Barclays PLC Cuts Position in Westlake Co. (NYSE:WLK)

Barclays PLC lowered its stake in shares of Westlake Co. (NYSE:WLKFree Report) by 13.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,693 shares of the specialty chemicals company’s stock after selling 6,632 shares during the quarter. Barclays PLC’s holdings in Westlake were worth $5,448,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. South Dakota Investment Council acquired a new stake in Westlake in the 3rd quarter valued at $3,011,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Westlake by 31.3% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 22,297 shares of the specialty chemicals company’s stock valued at $2,780,000 after purchasing an additional 5,320 shares in the last quarter. Harvest Fund Management Co. Ltd increased its holdings in Westlake by 276.4% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,035 shares of the specialty chemicals company’s stock valued at $129,000 after purchasing an additional 760 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in Westlake by 18.2% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 10,107 shares of the specialty chemicals company’s stock valued at $1,260,000 after purchasing an additional 1,557 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in Westlake by 99.8% in the 3rd quarter. California Public Employees Retirement System now owns 65,036 shares of the specialty chemicals company’s stock valued at $8,108,000 after purchasing an additional 32,492 shares in the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

WLK has been the subject of a number of recent analyst reports. Piper Sandler raised their price target on shares of Westlake from $144.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, November 20th. UBS Group lifted their target price on Westlake from $139.00 to $145.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Tudor, Pickering, Holt & Co. raised Westlake from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, Bank of America downgraded Westlake from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $142.00 to $129.00 in a report on Wednesday, October 18th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $131.23.

Check Out Our Latest Analysis on Westlake

Insider Buying and Selling

In related news, EVP Robert F. Buesinger sold 4,215 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $130.50, for a total value of $550,057.50. Following the sale, the executive vice president now owns 16,754 shares of the company’s stock, valued at approximately $2,186,397. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 74.10% of the stock is currently owned by company insiders.

Westlake Stock Performance

Shares of WLK opened at $142.05 on Friday. The business’s fifty day moving average price is $137.64 and its 200 day moving average price is $130.30. Westlake Co. has a 12-month low of $102.64 and a 12-month high of $143.61. The stock has a market capitalization of $18.20 billion, a PE ratio of 15.19 and a beta of 1.30. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.54 and a quick ratio of 1.91.

About Westlake

(Free Report)

Westlake Corporation manufactures and markets performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Italy, Taiwan, and internationally. The Performance and Essential Materials segment offers polyethylene, styrene monomer, ethylene co-products, polyvinyl chloride (PVC), vinyl chloride monomer, ethylene dichloride chlor-alkali, chlorinated derivative products, and epoxy resins.

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Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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