Westlake (NYSE:WLK) Price Target Cut to $160.00 by Analysts at UBS Group

Westlake (NYSE:WLK) had its price target reduced by UBS Group from $172.00 to $160.00 in a report released on Tuesday morning, Benzinga reports. UBS Group currently has a neutral rating on the specialty chemicals company’s stock.

WLK has been the subject of a number of other research reports. Vertical Research cut shares of Westlake from a buy rating to a hold rating and set a $154.00 target price for the company. in a research note on Monday, April 8th. Wells Fargo & Company raised their target price on shares of Westlake from $150.00 to $180.00 and gave the stock an overweight rating in a research note on Wednesday, April 3rd. Piper Sandler raised their target price on shares of Westlake from $160.00 to $180.00 and gave the stock an overweight rating in a research note on Tuesday, May 7th. Royal Bank of Canada restated a sector perform rating and set a $158.00 target price on shares of Westlake in a research note on Friday, June 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Westlake from a hold rating to a buy rating and lifted their price objective for the stock from $138.00 to $174.00 in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average price target of $153.15.

Westlake Stock Performance

Shares of WLK opened at $146.13 on Tuesday. The firm has a 50-day moving average of $152.15 and a 200-day moving average of $146.80. Westlake has a one year low of $112.77 and a one year high of $162.64. The company has a market cap of $18.79 billion, a PE ratio of 73.43, a price-to-earnings-growth ratio of 1.80 and a beta of 1.20. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.46 and a quick ratio of 1.83.

Westlake (NYSE:WLK) last announced its quarterly earnings data on Wednesday, May 1st. The specialty chemicals company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.25. Westlake had a net margin of 2.13% and a return on equity of 7.69%. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the firm posted $3.05 EPS. The company’s quarterly revenue was down 11.4% on a year-over-year basis. As a group, equities analysts forecast that Westlake will post 6.62 earnings per share for the current year.

Westlake Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, May 21st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.37%. The ex-dividend date was Monday, May 20th. Westlake’s dividend payout ratio is currently 100.50%.

Insider Buying and Selling at Westlake

In other Westlake news, CFO Mark Steven Bender sold 4,950 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $152.19, for a total value of $753,340.50. Following 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 legal 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

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CVA Family Office LLC bought a new stake in shares of Westlake during the 4th quarter valued at approximately $25,000. Venturi Wealth Management LLC grew its holdings in shares of Westlake by 51.3% during the 4th quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 80 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Westlake during the 4th quarter valued at approximately $37,000. Pathway Financial Advisers LLC bought a new stake in shares of Westlake during the 1st quarter valued at approximately $43,000. Finally, UniSuper Management Pty Ltd grew its holdings in shares of Westlake by 66.7% during the 1st quarter. UniSuper Management Pty Ltd now owns 500 shares of the specialty chemicals company’s stock valued at $76,000 after purchasing an additional 200 shares during the last quarter. 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.