Westlake (NYSE:WLK) Shares Pass Above 200-Day Moving Average – Here’s Why

Shares of Westlake Corporation (NYSE:WLK) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $77.60 and traded as high as $84.27. Westlake shares last traded at $83.6690, with a volume of 1,571,912 shares traded.

Analyst Ratings Changes

Several research firms have weighed in on WLK. Citigroup restated a “buy” rating and set a $100.00 price target (up previously from $85.00) on shares of Westlake in a report on Tuesday, January 13th. Truist Financial boosted their price target on shares of Westlake from $82.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. BMO Capital Markets reaffirmed a “market perform” rating and set a $83.00 price target (down previously from $91.00) on shares of Westlake in a research note on Tuesday, November 4th. Royal Bank Of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Westlake in a research note on Friday, January 16th. Finally, KeyCorp restated a “sector weight” rating on shares of Westlake in a research report on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $89.47.

Westlake Stock Up 5.5%

The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.39 and a current ratio of 1.99. The company’s fifty day moving average price is $76.25 and its 200-day moving average price is $77.60. The stock has a market cap of $10.73 billion, a P/E ratio of -11.28, a price-to-earnings-growth ratio of 39.93 and a beta of 0.90.

Westlake Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 25th were paid a $0.53 dividend. The ex-dividend date was Tuesday, November 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.5%. Westlake’s dividend payout ratio (DPR) is presently -28.57%.

Insider Buying and Selling at Westlake

In other news, Chairman Albert Chao sold 40,836 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $73.57, for a total transaction 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 approximately $46,181,507.54. The trade was a 6.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Westlake

Several large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its stake in shares of Westlake by 11.8% during the second quarter. PNC Financial Services Group Inc. now owns 1,433 shares of the specialty chemicals company’s stock valued at $109,000 after purchasing an additional 151 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Westlake by 0.6% during the second quarter. The Manufacturers Life Insurance Company now owns 28,134 shares of the specialty chemicals company’s stock worth $2,136,000 after buying an additional 165 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its position in Westlake by 4.1% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 5,020 shares of the specialty chemicals company’s stock valued at $381,000 after acquiring an additional 198 shares in the last quarter. CWM LLC increased its holdings in shares of Westlake by 54.5% in the 2nd quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 200 shares during the period. Finally, Signaturefd LLC raised its position 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 in the last quarter. Institutional investors own 28.40% of the company’s stock.

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.