Allspring Global Investments Holdings LLC Reduces Stock Position in Westlake Co. (NYSE:WLK)

Allspring Global Investments Holdings LLC trimmed its stake in shares of Westlake Co. (NYSE:WLK) by 2.6% in the 4th quarter, Holdings Channel reports. The firm owned 376,460 shares of the specialty chemicals company’s stock after selling 10,020 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Westlake were worth $42,212,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its holdings in shares of 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 during the period. Continuum Advisory LLC lifted its stake in shares of Westlake by 43.2% in the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock worth $48,000 after purchasing an additional 96 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Westlake by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 523 shares of the specialty chemicals company’s stock worth $60,000 after buying an additional 219 shares during the last quarter. Versant Capital Management Inc grew its position in Westlake by 84.4% during the fourth quarter. Versant Capital Management Inc now owns 531 shares of the specialty chemicals company’s stock valued at $61,000 after buying an additional 243 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Westlake during the third quarter valued at approximately $62,000. Institutional investors own 28.40% of the company’s stock.

Insider Activity at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $130.00, for a total value of $227,500.00. Following the sale, the director now owns 9,534 shares in the company, valued at approximately $1,239,420. The trade was a 15.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 74.10% of the stock is owned by corporate insiders.

Westlake Stock Up 2.4 %

WLK opened at $115.30 on Friday. Westlake Co. has a 52 week low of $108.56 and a 52 week high of $162.64. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The firm has a 50-day simple moving average of $115.09 and a two-hundred day simple moving average of $130.56. The company has a market capitalization of $14.84 billion, a PE ratio of 162.40, a price-to-earnings-growth ratio of 2.40 and a beta of 1.17.

Analysts Set New Price Targets

WLK has been the subject of a number of recent research reports. UBS Group raised shares of Westlake from a “neutral” rating to a “buy” rating and set a $144.00 price objective for the company in a research report on Friday, January 10th. StockNews.com raised Westlake from a “sell” rating to a “hold” rating in a research note on Tuesday, November 26th. Truist Financial assumed coverage on Westlake in a research note on Tuesday, January 28th. They set a “buy” rating and a $168.00 price objective for the company. BMO Capital Markets decreased their target price on shares of Westlake from $171.00 to $165.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th. Finally, Morgan Stanley dropped their price target on shares of Westlake from $155.00 to $130.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Westlake has a consensus rating of “Moderate Buy” and an average target price of $155.79.

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.