Summary: Westlake (NYSE:WLK) had its price target lowered by Piper Sandler from $150.00 to $144.00. The specialty chemicals company’s stock currently has an overweight rating from Piper Sandler. Other research firms such as Deutsche Bank Aktiengesellschaft, KeyCorp, Morgan Stanley, BMO Capital Markets, and JPMorgan Chase & Co. have also given their ratings on WLK. Four analysts have given a sell rating, eleven have given a hold rating, and two have given a buy rating to the company. The stock’s average rating is Hold, with a consensus target price of $128.71.
Overview: Westlake, the specialty chemicals company, saw its price target lowered by Piper Sandler. The firm currently has an overweight rating on the stock. Other research firms such as Deutsche Bank Aktiengesellschaft, KeyCorp, Morgan Stanley, BMO Capital Markets, and JPMorgan Chase & Co. have also issued their ratings on WLK. The stock has received four sell ratings, eleven hold ratings, and two buy ratings from analysts, resulting in an average rating of Hold. The consensus target price for the stock is $128.71.
Stock Performance: Westlake (NYSE:WLK) began trading on Wednesday at $121.09. The stock’s fifty-day moving average is $127.46, while its 200-day moving average is $121.28. Over the past year, the stock has traded in the range of $87.93 to $138.39. Westlake has a market capitalization of $15.46 billion, a price-to-earnings ratio of 11.81, and a beta of 1.30. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.17, and a current ratio of 2.95.
Earnings Announcement: Westlake (NYSE:WLK) recently reported its earnings results for the quarter ended August 3rd. The company’s earnings per share for the quarter was $2.31, falling short of analysts’ consensus estimates of $2.83. Westlake’s return on equity was 12.44% and its net margin was 9.55%. The company generated $3.25 billion in revenue during the quarter, lower than the expected $3.50 billion. Compared to the same quarter last year, the company’s revenue was down by 27.5%. Sell-side analysts predict that Westlake will post $8.78 earnings per share for the current year.
Dividend Announcement: Westlake also announced its quarterly dividend, which was paid on September 12th. Investors who were recorded on August 25th received a $0.357 dividend. The annualized dividend is $1.43, resulting in a yield of 1.18%. The ex-dividend date was August 24th. The current dividend payout ratio for Westlake is 19.51%.
Insider Transactions: Director David Tsung-Hung Chao sold 1,000 shares of Westlake’s stock on August 23rd, with an average price of $131.00 per share. Following the sale, the director now owns 10,148 shares in the company, valued at around $1,329,388. Insider ownership of the company stands at 74.10%.
Hedge Funds: Several hedge funds have made changes to their holdings in Westlake. PDT Partners LLC increased its holdings by 0.9% during the first quarter, now owning 9,443 shares valued at $1,165,000. DekaBank Deutsche Girozentrale increased its holdings by 1.9% during the second quarter, now owning 5,465 shares valued at $650,000. Fifth Third Bancorp increased its holdings by 89.2% during the second quarter, now owning 227 shares valued at $27,000. Legacy Capital Group California Inc. increased its holdings by 3.4% during the second quarter, now owning 4,271 shares valued at $510,000. Nomura Asset Management Co. Ltd. increased its holdings by 1.7% during the first quarter, now owning 8,550 shares valued at $992,000. Currently, 28.40% of Westlake’s stock is owned by hedge funds and other institutional investors.
About Westlake: Westlake Corporation is a company that manufactures and markets performance and essential materials, as well as housing and infrastructure products. The company operates in various countries, including the United States, Canada, Germany, China, Italy, Taiwan, and other international markets. Westlake’s Performance and Essential Materials segment offers a range of products such as polyethylene, styrene monomer, vinyl chloride monomer, and epoxy resins.
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