Westlake (NYSE:WLK) Reaches New 52-Week Low – Here’s What Happened

Westlake Co. (NYSE:WLK)’s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $118.50 and last traded at $118.95, with a volume of 9466 shares traded. The stock had previously closed at $120.11.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on WLK shares. BMO Capital Markets cut their target price on Westlake from $171.00 to $165.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on Westlake from $123.00 to $135.00 and gave the stock an “underweight” rating in a report on Thursday, August 15th. StockNews.com raised shares of Westlake from a “sell” rating to a “hold” rating in a research report on Tuesday, November 26th. Barclays raised shares of Westlake from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $162.00 to $180.00 in a report on Monday, September 30th. Finally, Piper Sandler cut their target price on shares of Westlake from $180.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Westlake has a consensus rating of “Hold” and a consensus price target of $162.17.

Westlake Stock Down 0.7 %

The company has a current ratio of 2.79, a quick ratio of 2.04 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $15.35 billion, a price-to-earnings ratio of 169.24, a P/E/G ratio of 2.33 and a beta of 1.16. The firm has a fifty day moving average price of $132.60 and a 200 day moving average price of $141.54.

Westlake (NYSE:WLK) last released its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same period in the prior year, the firm earned $2.20 earnings per share. The business’s quarterly revenue was up .1% compared to the same quarter last year. Sell-side analysts anticipate that Westlake Co. will post 6.47 EPS for the current fiscal year.

Westlake Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 26th were given a dividend of $0.525 per share. The ex-dividend date of this dividend was Tuesday, November 26th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.76%. Westlake’s payout ratio is 295.77%.

Insider Activity at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $129.08, for a total value of $225,890.00. Following the completion of the sale, the director now owns 7,784 shares in the company, valued at $1,004,758.72. This represents a 18.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 74.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Westlake

Several large investors have recently modified their holdings of the business. Continuum Advisory LLC lifted its position in Westlake by 43.2% during the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock worth $48,000 after buying an additional 96 shares in the last quarter. Quest Partners LLC raised its stake in Westlake by 8,400.0% in the second quarter. Quest Partners LLC now owns 340 shares of the specialty chemicals company’s stock valued at $49,000 after buying an additional 336 shares during the period. Brooklyn Investment Group acquired a new stake in shares of Westlake in the third quarter valued at approximately $62,000. Itau Unibanco Holding S.A. bought a new stake in Westlake in the 2nd quarter valued at $66,000. Finally, nVerses Capital LLC bought a new position in shares of Westlake in the third quarter valued at about $75,000. 28.40% of the stock is currently owned by institutional investors.

About Westlake

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.