UBS Group Lowers Westlake (NYSE:WLK) Price Target to $160.00

Westlake (NYSE:WLK) had its price objective lowered by UBS Group from $172.00 to $160.00 in a research report report published on Tuesday, Benzinga reports. UBS Group currently has a neutral rating on the specialty chemicals company’s stock.

Several other equities research analysts have also recently weighed in on WLK. Royal Bank of Canada restated a sector perform rating and issued a $158.00 price objective on shares of Westlake in a research report on Friday, June 14th. Wells Fargo & Company raised their price objective on shares of Westlake from $150.00 to $180.00 and gave the company an overweight rating in a research report on Wednesday, April 3rd. Bank of America upgraded shares of Westlake from a hold rating to a buy rating and raised their price objective for the company from $138.00 to $174.00 in a research report on Thursday, April 18th. Citigroup raised their price objective on shares of Westlake from $162.00 to $168.00 and gave the company a neutral rating in a research report on Friday, June 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Westlake from a hold rating to a buy rating and raised their price objective for the company from $138.00 to $174.00 in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $153.15.

Westlake Trading Up 0.4 %

Shares of Westlake stock opened at $146.67 on Tuesday. The stock has a market capitalization of $18.86 billion, a P/E ratio of 73.70, a price-to-earnings-growth ratio of 1.78 and a beta of 1.20. The company has a quick ratio of 1.83, a current ratio of 2.46 and a debt-to-equity ratio of 0.42. The company has a 50-day simple moving average of $152.04 and a 200 day simple moving average of $146.84. Westlake has a 12-month low of $112.77 and a 12-month high of $162.64.

Westlake (NYSE:WLK) last announced its earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.25. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Westlake had a net margin of 2.13% and a return on equity of 7.69%. The firm’s revenue for the quarter was down 11.4% on a year-over-year basis. During the same quarter last year, the company posted $3.05 EPS. Research analysts expect that Westlake will post 6.62 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Tuesday, May 21st were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.36%. The ex-dividend date was Monday, May 20th. Westlake’s payout ratio is 100.50%.

Insider Buying and Selling

In related news, CFO Mark Steven Bender sold 4,950 shares of Westlake stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $152.19, for a total transaction of $753,340.50. Following the transaction, the chief financial officer now owns 40,356 shares of the company’s stock, valued at approximately $6,141,779.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 74.10% of the stock is owned by insiders.

Institutional Trading of Westlake

Hedge funds have recently bought and sold shares of the stock. CVA Family Office LLC acquired a new stake in Westlake during the 4th quarter worth approximately $25,000. Venturi Wealth Management LLC raised its holdings in Westlake by 51.3% during the 4th quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock worth $33,000 after buying an additional 80 shares during the period. GAMMA Investing LLC acquired a new stake in Westlake during the 4th quarter worth approximately $37,000. Pathway Financial Advisers LLC acquired a new stake in Westlake during the 1st quarter worth approximately $43,000. Finally, UniSuper Management Pty Ltd raised its holdings in Westlake by 66.7% during the 1st quarter. UniSuper Management Pty Ltd now owns 500 shares of the specialty chemicals company’s stock worth $76,000 after buying an additional 200 shares during the period. 28.40% of the stock is currently 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.