Westlake Corp's (NYSE:WLK) Executive Vice President and Chief Financial Officer, Mark Steven Bender, has sold 4,950 shares of company stock, according to a recent SEC filing. The transaction, dated May 3, 2024, was executed at a price of $152.19 per share, totaling over $750,000.
The sale has adjusted Bender's direct ownership in the chemical company to 40,356 shares. Westlake Corp, known for its industrial organic chemicals, operates under the ticker NYSE:WLK and has its corporate headquarters in Houston, Texas.
This move by a high-ranking executive at Westlake Corp comes as part of the standard disclosures that executives are required to make regarding their stock transactions. The details of these transactions provide investors with insights into the actions of the company's insiders, potentially reflecting their confidence in the firm's current and future performance.
Investors often monitor such sales as they can sometimes give indications of the executive’s belief in the company's prospects. However, it's important to note that there could be various reasons for an executive to sell shares, ranging from personal financial planning to diversification strategies, and not necessarily linked to the company's performance.
The reported transaction was signed off by M. Steven Bender through J Feng, acting under the power of attorney, on May 6, 2024. Westlake Corp has not issued any official statement regarding this transaction, and it remains a routine disclosure as per regulatory requirements.
InvestingPro Insights
Following the recent stock sale by Westlake Corp's (NYSE:WLK) Executive Vice President and Chief Financial Officer, Mark Steven Bender, the company's latest financial metrics provide a broader context for investors evaluating the firm's market position. With a market cap of $19.57B and an adjusted P/E ratio for the last twelve months as of Q1 2024 standing at 34.04, Westlake Corp shows a significant valuation adjustment compared to the unadjusted P/E ratio of 76.3. The PEG ratio during the same period, at -0.88, suggests that the stock may be undervalued relative to expected earnings growth, which could attract value-oriented investors.
Despite the negative revenue growth of -19.39% in the last twelve months as of Q1 2024, the company's ability to maintain a gross profit margin of 15.56% indicates a level of resilience in its operational efficiency. The dividend growth of 40.06% during this period is also a positive signal for income-focused shareholders, coupled with a dividend yield of 1.31% as of the latest dividend ex-date on February 27, 2024.
For those interested in further insights, InvestingPro offers additional metrics and analysis that could be crucial for making informed decisions. There are more InvestingPro Tips available, which could provide deeper analysis into Westlake Corp's financial health and market performance. To access these valuable resources, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing your investment research with a comprehensive suite of tools and data.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.