 to $160.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $155.79.

Westlake Stock Performance

The stock has a market capitalization of $13.82 billion, a PE ratio of 151.09, a price-to-earnings-growth ratio of 2.36 and a beta of 1.17. 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 stock has a fifty day moving average of $114.25 and a 200-day moving average of $129.38.

Westlake Dividend Announcement

The firm 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 $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.96%. Westlake’s payout ratio is currently 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 stock was 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 directly owns 7,784 shares of the company’s stock, valued at $1,004,758.72. This represents a 18.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 74.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WLK. Blue Trust Inc. increased its position in Westlake by 247.7% in the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock valued at $26,000 after acquiring an additional 161 shares during the period. Allworth Financial LP raised its stake in shares of Westlake by 6,316.7% during the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock worth $45,000 after buying an additional 379 shares in the last quarter. Transamerica Financial Advisors Inc. lifted its holdings in shares of Westlake by 1,668.2% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 367 shares during the period. Continuum Advisory LLC boosted its stake in shares of Westlake by 43.2% in 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 in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Westlake by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 523 shares of the specialty chemicals company’s stock worth $60,000 after acquiring an additional 219 shares during the period. 28.40% of the stock is owned by hedge funds and other 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.