Westlake (NYSE:WLK) Upgraded at StockNews.com

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

A number of other research analysts have also recently commented on the company. Piper Sandler boosted their price target on Westlake from $160.00 to $180.00 and gave the stock an overweight rating in a report on Tuesday, May 7th. Wells Fargo & Company raised their target price on shares of Westlake from $150.00 to $180.00 and gave the company an overweight rating in a research note on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft upgraded shares of 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 report on Thursday, April 18th. Vertical Research downgraded shares of Westlake from a buy rating to a hold rating and set a $154.00 price objective for the company. in a report on Monday, April 8th. Finally, Citigroup lifted their target price on Westlake from $162.00 to $168.00 and gave the stock a neutral rating in a report on Friday, June 14th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Westlake presently has an average rating of Hold and a consensus target price of $152.00.

Check Out Our Latest Report on WLK

Westlake Stock Performance

WLK opened at $147.97 on Thursday. The firm has a market cap of $19.02 billion, a P/E ratio of 74.36, a PEG ratio of 1.89 and a beta of 1.26. Westlake has a 1-year low of $107.34 and a 1-year high of $162.64. The company has a 50 day simple moving average of $153.64 and a two-hundred day simple moving average of $146.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.46 and a quick ratio of 1.83.

Westlake (NYSE:WLKGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same quarter in the prior year, the business posted $3.05 EPS. Westlake’s revenue for the quarter was down 11.4% compared to the same quarter last year. Equities analysts forecast that Westlake will post 6.62 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Tuesday, May 21st were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Monday, May 20th. Westlake’s dividend payout ratio is currently 100.50%.

Insider Activity at Westlake

In other Westlake news, CFO Mark Steven Bender sold 4,950 shares of the business’s stock in a transaction on 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 owns 40,356 shares in the company, valued at $6,141,779.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 74.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale grew its holdings in shares of Westlake by 3.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 3,518 shares of the specialty chemicals company’s stock worth $532,000 after purchasing an additional 116 shares during the last quarter. Pathway Financial Advisers LLC purchased a new stake in Westlake in the 1st quarter valued at about $43,000. Cetera Advisors LLC bought a new position in Westlake in the 1st quarter worth about $316,000. Yaupon Capital Management LP purchased a new position in shares of Westlake during the first quarter worth approximately $9,367,000. Finally, Comerica Bank raised its stake in shares of Westlake by 17.9% during 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 in the last quarter. 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.

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Analyst Recommendations for Westlake (NYSE:WLK)

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