Westlake (NYSE:WLK) Shares Gap Down – Here’s Why

Westlake Co. (NYSE:WLK) shares gapped down before the market opened 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.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. UBS Group upgraded Westlake from a “neutral” rating to a “buy” rating and set a $144.00 target price for the company in a research report on Friday, January 10th. Morgan Stanley dropped their price objective on shares of Westlake from $155.00 to $130.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Truist Financial initiated coverage on shares of Westlake in a research report on Tuesday, January 28th. They set a “buy” rating and a $168.00 target price on the stock. BMO Capital Markets dropped their price target 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. Finally, Piper Sandler decreased their price objective on Westlake from $155.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Westlake has a consensus rating of “Moderate Buy” and an average price target of $155.79.

Westlake Stock Down 3.5 %

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 company has a 50-day simple moving average of $114.88 and a 200 day simple moving average of $130.13. The company has a market cap of $14.52 billion, a P/E ratio of 158.75, a P/E/G ratio of 2.45 and a beta of 1.17.

Insider Transactions at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was 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 approximately $1,004,758.72. The trade was a 18.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Westlake

A number of institutional investors and hedge funds have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Westlake by 9.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 346,789 shares of the specialty chemicals company’s stock valued at $39,759,000 after acquiring an additional 28,505 shares in the last quarter. Voloridge Investment Management LLC increased its position in Westlake by 3,182.3% during the 4th quarter. Voloridge Investment Management LLC now owns 219,030 shares of the specialty chemicals company’s stock valued at $25,112,000 after purchasing an additional 212,357 shares during the period. Vident Advisory LLC raised its holdings in shares of Westlake by 24.0% in the 4th quarter. Vident Advisory LLC now owns 1,874 shares of the specialty chemicals company’s stock valued at $215,000 after purchasing an additional 363 shares in the last quarter. Squarepoint Ops LLC lifted its position in shares of Westlake by 132.8% in the 4th quarter. Squarepoint Ops LLC now owns 178,305 shares of the specialty chemicals company’s stock worth $20,443,000 after purchasing an additional 101,721 shares during the period. Finally, Twinbeech Capital LP purchased a new stake in shares of Westlake in the 4th quarter worth approximately $263,000. 28.40% of the stock is owned by institutional investors.

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.