Westlake (NYSE:WLK) Price Target Raised to $125.00

Westlake (NYSE:WLK) had its price objective hoisted by Wells Fargo & Company from $110.00 to $125.00 in a research note published on Monday,Benzinga reports. They currently have an equal weight rating on the specialty chemicals company’s stock.

Several other equities analysts have also recently weighed in on WLK. BMO Capital Markets raised shares of Westlake from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $108.00 to $127.00 in a research note on Thursday, March 5th. KeyCorp reaffirmed a “sector weight” rating on shares of Westlake in a research note on Tuesday, December 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Westlake in a research note on Friday, January 16th. Zacks Research raised shares of Westlake from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 26th. Finally, UBS Group boosted their price target on shares of Westlake from $129.00 to $139.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $106.53.

Westlake Trading Down 2.2%

NYSE:WLK opened at $120.70 on Monday. Westlake has a fifty-two week low of $56.33 and a fifty-two week high of $124.23. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.24 and a quick ratio of 1.65. The stock has a market capitalization of $15.44 billion, a PE ratio of -10.32 and a beta of 0.75. The business’s 50-day simple moving average is $104.86 and its 200-day simple moving average is $84.86.

Westlake (NYSE:WLK) last released its quarterly earnings data on Tuesday, February 24th. The specialty chemicals company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($1.47) by $1.22. Westlake had a negative return on equity of 1.22% and a negative net margin of 13.50%.The business had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the previous year, the business posted $0.06 EPS. Westlake’s revenue for the quarter was down 10.9% on a year-over-year basis. Sell-side analysts expect that Westlake will post 6.48 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Tuesday, March 3rd were issued a dividend of $0.53 per share. The ex-dividend date was Tuesday, March 3rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Westlake’s dividend payout ratio (DPR) is presently -18.12%.

Insider Buying and Selling

In related news, CFO Mark Steven Bender sold 17,409 shares of the stock in a transaction on Friday, February 27th. The stock was sold at an average price of $100.92, for a total value of $1,756,916.28. Following the sale, the chief financial officer owned 44,433 shares in the company, valued at approximately $4,484,178.36. This represents a 28.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Westlake

Large investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd bought a new stake in Westlake in the 3rd quarter valued at $28,000. Quarry LP bought a new stake in shares of Westlake during the 4th quarter worth about $31,000. Fifth Third Bancorp boosted its holdings in shares of Westlake by 71.3% during the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock worth $42,000 after buying an additional 234 shares during the period. CIBC Private Wealth Group LLC bought a new stake in shares of Westlake during the 3rd quarter worth about $53,000. Finally, Hantz Financial Services Inc. boosted its holdings in shares of Westlake by 180.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 740 shares of the specialty chemicals company’s stock worth $57,000 after buying an additional 476 shares during the period. Institutional investors own 28.40% of the company’s stock.

Westlake Company Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.