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

Westlake Co. (NYSE:WLK)’s share price gapped down prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on WLK shares. Citigroup raised shares of Westlake from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $152.00 to $140.00 in a report on Wednesday, December 18th. Wells Fargo & Company lowered their target price on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Royal Bank of Canada lowered their target price on shares of Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Truist Financial started coverage on shares of Westlake in a research report on Tuesday, January 28th. They issued a “buy” rating and a $168.00 price objective for the company. Finally, Piper Sandler reduced their price objective on shares of Westlake from $155.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Westlake currently has an average rating of “Moderate Buy” and an average price target of $155.79.

Westlake Stock Down 1.5 %

The company’s 50 day simple moving average is $114.44 and its 200-day simple moving average is $129.74. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79. The firm 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors 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 dividend payout ratio is currently 295.77%.

Insider Activity at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the stock in a transaction 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 transaction, the director now owns 7,784 shares of the company’s stock, valued at approximately $1,004,758.72. This trade represents a 18.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 74.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Westlake

Several institutional investors and hedge funds have recently made changes to their positions in WLK. Raymond James & Associates grew its holdings in shares of Westlake by 1.6% during the 3rd quarter. Raymond James & Associates now owns 19,420 shares of the specialty chemicals company’s stock valued at $2,919,000 after purchasing an additional 304 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Westlake in the 3rd quarter worth $15,295,000. Louisiana State Employees Retirement System grew its holdings 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 acquiring an additional 200 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Westlake in the 3rd quarter worth $205,000. Finally, State of Alaska Department of Revenue grew its holdings in Westlake by 1.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 27,813 shares of the specialty chemicals company’s stock worth $4,179,000 after acquiring an additional 415 shares during the last quarter. Institutional investors own 28.40% of the company’s stock.

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.