Westlake (NYSE:WLK) Sets New 52-Week High on Analyst Upgrade

Shares of Westlake Co. (NYSE:WLKGet Free Report) reached a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $150.00 to $180.00. Wells Fargo & Company currently has an overweight rating on the stock. Westlake traded as high as $157.41 and last traded at $156.64, with a volume of 14778 shares. The stock had previously closed at $153.48.

WLK has been the subject of several other research reports. UBS Group upped their price target on Westlake from $139.00 to $145.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. Royal Bank of Canada reduced their target price on Westlake from $139.00 to $134.00 and set a “sector perform” rating for the company in a report on Monday, February 26th. Finally, Tudor, Pickering, Holt & Co. upgraded Westlake from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $133.62.

Get Our Latest Research Report on WLK

Insider Buying and Selling at Westlake

In other news, CFO Mark Steven Bender sold 4,804 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $141.02, for a total value of $677,460.08. Following the sale, the chief financial officer now owns 45,306 shares of the company’s stock, valued at approximately $6,389,052.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Mark Steven Bender sold 4,804 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $141.02, for a total value of $677,460.08. Following the transaction, the chief financial officer now directly owns 45,306 shares of the company’s stock, valued at approximately $6,389,052.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert F. Buesinger sold 3,878 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $144.50, for a total value of $560,371.00. Following the sale, the executive vice president now directly owns 21,144 shares of the company’s stock, valued at $3,055,308. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,658 shares of company stock valued at $1,923,225. 74.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. CVA Family Office LLC acquired a new stake in Westlake in the 4th quarter valued at about $25,000. Worth Asset Management LLC acquired a new stake in shares of Westlake in the first quarter valued at approximately $28,000. Gyon Technologies Capital Management LP bought a new position in Westlake in the 4th quarter worth approximately $32,000. Venturi Wealth Management LLC lifted its holdings in Westlake by 51.3% during the 4th quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock worth $33,000 after buying an additional 80 shares in the last quarter. Finally, UniSuper Management Pty Ltd bought a new position in Westlake in the 2nd quarter valued at $36,000. 28.40% of the stock is owned by institutional investors.

Westlake Price Performance

The company has a market capitalization of $20.12 billion, a price-to-earnings ratio of 42.41, a PEG ratio of 1.64 and a beta of 1.30. The company has a current ratio of 2.37, a quick ratio of 1.79 and a debt-to-equity ratio of 0.43. The company has a 50 day moving average price of $143.15 and a 200 day moving average price of $133.77.

Westlake (NYSE:WLKGet Free Report) last posted its quarterly earnings results on Tuesday, February 20th. The specialty chemicals company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.09). The firm had revenue of $2.83 billion during 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%. Westlake’s revenue was down 14.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.79 EPS. As a group, equities research analysts forecast that Westlake Co. will post 6.84 earnings per share for the current year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Wednesday, February 28th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend was Tuesday, February 27th. Westlake’s dividend payout ratio (DPR) is 54.05%.

Westlake Company Profile

(Get Free Report)

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.

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