Westlake (NYSE:WLK) Price Target Lowered to $135.00 at Piper Sandler

Westlake (NYSE:WLK) had its price objective decreased by Piper Sandler from $155.00 to $135.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the specialty chemicals company’s stock.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company decreased their target price on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Barclays upgraded shares of Westlake from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $162.00 to $180.00 in a report on Monday, September 30th. Citigroup upgraded Westlake from a “neutral” rating to a “buy” rating and cut their target price for the company from $152.00 to $140.00 in a research note on Wednesday, December 18th. BMO Capital Markets reduced their target price on Westlake from $171.00 to $165.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Finally, StockNews.com raised Westlake from a “sell” rating to a “hold” rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $156.92.

Westlake Stock Performance

Shares of WLK opened at $110.52 on Tuesday. Westlake has a 52 week low of $108.95 and a 52 week high of $162.64. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The stock has a market cap of $14.22 billion, a P/E ratio of 155.66, a P/E/G ratio of 2.31 and a beta of 1.18. The business’s 50 day moving average price is $123.04 and its 200-day moving average price is $136.21.

Westlake (NYSE:WLK) last released its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Westlake had a return on equity of 6.93% and a net margin of 0.81%. The company’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $2.20 earnings per share. Equities research analysts anticipate that Westlake will post 6.47 earnings per share for the current fiscal year.

Westlake Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 26th were issued a dividend of $0.525 per share. The ex-dividend date of this dividend was Tuesday, November 26th. This represents a $2.10 dividend on an annualized basis and a yield of 1.90%. Westlake’s dividend payout ratio is currently 295.77%.

Insider Transactions at Westlake

In other Westlake news, Director David Tsung-Hung Chao sold 1,750 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $130.00, for a total value of $227,500.00. Following the completion of the sale, the director now owns 9,534 shares in the company, valued at $1,239,420. This represents a 15.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 74.10% of the company’s stock.

Institutional Investors Weigh In On Westlake

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Continuum Advisory LLC boosted its position in shares of Westlake by 43.2% in the third quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock worth $48,000 after purchasing an additional 96 shares during the period. Quest Partners LLC lifted its stake in shares of Westlake by 8,400.0% during the 2nd quarter. Quest Partners LLC now owns 340 shares of the specialty chemicals company’s stock valued at $49,000 after buying an additional 336 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Westlake by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 523 shares of the specialty chemicals company’s stock worth $60,000 after buying an additional 219 shares during the period. Versant Capital Management Inc increased its stake in Westlake by 84.4% in the 4th quarter. Versant Capital Management Inc now owns 531 shares of the specialty chemicals company’s stock worth $61,000 after buying an additional 243 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new stake in Westlake in the 3rd quarter worth $62,000. 28.40% of the stock is 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.