Westlake (NYSE:WLK) Chairman Albert Chao Sells 40,836 Shares

Westlake Corporation (NYSE:WLK) Chairman Albert Chao sold 40,836 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $73.57, for a total value of $3,004,304.52. Following the sale, the chairman owned 627,722 shares of the company’s stock, valued at approximately $46,181,507.54. The trade was a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Westlake Trading Down 2.0%

Westlake stock traded down $1.49 during midday trading on Tuesday, reaching $72.91. The stock had a trading volume of 219,880 shares, compared to its average volume of 1,145,440. The stock’s 50-day simple moving average is $69.15 and its 200 day simple moving average is $77.19. Westlake Corporation has a twelve month low of $56.33 and a twelve month high of $119.86. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.39 and a current ratio of 1.99. The stock has a market capitalization of $9.35 billion, a PE ratio of -9.83 and a beta of 0.94.

Westlake (NYSE:WLK) last released its quarterly earnings data on Thursday, October 30th. The specialty chemicals company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.47). Westlake had a negative return on equity of 0.78% and a negative net margin of 8.34%.The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter last year, the business earned $1.41 earnings per share. The business’s revenue for the quarter was down 9.0% compared to the same quarter last year. Analysts expect that Westlake Corporation will post 6.48 EPS for the current year.

Westlake Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 25th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, November 25th. Westlake’s payout ratio is -28.57%.

Analyst Upgrades and Downgrades

WLK has been the subject of a number of research reports. Alembic Global Advisors set a $80.00 price target on shares of Westlake in a research report on Monday, November 17th. UBS Group reaffirmed a “buy” rating and issued a $92.00 target price (down previously from $93.00) on shares of Westlake in a research report on Tuesday. JPMorgan Chase & Co. increased their target price on Westlake from $73.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, September 25th. Truist Financial set a $90.00 target price on Westlake and gave the company a “buy” rating in a report on Monday, October 13th. Finally, Morgan Stanley set a $80.00 price target on Westlake in a research report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Westlake currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.60.

Institutional Trading of Westlake

Several institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. lifted its holdings in shares of Westlake by 11.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,433 shares of the specialty chemicals company’s stock worth $109,000 after purchasing an additional 151 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Westlake by 0.6% in the second quarter. The Manufacturers Life Insurance Company now owns 28,134 shares of the specialty chemicals company’s stock worth $2,136,000 after buying an additional 165 shares during the period. Police & Firemen s Retirement System of New Jersey lifted its stake in Westlake by 4.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 5,020 shares of the specialty chemicals company’s stock valued at $381,000 after buying an additional 198 shares during the last quarter. CWM LLC boosted its holdings in shares of Westlake by 54.5% during the second quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 200 shares during the period. Finally, Signaturefd LLC grew its position in shares of Westlake by 49.9% during the second quarter. Signaturefd LLC now owns 640 shares of the specialty chemicals company’s stock worth $49,000 after acquiring an additional 213 shares during the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

About Westlake

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.