Westlake (NYSE:WLK) Given New $100.00 Price Target at Piper Sandler

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

WLK has been the subject of several other research reports. JPMorgan Chase & Co. reduced their price target on shares of Westlake from $110.00 to $82.00 and set a “neutral” rating for the company in a report on Tuesday, May 6th. BMO Capital Markets reduced their price target on Westlake from $125.00 to $103.00 and set a “market perform” rating for the company in a research note on Tuesday, May 6th. UBS Group reduced their price target on shares of Westlake from $144.00 to $127.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. The Goldman Sachs Group lowered their target price on Westlake from $130.00 to $95.00 and set a “neutral” rating for the company in a report on Tuesday, May 6th. Finally, Citigroup lowered their price objective on Westlake from $130.00 to $116.00 and set a “buy” rating for the company in a research note on Friday, April 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Westlake presently has a consensus rating of “Moderate Buy” and an average target price of $105.69.

Westlake Trading Down 4.5%

Shares of NYSE:WLK opened at $82.61 on Wednesday. The company has a current ratio of 2.79, a quick ratio of 2.04 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $10.59 billion, a PE ratio of 116.35, a P/E/G ratio of 2.36 and a beta of 1.03. The firm has a fifty day moving average price of $93.71 and a 200 day moving average price of $110.36. Westlake has a 1 year low of $76.97 and a 1 year high of $161.31.

Westlake (NYSE:WLK) last issued its earnings results on Friday, May 2nd. The specialty chemicals company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of $0.70 by ($1.01). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The business had revenue of $2.85 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter last year, the firm posted $1.34 earnings per share. Westlake’s revenue was down 4.3% on a year-over-year basis. Analysts expect that Westlake will post 6.48 EPS for the current fiscal year.

Westlake Dividend Announcement

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

Institutional Investors Weigh In On Westlake

Several hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. lifted its stake in shares of Westlake by 247.7% in 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 raised its stake in shares of Westlake by 251.1% in 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 lifted its stake in Westlake by 127.1% during the first quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company’s stock worth $43,000 after purchasing an additional 239 shares in the last quarter. Allworth Financial LP boosted its holdings in Westlake by 6,316.7% during the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after acquiring an additional 379 shares during the period. Finally, Transamerica Financial Advisors Inc. grew its stake in Westlake by 1,668.2% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 367 shares in the last quarter. 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.