Westlake (NYSE:WLK) Sets New 12-Month Low Following Analyst Downgrade

Westlake Co. (NYSE:WLKGet Rating) shares reached a new 52-week low during trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $115.00 to $100.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Westlake traded as low as $84.65 and last traded at $85.75, with a volume of 800216 shares trading hands. The stock had previously closed at $86.56.

A number of other equities analysts also recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of Westlake from $162.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, June 21st. Scotiabank reissued a “sector perform” rating on shares of Westlake in a report on Tuesday, August 2nd. Piper Sandler cut shares of Westlake from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $147.00 to $115.00 in a report on Monday, July 25th. KeyCorp cut shares of Westlake from a “sector weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a report on Monday, August 29th. Finally, Morgan Stanley lowered their target price on shares of Westlake from $120.00 to $115.00 and set an “equal weight” rating on the stock in a report on Monday, August 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $122.79.

Insider Buying and Selling

In other news, CAO Johnathan Stevan Zoeller sold 542 shares of the stock in a transaction on Friday, August 26th. The shares were sold at an average price of $107.08, for a total value of $58,037.36. Following the transaction, the chief accounting officer now owns 543 shares of the company’s stock, valued at approximately $58,144.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 73.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Westlake

Several institutional investors and hedge funds have recently modified their holdings of WLK. State of Alaska Department of Revenue increased its stake in shares of Westlake by 7.3% in the 1st quarter. State of Alaska Department of Revenue now owns 3,696 shares of the specialty chemicals company’s stock worth $456,000 after acquiring an additional 252 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Westlake by 113.4% in the first quarter. Signaturefd LLC now owns 303 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 161 shares during the last quarter. Sandler Capital Management purchased a new position in shares of Westlake in the fourth quarter worth approximately $7,770,000. FORA Capital LLC purchased a new position in shares of Westlake in the first quarter worth approximately $1,005,000. Finally, Scopus Asset Management L.P. lifted its holdings in Westlake by 5.1% during the fourth quarter. Scopus Asset Management L.P. now owns 241,750 shares of the specialty chemicals company’s stock valued at $23,481,000 after purchasing an additional 11,750 shares in the last quarter. 27.72% of the stock is owned by hedge funds and other institutional investors.

Westlake Price Performance

The firm has a market cap of $11.00 billion, a PE ratio of 3.88, a P/E/G ratio of 2.16 and a beta of 1.21. The company has a quick ratio of 1.59, a current ratio of 2.39 and a debt-to-equity ratio of 0.49. The firm’s fifty day simple moving average is $97.36 and its two-hundred day simple moving average is $111.70.

Westlake Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were given a $0.357 dividend. This represents a $1.43 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Friday, August 19th. This is a boost from Westlake’s previous quarterly dividend of $0.30. Westlake’s payout ratio is currently 6.47%.

Westlake Company Profile

(Get Rating)

Westlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products.

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