Westlake Corporation (NYSE:WLK) Receives $89.47 Average PT from Brokerages

Shares of Westlake Corporation (NYSE:WLK) have received an average recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $89.4667.

Several equities research analysts recently commented on WLK shares. Mizuho set a $88.00 price target on shares of Westlake and gave the company an “outperform” rating in a research report on Thursday, January 8th. Truist Financial increased their target price on Westlake from $82.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Westlake in a research report on Wednesday, January 21st. Alembic Global Advisors set a $80.00 price target on Westlake in a research report on Monday, November 17th. Finally, UBS Group reissued a “buy” rating and issued a $92.00 price objective (down from $93.00) on shares of Westlake in a research note on Tuesday, December 23rd.

Westlake Price Performance

NYSE WLK opened at $95.98 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.39. Westlake has a 1 year low of $56.33 and a 1 year high of $118.23. The company has a market cap of $12.31 billion, a PE ratio of -12.94, a PEG ratio of 48.29 and a beta of 0.90. The stock’s 50-day moving average price is $78.57 and its two-hundred day moving average price is $77.87.

Westlake Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Investors of record on Tuesday, November 25th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Tuesday, November 25th. Westlake’s dividend payout ratio (DPR) is currently -28.57%.

Insider Buying and Selling

In other Westlake news, Chairman Albert Chao sold 40,836 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $73.57, for a total value of $3,004,304.52. Following the transaction, the chairman owned 627,722 shares in the company, valued at approximately $46,181,507.54. This represents a 6.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Westlake

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Westlake by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 3,917,329 shares of the specialty chemicals company’s stock valued at $289,647,000 after purchasing an additional 477,698 shares during the last quarter. Brandes Investment Partners LP raised its stake in shares of Westlake by 246.0% during the 2nd quarter. Brandes Investment Partners LP now owns 1,456,871 shares of the specialty chemicals company’s stock worth $110,621,000 after purchasing an additional 1,035,851 shares in the last quarter. Norges Bank acquired a new stake in shares of Westlake during the 2nd quarter valued at about $104,314,000. Dimensional Fund Advisors LP grew its stake in shares of Westlake by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,300,240 shares of the specialty chemicals company’s stock valued at $100,195,000 after buying an additional 25,071 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Westlake by 40.7% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 917,273 shares of the specialty chemicals company’s stock worth $70,685,000 after buying an additional 265,447 shares during the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

About Westlake

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.