Westlake (NYSE:WLK) Upgraded to Buy by Bank of America

Bank of America upgraded shares of Westlake (NYSE:WLK) from a hold rating to a buy rating in a report issued on Thursday, Benzinga reports. They currently have $174.00 price target on the specialty chemicals company’s stock, up from their prior price target of $138.00.

Several other equities analysts also recently commented on WLK. Barclays upped their price objective on Westlake from $142.00 to $160.00 and gave the company an equal weight rating in a research report on Thursday, April 4th. Vertical Research downgraded Westlake from a buy rating to a hold rating and set a $154.00 price target on the stock. in a research report on Monday, April 8th. Deutsche Bank Aktiengesellschaft raised Westlake from a hold rating to a buy rating and increased their price target for the stock from $138.00 to $174.00 in a research report on Thursday. Royal Bank of Canada decreased their price objective on Westlake from $139.00 to $134.00 and set a sector perform rating for the company in a research note on Monday, February 26th. Finally, Tudor, Pickering, Holt & Co. upgraded Westlake from a sell rating to a hold rating in a research note on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Westlake currently has an average rating of Hold and a consensus price target of $144.43.

Westlake Stock Up 0.2 %

NYSE WLK opened at $148.95 on Thursday. The stock has a market cap of $19.10 billion, a PE ratio of 40.26, a P/E/G ratio of 1.44 and a beta of 1.30. Westlake has a 12 month low of $103.28 and a 12 month high of $162.64. The stock’s 50 day moving average is $146.44 and its 200 day moving average is $136.09. The company has a current ratio of 2.37, a quick ratio of 1.79 and a debt-to-equity ratio of 0.43.

Westlake (NYSE:WLK) last released its earnings results on Tuesday, February 20th. The specialty chemicals company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.09). The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.85 billion. Westlake had a net margin of 3.82% and a return on equity of 9.70%. The business’s revenue for the quarter was down 14.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.79 EPS. Research analysts predict that Westlake will post 6.93 EPS for the current fiscal year.

Westlake Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Wednesday, February 28th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend was Tuesday, February 27th. Westlake’s dividend payout ratio is presently 54.05%.

Insider Transactions at Westlake

In other Westlake news, CFO Mark Steven Bender sold 4,804 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $141.02, for a total transaction of $677,460.08. Following the transaction, the chief financial officer now owns 45,306 shares of the company’s stock, valued at $6,389,052.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Westlake news, CFO Mark Steven Bender sold 4,804 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $141.02, for a total transaction of $677,460.08. Following the transaction, the chief financial officer now owns 45,306 shares of the company’s stock, valued at $6,389,052.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert F. Buesinger sold 3,878 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $144.50, for a total value of $560,371.00. Following the transaction, the executive vice president now directly owns 21,144 shares in the company, valued at approximately $3,055,308. The disclosure for this sale can be found here. Insiders have sold 13,658 shares of company stock valued at $1,923,225 over the last ninety days. Insiders own 74.10% of the company’s stock.

Hedge Funds Weigh In On Westlake

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WLK. CVA Family Office LLC acquired a new position in Westlake during the fourth quarter worth $25,000. Worth Asset Management LLC acquired a new position in shares of Westlake in the 1st quarter valued at $28,000. Gyon Technologies Capital Management LP acquired a new position in shares of Westlake in the 4th quarter valued at $32,000. Venturi Wealth Management LLC lifted its stake in shares of Westlake by 51.3% in the 4th quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 80 shares during the last quarter. Finally, UniSuper Management Pty Ltd acquired a new position in shares of Westlake in the 2nd quarter valued at $36,000. Institutional investors and hedge funds own 28.40% of the company’s stock.

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.