Westlake (NYSE:WLK) Stock Gets Price Target Trim from Royal Bank Of Canada

Westlake (NYSE:WLK) had its price objective decreased by Royal Bank Of Canada from $95.00 to $74.00 in a research report sent to investors on Tuesday morning, Marketbeat reports. Royal Bank Of Canada currently has an outperform rating on the specialty chemicals company’s stock.

Several other research firms have also recently weighed in on WLK. Zacks Research raised shares of Westlake from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 25th. Citigroup reaffirmed a “neutral” rating and set a $67.00 price target (down from $85.00) on shares of Westlake in a research report on Monday, October 5th. KeyCorp started coverage on Westlake in a report on Friday, September 11th. They issued an “overweight” rating and a $92.00 price objective on the stock. Mizuho set a $72.00 price objective on Westlake in a report on Thursday, October 1st. Finally, The Goldman Sachs Group set a $85.00 price objective on Westlake in a research report on Thursday, July 16th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Westlake presently has an average rating of “Hold” and a consensus target price of $83.87.

Westlake Trading Up 2.4%

Shares of WLK stock opened at $63.69 on Tuesday. The company’s 50-day moving average price is $71.09 and its 200-day moving average price is $84.01. The company has a current ratio of 2.45, a quick ratio of 1.70 and a debt-to-equity ratio of 0.55. The stock has a market cap of $8.14 billion, a price-to-earnings ratio of -6.65 and a beta of 0.69. Westlake has a twelve month low of $56.33 and a twelve month high of $124.23.

Westlake (NYSE:WLK) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.18. Westlake had a negative net margin of 10.94% and a positive return on equity of 0.93%. The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same period last year, the business earned ($1.11) earnings per share. Westlake’s revenue was up 10.8% compared to the same quarter last year. As a group, equities analysts predict that Westlake will post 2.83 earnings per share for the current year.

Westlake Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th were given a $0.5330 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This is an increase from Westlake’s previous quarterly dividend of $0.53. This represents a $2.13 dividend on an annualized basis and a yield of 3.3%. Westlake’s dividend payout ratio is currently -22.23%.

Insider Buying and Selling

In other Westlake news, Chairman Albert Chao sold 38,873 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $80.28, for a total transaction of $3,120,724.44. Following the completion of the transaction, the chairman owned 642,880 shares of the company’s stock, valued at $51,610,406.40. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Westlake

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC increased its holdings in Westlake by 166.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,608 shares of the specialty chemicals company’s stock valued at $100,000 after purchasing an additional 1,004 shares during the last quarter. Core Capital Management & Research inc. acquired a new position in Westlake during the second quarter worth $264,000. Tidal Investments LLC lifted its stake in Westlake by 59.0% during the second quarter. Tidal Investments LLC now owns 76,055 shares of the specialty chemicals company’s stock worth $5,552,000 after purchasing an additional 28,235 shares in the last quarter. Engineers Gate Manager LP lifted its stake in Westlake by 67.8% during the second quarter. Engineers Gate Manager LP now owns 71,301 shares of the specialty chemicals company’s stock worth $5,205,000 after purchasing an additional 28,802 shares in the last quarter. Finally, IFP Advisors Inc lifted its stake in Westlake by 58,450.0% during the second quarter. IFP Advisors Inc now owns 1,171 shares of the specialty chemicals company’s stock worth $85,000 after purchasing an additional 1,169 shares in the last quarter. 28.40% of the stock is owned by hedge funds and other institutional investors.

About Westlake

Westlake Corporation (NYSE: WLK) is a global manufacturer of performance and essential materials used in construction, infrastructure, packaging, healthcare, automotive, and consumer products. Headquartered in Houston, Texas, the company operates through businesses focused on producing chemical building blocks, polymers, and specialty materials.

Its product portfolio includes polyvinyl chloride (PVC), chlor-alkali products such as caustic soda and chlorine, polyethylene, epoxy and specialty resins, and other performance chemicals.