Westlake (NYSE:WLK) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Westlake (NYSE:WLK) from a sell rating to a hold rating in a research note published on Tuesday morning.

A number of other analysts have also issued reports on WLK. JPMorgan Chase & Co. increased their price target on shares of Westlake from $123.00 to $135.00 and gave the stock an “underweight” rating in a research report on Thursday, August 15th. Barclays upgraded shares of Westlake from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $162.00 to $180.00 in a research report on Monday, September 30th. BMO Capital Markets dropped their price target on shares of Westlake from $171.00 to $165.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler cut their price objective on Westlake from $180.00 to $170.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. Finally, Royal Bank of Canada lowered their target price on Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Westlake has a consensus rating of “Hold” and a consensus price target of $162.17.

Westlake Trading Down 2.8 %

Shares of NYSE WLK opened at $128.19 on Tuesday. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. Westlake has a 12 month low of $118.64 and a 12 month high of $162.64. The company has a market cap of $16.50 billion, a price-to-earnings ratio of 180.55, a P/E/G ratio of 2.52 and a beta of 1.19. The business has a fifty day simple moving average of $138.12 and a 200-day simple moving average of $144.26.

Westlake (NYSE:WLK) last posted its quarterly earnings data on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). The firm had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. Westlake’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.20 earnings per share. Sell-side analysts predict that Westlake will post 6.47 EPS for the current year.

Westlake Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 26th will be issued a dividend of $0.525 per share. The ex-dividend date is Tuesday, November 26th. This represents a $2.10 annualized dividend and a yield of 1.64%. Westlake’s dividend payout ratio (DPR) is presently 295.77%.

Insider Activity

In other Westlake news, Director David Tsung-Hung Chao sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $130.00, for a total value of $227,500.00. Following the sale, the director now owns 9,534 shares of the company’s stock, valued at $1,239,420. This trade represents a 15.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Westlake

Several hedge funds have recently modified their holdings of WLK. State Street Corp raised its stake in Westlake by 0.8% during the 3rd quarter. State Street Corp now owns 1,198,710 shares of the specialty chemicals company’s stock valued at $180,154,000 after purchasing an additional 9,838 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in Westlake by 699.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 595,149 shares of the specialty chemicals company’s stock worth $89,445,000 after purchasing an additional 520,669 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Westlake by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 552,646 shares of the specialty chemicals company’s stock worth $82,837,000 after purchasing an additional 23,558 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Westlake by 90.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 386,480 shares of the specialty chemicals company’s stock valued at $58,084,000 after buying an additional 183,666 shares during the last quarter. Finally, Ilex Capital Partners UK LLP bought a new stake in shares of Westlake in the third quarter valued at about $55,542,000. 28.40% of the stock is owned by institutional investors.

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.