Westlake (NYSE:WLK) Trading Up 9% – Still a Buy?

Westlake Corporation (NYSE:WLK) shot up 9% on Tuesday . The stock traded as high as $91.59 and last traded at $91.33. 692,248 shares traded hands during trading, a decline of 51% from the average session volume of 1,399,147 shares. The stock had previously closed at $83.77.

Analyst Ratings Changes

Several equities analysts have recently issued reports on WLK shares. KeyCorp reiterated a “sector weight” rating on shares of Westlake in a research note on Tuesday, December 16th. Truist Financial lifted their price target on shares of Westlake from $82.00 to $99.00 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Westlake in a report on Wednesday, January 21st. Alembic Global Advisors set a $80.00 price objective on shares of Westlake in a report on Monday, November 17th. Finally, Morgan Stanley set a $80.00 price objective on shares of Westlake in a research report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $89.47.

Westlake Stock Performance

The firm’s fifty day moving average price is $76.25 and its 200-day moving average price is $77.60. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.39. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of -12.26, a PEG ratio of 39.93 and a beta of 0.90.

Westlake Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Tuesday, November 25th were given a dividend of $0.53 per share. The ex-dividend date was Tuesday, November 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.3%. Westlake’s payout ratio is -28.57%.

Insider Buying and Selling at Westlake

In related news, Chairman Albert Chao sold 40,836 shares of the company’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $73.57, for a total value of $3,004,304.52. Following the completion of the sale, the chairman directly owned 627,722 shares of the company’s stock, valued at $46,181,507.54. This represents a 6.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Huntington National Bank purchased a new stake in shares of Westlake during the second quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd acquired a new position in Westlake in the 3rd quarter valued at $28,000. Fifth Third Bancorp increased its stake in Westlake by 71.3% in the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after buying an additional 234 shares during the period. CWM LLC raised its position in Westlake by 54.5% during the 2nd quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock worth $43,000 after buying an additional 200 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Westlake by 49.9% in the 2nd quarter. Signaturefd LLC now owns 640 shares of the specialty chemicals company’s stock worth $49,000 after acquiring an additional 213 shares during the period. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Company Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.