Westlake (NYSE:WLK) Sets New 1-Year Low – Here’s What Happened

Westlake Co. (NYSE:WLK) shares hit a new 52-week low on Thursday . The company traded as low as $115.00 and last traded at $115.54, with a volume of 941106 shares changing hands. The stock had previously closed at $117.54.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Citigroup upgraded shares of Westlake from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $152.00 to $140.00 in a research note on Wednesday. BMO Capital Markets lowered their price objective on Westlake from $171.00 to $165.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. Royal Bank of Canada cut their target price on Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Barclays raised Westlake from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $162.00 to $180.00 in a report on Monday, September 30th. Finally, Bank of America raised shares of Westlake from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $151.00 to $159.00 in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Westlake has an average rating of “Hold” and a consensus target price of $159.83.

Westlake Stock Performance

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 stock has a market cap of $14.57 billion, a price-to-earnings ratio of 159.48, a PEG ratio of 2.31 and a beta of 1.16. The stock’s 50 day moving average is $129.18 and its two-hundred day moving average is $139.78.

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

Westlake Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 26th were paid a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend was Tuesday, November 26th. Westlake’s dividend payout ratio (DPR) is presently 295.77%.

Insider Transactions at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $130.00, for a total value of $227,500.00. Following the transaction, the director now directly owns 9,534 shares of the company’s stock, valued at approximately $1,239,420. This trade represents a 15.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 74.10% of the company’s stock.

Institutional Investors Weigh In On Westlake

Several institutional investors and hedge funds have recently added to or reduced their stakes in WLK. Retirement Systems of Alabama grew its holdings in shares of Westlake by 2.4% during the 3rd quarter. Retirement Systems of Alabama now owns 40,613 shares of the specialty chemicals company’s stock worth $6,104,000 after purchasing an additional 940 shares during the period. Toronto Dominion Bank raised its holdings in Westlake by 31.7% in the third quarter. Toronto Dominion Bank now owns 4,855 shares of the specialty chemicals company’s stock valued at $730,000 after buying an additional 1,169 shares during the period. Geode Capital Management LLC lifted its position in Westlake by 4.5% during the third quarter. Geode Capital Management LLC now owns 552,646 shares of the specialty chemicals company’s stock valued at $82,837,000 after buying an additional 23,558 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 worth $48,000 after buying an additional 96 shares during the period. Finally, Wahed Invest LLC increased its position in shares of Westlake by 26.5% in the third quarter. Wahed Invest LLC now owns 812 shares of the specialty chemicals company’s stock worth $122,000 after acquiring an additional 170 shares in the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Company Profile

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.