Analysts Set Westlake Corporation (NYSE:WLK) Price Target at $93.92

Westlake Corporation (NYSE:WLK) has been assigned a consensus rating of “Hold” from the fifteen analysts that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $93.9231.

A number of brokerages have issued reports on WLK. Truist Financial lowered their target price on shares of Westlake from $127.00 to $104.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Wells Fargo & Company cut their price target on Westlake from $110.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday, August 5th. The Goldman Sachs Group set a $85.00 price target on Westlake in a research report on Thursday, July 16th. Wall Street Zen upgraded Westlake from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Morgan Stanley cut their target price on Westlake from $106.00 to $92.00 and set an “equal weight” rating for the company in a research note on Thursday, July 2nd.

Westlake Trading Down 0.8%

Shares of Westlake stock opened at $75.11 on Tuesday. The stock has a market capitalization of $9.60 billion, a P/E ratio of -7.84 and a beta of 0.63. Westlake has a 52-week low of $56.33 and a 52-week high of $124.23. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.70 and a current ratio of 2.45. The stock’s 50-day simple moving average is $76.03 and its 200 day simple moving average is $92.75.

Westlake (NYSE:WLK) last posted its earnings results on Tuesday, August 4th. The specialty chemicals company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.18. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. Westlake had a negative net margin of 10.94% and a positive return on equity of 0.93%. The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company earned ($1.11) earnings per share. As a group, research analysts anticipate that Westlake will post 3.35 EPS for the current year.

Westlake Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a $0.533 dividend. This represents a $2.13 dividend on an annualized basis and a dividend yield of 2.8%. This is an increase from Westlake’s previous quarterly dividend of $0.53. The ex-dividend date is Tuesday, August 25th. Westlake’s dividend payout ratio (DPR) is -22.23%.

Insider Buying and Selling

In related news, Chairman Albert Chao sold 38,873 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $80.28, for a total transaction of $3,120,724.44. Following the sale, the chairman owned 642,880 shares of the company’s stock, valued at approximately $51,610,406.40. This represents a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Westlake in the third quarter worth $28,000. Quarry LP purchased a new position in Westlake during the fourth quarter worth about $31,000. Fifth Third Bancorp grew its position in Westlake by 71.3% during the fourth quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock worth $42,000 after buying an additional 234 shares in the last quarter. CIBC Private Wealth Group LLC bought a new position in Westlake in the 3rd quarter worth about $53,000. Finally, NewEdge Advisors LLC raised its holdings in shares of Westlake by 49.6% in the 2nd quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock valued at $57,000 after acquiring an additional 247 shares in the last quarter. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Company Profile

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.