Insider Selling: Westlake (NYSE:WLK) Chairman Sells 40,836 Shares of Stock

Westlake Corporation (NYSE:WLK) Chairman Albert Chao sold 40,836 shares of Westlake stock in a transaction that occurred 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 transaction, the chairman directly owned 627,722 shares in the company, valued at approximately $46,181,507.54. This trade represents a 6.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Westlake Stock Performance

Shares of WLK traded down $1.49 during mid-day trading on Tuesday, reaching $72.91. 219,880 shares of the company’s stock were exchanged, compared to its average volume of 1,145,440. The business’s fifty day simple moving average is $69.15 and its 200-day simple moving average is $77.19. The stock has a market capitalization of $9.35 billion, a PE ratio of -9.83 and a beta of 0.94. Westlake Corporation has a 52-week low of $56.33 and a 52-week high of $119.86. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.99 and a quick ratio of 1.39.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share 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 business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the prior year, the company earned $1.41 EPS. The firm’s revenue for the quarter was down 9.0% on a year-over-year basis. On average, equities research analysts expect that Westlake Corporation will post 6.48 earnings per share for the current year.

Westlake Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 25th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Tuesday, November 25th. Westlake’s dividend payout ratio (DPR) is -28.57%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on WLK shares. Citigroup reaffirmed a “buy” rating and set a $85.00 price target (up from $75.00) on shares of Westlake in a report on Thursday. Royal Bank Of Canada reduced their target price on shares of Westlake from $87.00 to $79.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. BMO Capital Markets reaffirmed a “market perform” rating and issued a $83.00 target price (down previously from $91.00) on shares of Westlake in a report on Tuesday, November 4th. The Goldman Sachs Group set a $78.00 price target on shares of Westlake and gave the stock a “neutral” rating in a research note on Friday, October 31st. Finally, Morgan Stanley set a $80.00 price objective on shares of Westlake in a research report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.60.

Institutional Investors Weigh In On Westlake

A number of large investors have recently added to or reduced their stakes in the business. Huntington National Bank acquired a new stake in Westlake in the 2nd quarter worth about $26,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Westlake during the 3rd quarter worth about $28,000. UMB Bank n.a. boosted its position in shares of Westlake by 107.0% in the second quarter. UMB Bank n.a. now owns 565 shares of the specialty chemicals company’s stock worth $43,000 after acquiring an additional 292 shares during the last quarter. CWM LLC grew its holdings in Westlake by 54.5% in the second quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock valued at $43,000 after purchasing an additional 200 shares during the period. Finally, Signaturefd LLC increased its position in 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 purchasing an additional 213 shares during the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Company Profile

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.