Westlake (NYSE:WLK) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Westlake (NYSE:WLK) in a research note released on Friday morning, Benzinga reports. They currently have a $158.00 price target on the specialty chemicals company’s stock.

A number of other research analysts have also weighed in on the stock. Bank of America raised shares of Westlake from a hold rating to a buy rating and boosted their target price for the stock from $138.00 to $174.00 in a research report on Thursday, April 18th. StockNews.com downgraded shares of Westlake from a hold rating to a sell rating in a research note on Wednesday, June 12th. Piper Sandler upped their target price on shares of Westlake from $160.00 to $180.00 and gave the company an overweight rating in a research note on Tuesday, May 7th. Citigroup raised their price target on shares of Westlake from $140.00 to $162.00 and gave the stock a neutral rating in a research report on Wednesday, April 10th. Finally, Wells Fargo & Company upped their price objective on shares of Westlake from $150.00 to $180.00 and gave the company an overweight rating in a research report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $152.00.

Westlake Stock Up 0.4 %

Shares of WLK stock opened at $150.37 on Friday. The stock’s 50 day simple moving average is $154.21 and its 200 day simple moving average is $145.60. Westlake has a twelve month low of $107.34 and a twelve month high of $162.64. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.83 and a current ratio of 2.46. The company has a market capitalization of $19.33 billion, a price-to-earnings ratio of 75.56, a PEG ratio of 1.89 and a beta of 1.26.

Westlake (NYSE:WLK) last announced its quarterly earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.09 by $0.25. Westlake had a return on equity of 7.69% and a net margin of 2.13%. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the company posted $3.05 earnings per share. The company’s revenue for the quarter was down 11.4% compared to the same quarter last year. As a group, research analysts predict that Westlake will post 6.62 EPS for the current year.

Westlake Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, May 21st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Monday, May 20th. Westlake’s dividend payout ratio (DPR) is 100.50%.

Insiders Place Their Bets

In other news, CFO Mark Steven Bender sold 4,950 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $152.19, for a total value of $753,340.50. Following the sale, the chief financial officer now owns 40,356 shares of the company’s stock, valued at approximately $6,141,779.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Westlake

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Venturi Wealth Management LLC lifted its position in shares of Westlake by 51.3% during the fourth quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock worth $33,000 after purchasing an additional 80 shares in the last quarter. Arizona State Retirement System lifted its holdings in Westlake by 0.8% during the 4th quarter. Arizona State Retirement System now owns 10,528 shares of the specialty chemicals company’s stock worth $1,473,000 after buying an additional 81 shares in the last quarter. Treasurer of the State of North Carolina boosted its position in Westlake by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 17,569 shares of the specialty chemicals company’s stock valued at $2,190,000 after buying an additional 83 shares during the last quarter. Gulf International Bank UK Ltd increased its stake in shares of Westlake by 2.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 3,302 shares of the specialty chemicals company’s stock valued at $504,000 after buying an additional 84 shares during the period. Finally, Legacy Capital Group California Inc. raised its position in shares of Westlake by 2.1% during the fourth quarter. Legacy Capital Group California Inc. now owns 4,256 shares of the specialty chemicals company’s stock worth $596,000 after acquiring an additional 88 shares during the last quarter. Institutional investors and hedge funds own 28.40% of the company’s stock.

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.