Westlake (NYSE:WLK) Shares Gap Down – What’s Next?

Shares of Westlake Co. (NYSE:WLK) gapped down prior to trading on Wednesday . The stock had previously closed at $116.85, but opened at $111.31. Westlake shares last traded at $112.55, with a volume of 157,411 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on WLK. Morgan Stanley lowered their price objective on shares of Westlake from $155.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. StockNews.com raised Westlake from a “sell” rating to a “hold” rating in a report on Tuesday, November 26th. Truist Financial started coverage on Westlake in a research note on Tuesday, January 28th. They issued a “buy” rating and a $168.00 price target on the stock. Piper Sandler reduced their price objective on Westlake from $155.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company dropped their target price on Westlake from $180.00 to $160.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Westlake currently has an average rating of “Moderate Buy” and a consensus price target of $155.79.

Westlake Stock Down 3.5 %

The company has a market capitalization of $14.52 billion, a PE ratio of 158.75, a price-to-earnings-growth ratio of 2.45 and a beta of 1.17. The company’s fifty day moving average is $114.88 and its 200-day moving average is $130.13. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79.

Insiders Place Their Bets

In other news, Director David Tsung-Hung Chao sold 1,750 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $129.08, for a total value of $225,890.00. Following the transaction, the director now directly owns 7,784 shares in the company, valued at $1,004,758.72. The trade was a 18.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Westlake

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its holdings in Westlake by 247.7% during the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 161 shares in the last quarter. Continuum Advisory LLC grew its stake in Westlake by 43.2% during the third quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock valued at $48,000 after acquiring an additional 96 shares in the last quarter. Allworth Financial LP increased its holdings in Westlake by 6,316.7% in the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after acquiring an additional 379 shares during the last quarter. Transamerica Financial Advisors Inc. lifted its stake in Westlake by 1,668.2% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 367 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of Westlake during the third quarter valued at about $62,000. Institutional investors own 28.40% of the company’s stock.

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.