Piper Sandler Lowers Westlake (NYSE:WLK) Price Target to $100.00

Westlake (NYSE:WLK) had its price target trimmed by Piper Sandler from $105.00 to $100.00 in a report released on Wednesday,Benzinga reports. The firm currently has a neutral rating on the specialty chemicals company’s stock.

A number of other analysts have also recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Westlake from $122.00 to $98.00 and set an “equal weight” rating for the company in a research note on Monday. The Goldman Sachs Group decreased their target price on shares of Westlake from $130.00 to $95.00 and set a “neutral” rating for the company in a research note on Tuesday, May 6th. Wells Fargo & Company reduced their price objective on Westlake from $110.00 to $95.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. Citigroup decreased their price objective on Westlake from $130.00 to $116.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Finally, StockNews.com lowered Westlake from a “hold” rating to a “sell” rating in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Westlake presently has an average rating of “Moderate Buy” and an average price target of $105.69.

Westlake Stock Down 4.5%

Westlake stock opened at $82.61 on Wednesday. The company has a market capitalization of $10.59 billion, a P/E ratio of 116.35, a PEG ratio of 2.36 and a beta of 1.03. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79. Westlake has a fifty-two week low of $76.97 and a fifty-two week high of $161.31. The stock has a 50-day simple moving average of $93.71 and a 200-day simple moving average of $110.36.

Westlake (NYSE:WLK) last issued its quarterly earnings data on Friday, May 2nd. The specialty chemicals company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($1.01). The firm had revenue of $2.85 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. Westlake’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.34 EPS. Equities research analysts expect that Westlake will post 6.48 earnings per share for the current year.

Westlake Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, May 20th will be given a dividend of $0.525 per share. The ex-dividend date is Tuesday, May 20th. This represents a $2.10 annualized dividend and a dividend yield of 2.54%. Westlake’s payout ratio is currently 70.47%.

Hedge Funds Weigh In On Westlake

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted its holdings in 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. Private Trust Co. NA lifted its position in shares of Westlake by 251.1% during the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 226 shares during the period. Signaturefd LLC boosted its stake in shares of Westlake by 127.1% during the 1st quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company’s stock worth $43,000 after acquiring an additional 239 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Westlake by 6,316.7% during the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock worth $45,000 after acquiring an additional 379 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. grew its holdings in shares of Westlake by 1,668.2% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock worth $45,000 after acquiring an additional 367 shares during the period. 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.