Westlake (NYSE:WLK) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Westlake (NYSE:WLKFree Report) from a sell rating to a hold rating in a report released on Thursday.

WLK has been the topic of a number of other reports. Vertical Research lowered Westlake from a buy rating to a hold rating and set a $154.00 price target on the stock. in a research note on Monday, April 8th. Barclays lifted their price target on Westlake from $160.00 to $162.00 and gave the company an equal weight rating in a research note on Monday, June 17th. Deutsche Bank Aktiengesellschaft raised Westlake from a hold rating to a buy rating and lifted their price target for the company from $138.00 to $174.00 in a research note on Thursday, April 18th. Royal Bank of Canada restated a sector perform rating and set a $158.00 price objective on shares of Westlake in a research report on Friday, June 14th. Finally, Piper Sandler raised their price objective on Westlake from $160.00 to $180.00 and gave the stock an overweight rating in a research report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $152.00.

View Our Latest Research Report on WLK

Westlake Stock Performance

NYSE:WLK opened at $147.97 on Thursday. The stock’s 50-day simple moving average is $153.64 and its 200 day simple moving average is $146.13. The firm has a market capitalization of $19.02 billion, a PE ratio of 74.36, a price-to-earnings-growth ratio of 1.89 and a beta of 1.26. 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 has a twelve month low of $107.34 and a twelve month high of $162.64.

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

Westlake Dividend Announcement

The company 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. The ex-dividend date was Monday, May 20th. This represents a $2.00 annualized dividend and a dividend yield of 1.35%. Westlake’s dividend payout ratio is 100.50%.

Insider Activity

In related news, CFO Mark Steven Bender sold 4,950 shares of Westlake stock in a transaction that occurred 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 transaction, the chief financial officer now owns 40,356 shares of the company’s stock, valued at $6,141,779.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 74.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Wedge Capital Management L L P NC boosted its position in shares of Westlake by 19.7% during the fourth quarter. Wedge Capital Management L L P NC now owns 64,811 shares of the specialty chemicals company’s stock valued at $9,071,000 after buying an additional 10,687 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Westlake by 79.2% in the fourth quarter. Handelsbanken Fonder AB now owns 12,900 shares of the specialty chemicals company’s stock worth $1,805,000 after purchasing an additional 5,700 shares during the last quarter. Cerity Partners LLC purchased a new position in Westlake in the fourth quarter worth $8,492,000. BI Asset Management Fondsmaeglerselskab A S boosted its position in Westlake by 48.0% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 15,309 shares of the specialty chemicals company’s stock worth $2,143,000 after purchasing an additional 4,966 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in Westlake by 13.1% in the fourth quarter. Nordea Investment Management AB now owns 3,260 shares of the specialty chemicals company’s stock worth $455,000 after purchasing an additional 377 shares during the last quarter. Hedge funds and other institutional investors own 28.40% of the company’s stock.

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.

Further Reading

Analyst Recommendations for Westlake (NYSE:WLK)

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