Westlake (NYSE:WLK) Upgraded at Bank of America

Bank of America upgraded shares of Westlake (NYSE:WLK) from a neutral rating to a buy rating in a research report sent to investors on Monday morning, Marketbeat reports. They currently have $84.00 price target on the specialty chemicals company’s stock, down from their prior price target of $87.00.

WLK has been the topic of several other research reports. Tudor Pickering raised shares of Westlake from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 6th. Truist Financial set a $90.00 price target on shares of Westlake and gave the company a “buy” rating in a research report on Monday, October 13th. Morgan Stanley cut their price target on shares of Westlake from $98.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 6th. Royal Bank Of Canada set a $87.00 price target on shares of Westlake in a research report on Tuesday, October 14th. Finally, Citigroup cut their price target on shares of Westlake from $93.00 to $88.00 and set a “buy” rating on the stock in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Westlake currently has an average rating of “Moderate Buy” and an average price target of $88.07.

Westlake Price Performance

NYSE:WLK opened at $65.78 on Monday. Westlake has a one year low of $65.38 and a one year high of $139.59. The stock has a market cap of $8.44 billion, a P/E ratio of -124.11 and a beta of 0.95. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.47 and a quick ratio of 1.75. The company has a fifty day moving average price of $80.04 and a 200 day moving average price of $80.50.

Westlake (NYSE:WLK) last announced its quarterly earnings data on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.47). Westlake had a negative net margin of 0.57% and a positive return on equity of 1.26%. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the prior year, the company posted $1.41 EPS. The company’s quarterly revenue was down 9.0% compared to the same quarter last year. Analysts anticipate that Westlake will post 6.48 earnings per share for the current year.

Westlake Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 19th were issued a dividend of $0.53 per share. This is an increase from Westlake’s previous quarterly dividend of $0.47. The ex-dividend date was Tuesday, August 19th. This represents a $2.12 annualized dividend and a yield of 3.2%. Westlake’s dividend payout ratio is -28.57%.

Institutional Trading of Westlake

Several hedge funds have recently bought and sold shares of WLK. Private Trust Co. NA grew its stake 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 worth $32,000 after acquiring an additional 226 shares in the last quarter. Huntington National Bank bought a new position in shares of Westlake during the 2nd quarter worth approximately $26,000. Signaturefd LLC grew 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. Caitong International Asset Management Co. Ltd grew its stake in shares of Westlake by 3,005.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 559 shares of the specialty chemicals company’s stock worth $56,000 after acquiring an additional 541 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in shares of Westlake by 107.0% during the 2nd quarter. UMB Bank n.a. now owns 565 shares of the specialty chemicals company’s stock worth $43,000 after acquiring an additional 292 shares in the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Company Profile

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.