Westlake (NYSE:WLK) PT Raised to $162.00

Westlake (NYSE:WLK) had its target price lifted by Barclays from $160.00 to $162.00 in a research report sent to investors on Monday morning, Benzinga reports. Barclays currently has an equal weight rating on the specialty chemicals company’s stock.

A number of other equities analysts have also commented on WLK. Deutsche Bank Aktiengesellschaft upgraded shares of Westlake from a hold rating to a buy rating and lifted their price target for the stock from $138.00 to $174.00 in a report on Thursday, April 18th. Vertical Research lowered shares of Westlake from a buy rating to a hold rating and set a $154.00 price target on the stock. in a report on Monday, April 8th. Wells Fargo & Company lifted their price target on shares of Westlake from $150.00 to $180.00 and gave the stock an overweight rating in a report on Wednesday, April 3rd. Royal Bank of Canada reiterated a sector perform rating and set a $158.00 price target on shares of Westlake in a report on Friday. Finally, Citigroup lifted their price target on shares of Westlake from $162.00 to $168.00 and gave the stock a neutral rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, Westlake currently has an average rating of Hold and a consensus price target of $152.00.

Westlake Stock Performance

Shares of Westlake stock opened at $150.37 on Monday. Westlake has a fifty-two week low of $107.34 and a fifty-two week high of $162.64. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.46 and a quick ratio of 1.83. The firm has a market capitalization of $19.33 billion, a P/E ratio of 75.56, a P/E/G ratio of 1.89 and a beta of 1.26. The company’s 50 day moving average price is $154.21 and its two-hundred day moving average price is $145.60.

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

Westlake Announces Dividend

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

Insider Activity

In related news, CFO Mark Steven Bender sold 4,950 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $152.19, for a total transaction of $753,340.50. Following the transaction, the chief financial officer now directly owns 40,356 shares in the company, valued at $6,141,779.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale boosted its stake in Westlake by 3.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 3,518 shares of the specialty chemicals company’s stock valued at $532,000 after acquiring an additional 116 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in Westlake in the first quarter valued at about $43,000. Cetera Advisors LLC purchased a new position in Westlake in the first quarter valued at about $316,000. Yaupon Capital Management LP purchased a new position in Westlake in the first quarter valued at about $9,367,000. Finally, Comerica Bank boosted its stake in Westlake by 17.9% in the first quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company’s stock valued at $3,742,000 after acquiring an additional 3,710 shares during the last quarter. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Company Profile

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.