Royal Bank of Canada Boosts Westlake (NYSE:WLK) Price Target to $153.00

Westlake (NYSE:WLK) had its target price increased by Royal Bank of Canada from $134.00 to $153.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has a sector perform rating on the specialty chemicals company’s stock.

A number of other equities analysts also recently issued reports on WLK. Wells Fargo & Company increased their price target on shares of Westlake from $150.00 to $180.00 and gave the stock an overweight rating in a research note on Wednesday, April 3rd. Vertical Research downgraded shares of Westlake from a buy rating to a hold rating and set a $154.00 price target for the company. in a research note on Monday, April 8th. Citigroup increased their price target on shares of Westlake from $140.00 to $162.00 and gave the stock a neutral rating in a research note on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft raised shares of Westlake from a hold rating to a buy rating and increased their price target for the stock from $138.00 to $174.00 in a research note on Thursday. Finally, Barclays increased their price target on shares of Westlake from $142.00 to $160.00 and gave the stock an equal weight rating in a research note on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $145.79.

Westlake Stock Performance

Shares of NYSE:WLK opened at $150.76 on Friday. The company has a market cap of $19.33 billion, a price-to-earnings ratio of 40.75, a price-to-earnings-growth ratio of 1.46 and a beta of 1.30. The company has a 50-day moving average price of $146.61 and a 200-day moving average price of $136.47. The company has a current ratio of 2.37, a quick ratio of 1.79 and a debt-to-equity ratio of 0.43. Westlake has a 12 month low of $103.28 and a 12 month high of $162.64.

Westlake (NYSE:WLK) last issued its quarterly earnings data on Tuesday, February 20th. The specialty chemicals company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.09). The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.85 billion. Westlake had a net margin of 3.82% and a return on equity of 9.70%. The business’s revenue was down 14.3% on a year-over-year basis. During the same period last year, the company posted $1.79 earnings per share. As a group, equities analysts anticipate that Westlake will post 6.93 EPS for the current year.

Westlake Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Wednesday, February 28th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend was Tuesday, February 27th. Westlake’s dividend payout ratio (DPR) is currently 54.05%.

Insider Activity at Westlake

In related news, CFO Mark Steven Bender sold 4,804 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $141.02, for a total transaction of $677,460.08. Following the completion of the sale, the chief financial officer now owns 45,306 shares of the company’s stock, valued at $6,389,052.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Mark Steven Bender sold 4,804 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $141.02, for a total transaction of $677,460.08. Following the completion of the sale, the chief financial officer now owns 45,306 shares of the company’s stock, valued at $6,389,052.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert F. Buesinger sold 3,878 shares of Westlake stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $144.50, for a total transaction of $560,371.00. Following the completion of the sale, the executive vice president now directly owns 21,144 shares of the company’s stock, valued at approximately $3,055,308. The disclosure for this sale can be found here. Insiders sold 13,658 shares of company stock valued at $1,923,225 over the last 90 days. Corporate insiders own 74.10% of the company’s stock.

Institutional Investors Weigh In On Westlake

Large investors have recently added to or reduced their stakes in the stock. CVA Family Office LLC bought a new stake in Westlake in the 4th quarter worth approximately $25,000. Worth Asset Management LLC bought a new stake in Westlake in the 1st quarter worth approximately $28,000. Venturi Wealth Management LLC grew its position in Westlake by 51.3% in the 4th 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 during the period. GAMMA Investing LLC bought a new stake in shares of Westlake during the 4th quarter valued at $37,000. Finally, UniSuper Management Pty Ltd bought a new stake in shares of Westlake during the 2nd quarter valued at $36,000. Institutional investors own 28.40% of the company’s stock.

About Westlake

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.