Westlake (NYSE:WLK – Get Rating) issued its quarterly earnings results on Tuesday. The specialty chemicals company reported $5.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $1.13, MarketWatch Earnings reports. The firm had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.46 billion. Westlake had a net margin of 17.11% and a return on equity of 26.37%. The company’s revenue was up 72.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.87 EPS.
NYSE WLK traded up $4.85 on Tuesday, hitting $132.07. 10,219 shares of the company were exchanged, compared to its average volume of 715,911. The company has a market cap of $16.92 billion, a PE ratio of 8.17, a PEG ratio of 0.21 and a beta of 1.19. Westlake has a 12 month low of $78.06 and a 12 month high of $135.47. The stock has a fifty day moving average of $120.39 and a 200-day moving average of $106.92. The company has a current ratio of 2.25, a quick ratio of 1.65 and a debt-to-equity ratio of 0.58.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of record on Tuesday, March 1st were paid a $0.2975 dividend. This represents a $1.19 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date was Monday, February 28th. Westlake’s dividend payout ratio is currently 7.64%.
Several hedge funds have recently made changes to their positions in the company. Synovus Financial Corp raised its holdings in shares of Westlake by 4.4% in the fourth quarter. Synovus Financial Corp now owns 2,655 shares of the specialty chemicals company’s stock valued at $253,000 after purchasing an additional 113 shares during the last quarter. LPL Financial LLC increased its holdings in Westlake by 5.3% during the third quarter. LPL Financial LLC now owns 7,255 shares of the specialty chemicals company’s stock worth $661,000 after buying an additional 365 shares during the last quarter. Metropolitan Life Insurance Co NY increased its stake in shares of Westlake by 118.2% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 969 shares of the specialty chemicals company’s stock worth $94,000 after purchasing an additional 525 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Westlake by 3.8% in the fourth quarter. Advisors Asset Management Inc. now owns 29,510 shares of the specialty chemicals company’s stock worth $2,866,000 after purchasing an additional 1,067 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its stake in shares of Westlake by 1.0% in the fourth quarter. Parametric Portfolio Associates LLC now owns 151,762 shares of the specialty chemicals company’s stock worth $14,741,000 after purchasing an additional 1,460 shares in the last quarter.
Several research analysts have recently weighed in on WLK shares. StockNews.com upgraded shares of Westlake from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 2nd. UBS Group reduced their target price on shares of Westlake from $90.00 to $89.00 and set a “sell” rating for the company in a report on Tuesday, January 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $135.00 target price on shares of Westlake in a report on Friday, April 8th. Wells Fargo & Company boosted their price objective on shares of Westlake from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, April 8th. Finally, Citigroup boosted their price objective on shares of Westlake from $125.00 to $131.00 and gave the company a “buy” rating in a report on Friday, February 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $123.42.
Westlake Company Profile (Get Rating)
Westlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products.
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