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

StockNews.com lowered shares of Westlake (NYSE:WLK) from a hold rating to a sell rating in a research report sent to investors on Monday.

A number of other analysts also recently issued reports on WLK. Wells Fargo & Company raised their price objective on Westlake from $150.00 to $180.00 and gave the stock an overweight rating in a research report on Wednesday, April 3rd. Vertical Research lowered shares of Westlake from a buy rating to a hold rating and set a $154.00 price target on the stock. in a research note on Monday, April 8th. Barclays lifted their target price on shares of Westlake from $142.00 to $160.00 and gave the company an equal weight rating in a report on Thursday, April 4th. Bank of America upgraded shares of Westlake from a hold rating to a buy rating and upped their price objective for the stock from $138.00 to $174.00 in a research report on Thursday, April 18th. Finally, Royal Bank of Canada upped their target price on shares of Westlake from $134.00 to $153.00 and gave the stock a sector perform rating in a research report on Friday, April 19th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Westlake currently has a consensus rating of Hold and an average target price of $151.00.

Westlake Price Performance

Shares of NYSE:WLK opened at $159.51 on Monday. The company has a market cap of $20.51 billion, a PE ratio of 80.16, a price-to-earnings-growth ratio of 2.01 and a beta of 1.30. Westlake has a twelve month low of $103.28 and a twelve month high of $162.64. The company’s 50 day moving average is $154.12 and its 200 day moving average is $143.14. 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 (NYSE:WLK) last issued its quarterly earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.25. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.93 billion. Westlake had a net margin of 2.13% and a return on equity of 7.69%. Westlake’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same period last year, the company posted $3.05 EPS. On average, sell-side analysts forecast that Westlake will post 6.59 EPS for the current year.

Westlake Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, May 21st will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, May 20th. This represents a $2.00 annualized dividend and a dividend yield of 1.25%. Westlake’s payout ratio is currently 100.50%.

Insiders Place Their Bets

In related news, CFO Mark Steven Bender sold 4,804 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $141.02, for a total transaction of $677,460.08. Following the sale, the chief financial officer now directly owns 45,306 shares of the company’s stock, valued at approximately $6,389,052.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Westlake news, EVP Robert F. Buesinger sold 3,878 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $144.50, for a total value of $560,371.00. Following the sale, the executive vice president now directly owns 21,144 shares in the company, valued at $3,055,308. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Steven Bender sold 4,804 shares of Westlake stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $141.02, for a total value of $677,460.08. Following the completion of the transaction, the chief financial officer now owns 45,306 shares in the company, valued at $6,389,052.12. The disclosure for this sale can be found here. Insiders have sold 13,754 shares of company stock worth $2,008,801 in the last quarter. 74.10% of the stock is owned by corporate insiders.

Institutional Trading of Westlake

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Pathway Financial Advisers LLC acquired a new position in Westlake in the 1st quarter worth approximately $43,000. Cetera Advisors LLC purchased a new stake in Westlake in the 1st quarter worth about $316,000. Yaupon Capital Management LP purchased a new position in Westlake during the 1st quarter valued at about $9,367,000. Comerica Bank lifted its position in shares of Westlake by 17.9% in the first quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company’s stock worth $3,742,000 after purchasing an additional 3,710 shares in the last quarter. Finally, Tidal Investments LLC grew its position in Westlake by 30.1% during the first quarter. Tidal Investments LLC now owns 5,017 shares of the specialty chemicals company’s stock valued at $767,000 after purchasing an additional 1,162 shares in 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.