Westlake (NYSE:WLK) PT Lowered to $170.00 at Piper Sandler

Westlake (NYSE:WLK) had its target price reduced by Piper Sandler from $180.00 to $170.00 in a report issued on Thursday, Benzinga reports. They currently have an overweight rating on the specialty chemicals company’s stock.

WLK has been the subject of a number of other research reports. UBS Group decreased their price objective on shares of Westlake from $172.00 to $160.00 and set a neutral rating for the company in a research note on Tuesday, July 9th. Barclays lifted their price target on Westlake from $160.00 to $162.00 and gave the company an equal weight rating in a report on Monday, June 17th. Royal Bank of Canada raised Westlake from a sector perform rating to an outperform rating and increased their price objective for the stock from $157.00 to $174.00 in a research note on Friday, August 23rd. BMO Capital Markets lifted their target price on Westlake from $167.00 to $171.00 and gave the company a market perform rating in a research note on Tuesday, August 13th. Finally, Mizuho began coverage on shares of Westlake in a research report on Thursday, August 8th. They issued an outperform rating and a $170.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $166.00.

Westlake Price Performance

Shares of NYSE:WLK opened at $135.01 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.94 and a current ratio of 2.61. The company has a market capitalization of $17.36 billion, a PE ratio of 67.84, a price-to-earnings-growth ratio of 1.83 and a beta of 1.18. The stock has a fifty day moving average of $144.11 and a 200-day moving average of $148.33. Westlake has a one year low of $112.77 and a one year high of $162.64.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, August 6th. The specialty chemicals company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.41. Westlake had a return on equity of 7.84% and a net margin of 2.27%. The firm had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.22 billion. During the same quarter last year, the business posted $2.31 EPS. Westlake’s revenue was down 1.4% on a year-over-year basis. As a group, equities analysts anticipate that Westlake will post 6.95 EPS for the current fiscal year.

Westlake Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Tuesday, August 20th were issued a dividend of $0.525 per share. The ex-dividend date was Tuesday, August 20th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.56%. This is an increase from Westlake’s previous quarterly dividend of $0.50. Westlake’s dividend payout ratio (DPR) is currently 105.53%.

Hedge Funds Weigh In On Westlake

Several hedge funds have recently bought and sold shares of the business. Gulf International Bank UK Ltd boosted its stake in shares of Westlake by 2.6% during the 1st quarter. Gulf International Bank UK Ltd now owns 3,302 shares of the specialty chemicals company’s stock worth $504,000 after acquiring an additional 84 shares in the last quarter. Legacy Capital Group California Inc. lifted its holdings 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 worth $596,000 after purchasing an additional 88 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Westlake by 1.7% during the first quarter. Advisors Asset Management Inc. now owns 5,554 shares of the specialty chemicals company’s stock worth $849,000 after purchasing an additional 91 shares during the period. Daiwa Securities Group Inc. grew its holdings in Westlake by 3.8% during the second quarter. Daiwa Securities Group Inc. now owns 2,724 shares of the specialty chemicals company’s stock valued at $394,000 after purchasing an additional 100 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Westlake by 0.3% in the first quarter. Retirement Systems of Alabama now owns 40,228 shares of the specialty chemicals company’s stock valued at $6,147,000 after purchasing an additional 105 shares during the period. 28.40% of the stock is owned by institutional investors and hedge funds.

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.