Westlake (NYSE:WLK) Given New $155.00 Price Target at Truist Financial

Westlake (NYSE:WLK) had its target price reduced by Truist Financial from $166.00 to $155.00 in a report published on Friday,Benzinga reports. Truist Financial currently has a buy rating on the specialty chemicals company’s stock.

Other equities analysts have also recently issued research reports about the company. Barclays dropped their price target on Westlake from $175.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 25th. BMO Capital Markets dropped their target price on Westlake from $157.00 to $132.00 and set a “market perform” rating on the stock in a report on Wednesday, February 26th. Morgan Stanley decreased their price target on Westlake from $130.00 to $122.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Wells Fargo & Company dropped their price objective on shares of Westlake from $160.00 to $130.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Finally, Piper Sandler downgraded shares of Westlake from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $135.00 to $120.00 in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Westlake currently has an average rating of “Moderate Buy” and an average price target of $138.21.

Westlake Stock Down 3.7 %

WLK opened at $99.09 on Friday. Westlake has a one year low of $98.51 and a one year high of $162.64. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79. The stock has a market capitalization of $12.71 billion, a P/E ratio of 139.57, a price-to-earnings-growth ratio of 2.36 and a beta of 1.18. The business’s 50-day simple moving average is $110.56 and its 200-day simple moving average is $123.12.

Westlake (NYSE:WLK) last released its quarterly earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.98). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The business had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $3.01 billion. During the same quarter last year, the company earned $0.72 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts anticipate that Westlake will post 6.48 EPS for the current year.

Westlake Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Tuesday, March 4th were given a dividend of $0.525 per share. The ex-dividend date was Tuesday, March 4th. This represents a $2.10 annualized dividend and a dividend yield of 2.12%. Westlake’s dividend payout ratio is currently 45.36%.

Institutional Trading of Westlake

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its holdings in shares of Westlake by 247.7% during the fourth quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock worth $26,000 after buying an additional 161 shares in the last quarter. Continuum Advisory LLC grew its stake in Westlake by 43.2% in the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock worth $48,000 after acquiring an additional 96 shares during the period. Allworth Financial LP raised its holdings in Westlake by 6,316.7% in the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after acquiring an additional 379 shares during the last quarter. Transamerica Financial Advisors Inc. lifted its stake in shares of Westlake by 1,668.2% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 367 shares during the period. Finally, Brooklyn Investment Group acquired a new stake in shares of Westlake during the third quarter worth $62,000. Hedge funds and other institutional investors own 28.40% of the company’s stock.

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.