Westlake (NYSE:WLK) Receives “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Westlake (NYSE:WLKFree Report) in a research report report published on Friday morning, Benzinga reports. Royal Bank of Canada currently has a $158.00 target price on the specialty chemicals company’s stock.

Several other equities analysts also recently commented on WLK. Wells Fargo & Company increased their price objective on shares of Westlake from $150.00 to $180.00 and gave the company an overweight rating in a research note on Wednesday, April 3rd. StockNews.com downgraded Westlake from a hold rating to a sell rating in a report on Wednesday, June 12th. Deutsche Bank Aktiengesellschaft upgraded Westlake from a hold rating to a buy rating and boosted their price objective for the stock from $138.00 to $174.00 in a research report on Thursday, April 18th. Barclays increased their target price on Westlake from $142.00 to $160.00 and gave the company an equal weight rating in a research report on Thursday, April 4th. Finally, Citigroup boosted their price target on Westlake from $140.00 to $162.00 and gave the stock a neutral rating in a report on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Westlake has an average rating of Hold and a consensus price target of $152.00.

Get Our Latest Stock Analysis on Westlake

Westlake Price Performance

Shares of WLK stock opened at $150.37 on Friday. The business has a fifty day simple moving average of $154.21 and a 200 day simple moving average of $145.60. The company has a market cap of $19.33 billion, a P/E ratio of 75.56, a P/E/G ratio of 1.89 and a beta of 1.26. The company has a quick ratio of 1.83, a current ratio of 2.46 and a debt-to-equity ratio of 0.42. Westlake has a twelve month low of $107.34 and a twelve month high of $162.64.

Westlake (NYSE:WLKGet Free Report) last issued its earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 EPS for the quarter, topping 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 firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter in the previous year, the firm earned $3.05 earnings per share. The business’s quarterly revenue was down 11.4% on a year-over-year basis. On average, sell-side analysts forecast that Westlake will post 6.62 EPS for the current fiscal year.

Westlake Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Tuesday, May 21st were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Monday, May 20th. Westlake’s dividend payout ratio is currently 100.50%.

Insider Buying and Selling

In other news, CFO Mark Steven Bender sold 4,950 shares of Westlake stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $152.19, for a total value of $753,340.50. Following the completion of the transaction, the chief financial officer now directly owns 40,356 shares of the company’s stock, valued at approximately $6,141,779.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is owned by insiders.

Institutional Trading of Westlake

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

Westlake Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Westlake (NYSE:WLK)

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