Westlake Co. (NYSE:WLK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Westlake Co. (NYSE:WLK) have earned an average rating of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $131.15.

Several equities research analysts have weighed in on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 target price (down from $120.00) on shares of Westlake in a research report on Monday. Morgan Stanley cut their price objective on shares of Westlake from $130.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 26th. Royal Bank of Canada lowered their price objective on shares of Westlake from $147.00 to $133.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. StockNews.com cut Westlake from a “hold” rating to a “sell” rating in a research note on Thursday, April 3rd. Finally, Wells Fargo & Company decreased their price target on Westlake from $130.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday.

Hedge Funds Weigh In On Westlake

Hedge funds have recently made changes to their positions in the business. Balyasny Asset Management L.P. raised its position in Westlake by 732.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 993,150 shares of the specialty chemicals company’s stock worth $113,865,000 after acquiring an additional 873,888 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Westlake by 21.0% in the 4th quarter. Victory Capital Management Inc. now owns 3,313,847 shares of the specialty chemicals company’s stock valued at $379,933,000 after acquiring an additional 574,068 shares in the last quarter. Norges Bank bought a new stake in Westlake during the fourth quarter worth about $46,630,000. First Trust Advisors LP lifted its holdings in shares of Westlake by 56.8% during the 4th quarter. First Trust Advisors LP now owns 827,516 shares of the specialty chemicals company’s stock worth $94,875,000 after acquiring an additional 299,597 shares during the period. Finally, Schroder Investment Management Group lifted its stake in Westlake by 348.8% during the fourth quarter. Schroder Investment Management Group now owns 364,274 shares of the specialty chemicals company’s stock worth $41,327,000 after purchasing an additional 283,100 shares during the last quarter. 28.40% of the stock is owned by institutional investors.

Westlake Trading Up 3.1 %

Shares of NYSE WLK opened at $89.70 on Friday. Westlake has a 52-week low of $81.41 and a 52-week high of $161.31. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $11.52 billion, a P/E ratio of 126.33, a PEG ratio of 2.36 and a beta of 1.02. The stock’s 50 day moving average price is $104.69 and its two-hundred day moving average price is $118.94.

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

Westlake Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Tuesday, March 4th. Westlake’s dividend payout ratio is 45.36%.

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.