Wells Fargo & Company Lowers Westlake (NYSE:WLK) Price Target to $150.00

Westlake (NYSE:WLKGet Rating) had its price target lowered by Wells Fargo & Company from $162.00 to $150.00 in a report published on Tuesday, The Fly reports. The firm currently has an overweight rating on the specialty chemicals company’s stock.

Several other equities analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Westlake from $135.00 to $148.00 in a research note on Monday, May 16th. Bank of America lowered their target price on shares of Westlake from $167.00 to $147.00 and set a buy rating on the stock in a research report on Tuesday, June 14th. Piper Sandler raised their target price on shares of Westlake from $122.00 to $147.00 and gave the stock an overweight rating in a research report on Monday, May 23rd. Royal Bank of Canada raised their target price on shares of Westlake from $128.00 to $155.00 and gave the stock an outperform rating in a research report on Tuesday, April 5th. Finally, Citigroup lowered shares of Westlake from a buy rating to a neutral rating and lowered their target price for the stock from $160.00 to $114.00 in a research report on Friday, June 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $137.91.

Shares of Westlake stock opened at $94.83 on Tuesday. The firm has a market capitalization of $12.17 billion, a P/E ratio of 4.85, a P/E/G ratio of 0.14 and a beta of 1.18. Westlake has a 52 week low of $78.06 and a 52 week high of $141.19. The company has a quick ratio of 1.38, a current ratio of 2.12 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average is $125.29 and its two-hundred day moving average is $113.50.

Westlake (NYSE:WLKGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The specialty chemicals company reported $5.83 EPS for the quarter, beating the consensus estimate of $4.70 by $1.13. The company had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.46 billion. Westlake had a net margin of 18.76% and a return on equity of 30.67%. The firm’s revenue was up 72.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.87 earnings per share. As a group, research analysts expect that Westlake will post 22.44 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 7th. Investors of record on Monday, May 23rd were issued a dividend of $0.2975 per share. This represents a $1.19 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Friday, May 20th. Westlake’s dividend payout ratio is presently 6.09%.

In other Westlake news, CEO Albert Chao sold 37,876 shares of the firm’s stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $130.38, for a total value of $4,938,272.88. Following the completion of the sale, the chief executive officer now owns 472,983 shares of the company’s stock, valued at $61,667,523.54. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mark Steven Bender sold 4,000 shares of the firm’s stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $122.44, for a total value of $489,760.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 83,281 shares of company stock valued at $10,944,661. Corporate insiders own 73.70% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its stake in shares of Westlake by 82.9% during the 1st quarter. Federated Hermes Inc. now owns 1,297,300 shares of the specialty chemicals company’s stock worth $160,087,000 after buying an additional 588,163 shares during the last quarter. Soroban Capital Partners LP acquired a new position in shares of Westlake during the 4th quarter worth $115,498,000. Acadian Asset Management LLC raised its stake in shares of Westlake by 47.1% during the 4th quarter. Acadian Asset Management LLC now owns 964,859 shares of the specialty chemicals company’s stock worth $93,699,000 after buying an additional 308,896 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Westlake by 189.0% during the 1st quarter. First Trust Advisors LP now owns 802,507 shares of the specialty chemicals company’s stock worth $99,029,000 after buying an additional 524,828 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Westlake by 19.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 766,261 shares of the specialty chemicals company’s stock worth $74,427,000 after buying an additional 124,587 shares during the last quarter.

Westlake Company Profile (Get Rating)

Westlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products.

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