Allspring Global Investments Holdings LLC Sells 10,020 Shares of Westlake Co. (NYSE:WLK)

Allspring Global Investments Holdings LLC reduced its stake in shares of Westlake Co. (NYSE:WLK) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 376,460 shares of the specialty chemicals company’s stock after selling 10,020 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.29% of Westlake worth $42,212,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Peterson Wealth Services increased its stake in Westlake by 8.2% in the 4th quarter. Peterson Wealth Services now owns 6,400 shares of the specialty chemicals company’s stock worth $734,000 after purchasing an additional 484 shares during the period. Vest Financial LLC raised its holdings in Westlake by 106.5% during the 4th quarter. Vest Financial LLC now owns 21,501 shares of the specialty chemicals company’s stock valued at $2,465,000 after buying an additional 11,091 shares during the last quarter. Optas LLC purchased a new stake in Westlake during the 4th quarter valued at $206,000. Manning & Napier Advisors LLC grew its holdings in Westlake by 88.3% in the 4th quarter. Manning & Napier Advisors LLC now owns 18,789 shares of the specialty chemicals company’s stock worth $2,154,000 after acquiring an additional 8,813 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Westlake by 2.4% in the fourth quarter. Pacer Advisors Inc. now owns 4,988 shares of the specialty chemicals company’s stock valued at $572,000 after acquiring an additional 115 shares during the period. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Wall Street Analyst Weigh In

WLK has been the topic of several recent analyst reports. Piper Sandler cut their target price on Westlake from $155.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada reduced their target price on Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. Citigroup upgraded shares of Westlake from a “neutral” rating to a “buy” rating and cut their price target for the company from $152.00 to $140.00 in a report on Wednesday, December 18th. StockNews.com upgraded shares of Westlake from a “sell” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Morgan Stanley cut their target price on shares of Westlake from $155.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $155.79.

Insider Transactions at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $129.08, for a total transaction of $225,890.00. Following the completion of the sale, the director now owns 7,784 shares of the company’s stock, valued at $1,004,758.72. This trade represents a 18.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 74.10% of the stock is owned by insiders.

Westlake Stock Up 2.4 %

Shares of NYSE:WLK opened at $115.30 on Friday. 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 fifty day simple moving average of $115.09 and a two-hundred day simple moving average of $130.56. Westlake Co. has a 12-month low of $108.56 and a 12-month high of $162.64. The stock has a market capitalization of $14.84 billion, a price-to-earnings ratio of 162.40, a PEG ratio of 2.40 and a beta of 1.17.

About Westlake

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.