Westlake (NYSE:WLK) Price Target Raised to $180.00 at Piper Sandler

Westlake (NYSE:WLK) had its price target upped by Piper Sandler from $160.00 to $180.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an overweight rating on the specialty chemicals company’s stock.

WLK has been the subject of several other research reports. Wells Fargo & Company lifted their target price on Westlake from $150.00 to $180.00 and gave the company an overweight rating in a report on Wednesday, April 3rd. Royal Bank of Canada boosted their price target on shares of Westlake from $134.00 to $153.00 and gave the company a sector perform rating in a research report on Friday, April 19th. Citigroup upped their target price on 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 raised their target price for the company from $138.00 to $174.00 in a research note on Thursday, April 18th. Finally, UBS Group increased their target price on Westlake from $139.00 to $145.00 and gave the company a neutral rating in a research note on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $147.93.

Westlake Trading Up 2.1 %

NYSE:WLK opened at $156.46 on Tuesday. The stock has a market capitalization of $20.12 billion, a PE ratio of 78.62, a price-to-earnings-growth ratio of 1.68 and a beta of 1.30. The firm’s 50 day moving average is $149.18 and its 200 day moving average is $138.84. The company has a current ratio of 2.46, a quick ratio of 1.83 and a debt-to-equity ratio of 0.42. Westlake has a 12 month low of $103.28 and a 12 month high of $162.64.

Westlake (NYSE:WLK) last posted its earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.25. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.93 billion. Westlake had a net margin of 2.13% and a return on equity of 7.69%. The company’s revenue was down 11.4% on a year-over-year basis. During the same quarter last year, the company earned $3.05 earnings per share. Sell-side analysts expect that Westlake will post 6.73 earnings per share for the current year.

Westlake Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Wednesday, February 28th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Tuesday, February 27th. Westlake’s dividend payout ratio (DPR) is currently 100.50%.

Insider Activity at Westlake

In other Westlake news, CFO Mark Steven Bender sold 4,854 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $137.57, for a total value of $667,764.78. Following the completion of the transaction, the chief financial officer now owns 50,110 shares in the company, valued at $6,893,632.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Robert F. Buesinger sold 3,878 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $144.50, for a total value of $560,371.00. Following the transaction, the executive vice president now owns 21,144 shares in the company, valued at $3,055,308. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Steven Bender sold 4,854 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $137.57, for a total value of $667,764.78. Following the completion of the transaction, the chief financial officer now directly owns 50,110 shares in the company, valued at $6,893,632.70. The disclosure for this sale can be found here. Insiders have sold 18,608 shares of company stock worth $2,676,565 over the last 90 days. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Venturi Wealth Management LLC grew its stake in shares of Westlake by 51.3% during the 4th quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 80 shares during the period. Arizona State Retirement System grew 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 valued at $1,473,000 after buying an additional 81 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings 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 acquiring an additional 83 shares during the last quarter. Gulf International Bank UK Ltd boosted its holdings in shares of Westlake by 2.6% during 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 purchasing an additional 84 shares during the last quarter. Finally, Legacy Capital Group California Inc. grew 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 valued at $596,000 after purchasing an additional 88 shares in the last quarter. 28.40% of the stock is owned by institutional investors.

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.