Westlake (NYSE:WLK) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Westlake (NYSE:WLK) from a hold rating to a sell rating in a report released on Sunday morning.

A number of other brokerages also recently weighed in on WLK. Zacks Research upgraded Westlake from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. Truist Financial upped their target price on Westlake from $117.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Deutsche Bank Aktiengesellschaft downgraded Westlake from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a report on Monday, April 20th. Mizuho upped their target price on Westlake from $97.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, March 23rd. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Westlake in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $110.19.

Westlake Price Performance

WLK stock opened at $115.02 on Friday. The firm has a market capitalization of $14.73 billion, a PE ratio of -9.83 and a beta of 0.67. Westlake has a one year low of $56.33 and a one year high of $124.23. The company has a current ratio of 2.24, a quick ratio of 1.65 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average of $111.45 and a two-hundred day moving average of $88.93.

Westlake (NYSE:WLK) last issued its earnings results on Tuesday, February 24th. The specialty chemicals company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.47) by $1.22. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.61 billion. Westlake had a negative return on equity of 1.22% and a negative net margin of 13.50%.The firm’s quarterly revenue was down 10.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.06 EPS. On average, analysts forecast that Westlake will post 1.9 earnings per share for the current year.

Westlake Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Tuesday, March 3rd were issued a $0.53 dividend. The ex-dividend date was Tuesday, March 3rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Westlake’s dividend payout ratio is currently -18.12%.

Insider Buying and Selling

In related news, CFO Mark Steven Bender sold 17,409 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $100.92, for a total value of $1,756,916.28. Following the transaction, the chief financial officer owned 44,433 shares in the company, valued at approximately $4,484,178.36. This represents a 28.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Westlake

Hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new position in Westlake in the third quarter worth approximately $28,000. Quarry LP acquired a new position in Westlake in the fourth quarter worth approximately $31,000. Fifth Third Bancorp increased its holdings in Westlake by 71.3% in the fourth quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock worth $42,000 after buying an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in Westlake in the third quarter worth approximately $53,000. Finally, Hantz Financial Services Inc. boosted its position in Westlake by 180.3% during the third quarter. Hantz Financial Services Inc. now owns 740 shares of the specialty chemicals company’s stock worth $57,000 after purchasing an additional 476 shares during the period. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Company Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.