Saturday, June 25, 2022

Insider Selling: Buesinger Robert F., Westlake Corporation [WLK] EVP, HIP, IT & Digital divested 14,427 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Westlake Corporation shares valued at $1,867,820 were sold by Buesinger Robert F. on May 27. At $129.47 per share, Buesinger Robert F. sold 14,427 shares. The insider’s holdings dropped to 11,780 shares worth approximately $1.13 million following the completion of this transaction.

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Also, Chao Albert sold 37,876 shares, netting a total of over 4,938,182 in proceeds. Following the sale of shares at $130.38 each, the insider now holds 472,983 shares.

Before that, Kearns Roger L. had sold 8,388 shares from its account. In a trade valued at $1,142,739, the COO and EVP – PEM traded Westlake Corporation shares for $136.24 each. Upon closing the transaction, the insider’s holdings decreased to 8,388 shares, worth approximately $2.54 million.

As published in a research note from Citigroup on June 17, 2022, Westlake Corporation [WLK] has been rated down from a Buy to a Neutral and the price target has been revised to $114 from $160. This represents a 15.51% premium over Wednesday’s closing price. Analysts at JP Morgan downgraded the stock from ‘”an Overweight”‘ to ‘”a Neutral”‘ outlook in a report released in early June. Earlier on November 22, 2021, KeyBanc Capital Markets downgraded its rating. Their new recommendation was “a Sector weight” for WLK stock which previously was a “an Overweight”.

Analyzing WLK’s Price Performance

On Wednesday, Westlake Corporation [NYSE: WLK] plunged -2.60% to $96.32. The stock’s lowest price that day was $94.58, but it reached a high of $97.01 in the same session. During the last five days, there has been a drop of approximately -15.78%. Over the course of the year, Westlake Corporation shares have dropped approximately -0.83%. Shares of the company reached a 52-week high of $141.19 on 05/05/22 and a 52-week low of $93.55 on 01/24/22. A 50-day SMA is recorded $125.82, while a 200-day SMA reached $107.87. Nevertheless, trading volume fell to 1.39 million shares from 0.82 million shares the previous day.

Support And Resistance Levels for Westlake Corporation (WLK)

According to the 24-hour chart, there is a support level at 94.93, which, if violated, would cause prices to drop to 93.54. In the upper region, resistance lies at 97.36. The next price resistance is at 98.40. RSI (Relative Strength Index) is 20.84 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -19.54, which suggests the price will decrease in the coming days. Percent R is at 95.85%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of Westlake Corporation (WLK)?

According to Victory Capital Management, Inc. filings, the company currently owns 4,042,857 shares, which is about 3.15% of the total WLK shares outstanding. The investor’s shares have plunged by -26,465 from its previous 13-F filing of 4069322.0 shares. With the completion of the sale, The Vanguard Group, Inc.’s stake is now worth $523,164,848. Dimensional Fund Advisors LP reduced a -0.03% interest valued at $301.16 million while Soroban Capital Partners LP purchased a 584,616 stake. A total of 609,928 shares of Westlake Corporation were bought by Fidelity Management & Research Co during the quarter, and 597,300 were bought by Federated Global Investment Manag. In its current portfolio, BlackRock Fund Advisors holds 1,251,093 shares valued at $165.28 million.

On October 18, 2021, BofA Securities assigned a price target of “a Buy” to the stock and upgraded coverage with a $120.

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