Citigroup Boosts Westlake (NYSE:WLK) Price Target to $168.00

Westlake (NYSE:WLKFree Report) had its price target increased by Citigroup from $162.00 to $168.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a neutral rating on the specialty chemicals company’s stock.

Several other analysts have also recently issued reports on WLK. Piper Sandler upped their target price on Westlake from $160.00 to $180.00 and gave the company an overweight rating in a report on Tuesday, May 7th. Bank of America raised shares of Westlake from a hold rating to a buy rating and lifted their target price for the stock from $138.00 to $174.00 in a research note on Thursday, April 18th. Wells Fargo & Company boosted their target price on shares of Westlake from $150.00 to $180.00 and gave the company an overweight rating in a report on Wednesday, April 3rd. Barclays raised their price target on shares of Westlake from $142.00 to $160.00 and gave the stock an equal weight rating in a report on Thursday, April 4th. Finally, Deutsche Bank Aktiengesellschaft upgraded Westlake from a hold rating to a buy rating and increased their price objective for the stock from $138.00 to $174.00 in a research report on Thursday, April 18th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average target price of $152.00.

Get Our Latest Stock Report on WLK

Westlake Price Performance

Shares of NYSE WLK opened at $150.37 on Friday. The stock has a market capitalization of $19.33 billion, a price-to-earnings ratio of 75.56, a price-to-earnings-growth ratio of 1.89 and a beta of 1.26. Westlake has a 52 week low of $107.34 and a 52 week high of $162.64. The firm has a 50-day simple moving average of $154.21 and a 200-day simple moving average of $145.60. The company has a quick ratio of 1.83, a current ratio of 2.46 and a debt-to-equity ratio of 0.42.

Westlake (NYSE:WLKGet Free Report) last released its earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.25. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.93 billion. Westlake had a net margin of 2.13% and a return on equity of 7.69%. The business’s revenue was down 11.4% on a year-over-year basis. During the same period last year, the company posted $3.05 EPS. On average, equities analysts predict that Westlake will post 6.62 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, May 21st were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $2.00 dividend on an annualized basis and a yield of 1.33%. Westlake’s dividend payout ratio (DPR) is presently 100.50%.

Insider Buying and Selling at Westlake

In related news, CFO Mark Steven Bender sold 4,950 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $152.19, for a total transaction of $753,340.50. Following the completion of the transaction, the chief financial officer now directly owns 40,356 shares of the company’s stock, valued at approximately $6,141,779.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Westlake

A number of hedge funds and other institutional investors have recently modified their holdings of WLK. CVA Family Office LLC acquired a new stake in Westlake in the fourth quarter valued at $25,000. Venturi Wealth Management LLC increased its holdings in shares of Westlake by 51.3% in the 4th quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after acquiring an additional 80 shares during the last quarter. GAMMA Investing LLC acquired a new stake in shares of Westlake during the 4th quarter worth about $37,000. Pathway Financial Advisers LLC purchased a new stake in Westlake during the first quarter worth approximately $43,000. Finally, UniSuper Management Pty Ltd boosted its holdings in shares of Westlake by 66.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 500 shares of the specialty chemicals company’s stock valued at $76,000 after buying an additional 200 shares in the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

About Westlake

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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.

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Analyst Recommendations for Westlake (NYSE:WLK)

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