Westlake Corporation (NYSE:WLK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Westlake Corporation (NYSE:WLK) has received an average recommendation of “Moderate Buy” from the seventeen ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $89.4667.

A number of analysts have recently issued reports on WLK shares. BMO Capital Markets reiterated a “market perform” rating and set a $83.00 target price (down previously from $91.00) on shares of Westlake in a report on Tuesday, November 4th. UBS Group reiterated a “buy” rating and set a $92.00 price objective (down from $93.00) on shares of Westlake in a research note on Tuesday, December 23rd. Bank of America raised shares of Westlake from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $87.00 to $84.00 in a research report on Monday, November 3rd. Truist Financial raised their target price on shares of Westlake from $82.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Westlake in a research report on Wednesday, January 21st.

Westlake Price Performance

WLK stock opened at $92.15 on Friday. The company has a market cap of $11.82 billion, a PE ratio of -12.42, a price-to-earnings-growth ratio of 48.32 and a beta of 0.91. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average price of $77.99 and a two-hundred day moving average price of $77.90. Westlake has a 12-month low of $56.33 and a 12-month high of $118.23.

Westlake Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Tuesday, November 25th were given a $0.53 dividend. The ex-dividend date of this dividend was Tuesday, November 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.3%. Westlake’s dividend payout ratio is presently -28.57%.

Insider Activity

In related news, Chairman Albert Chao sold 40,836 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $73.57, for a total transaction of $3,004,304.52. Following the sale, the chairman directly owned 627,722 shares in the company, valued at approximately $46,181,507.54. This trade represents a 6.11% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Westlake

Several large investors have recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in Westlake by 90.0% during the 1st quarter. Royal Bank of Canada now owns 38,687 shares of the specialty chemicals company’s stock worth $3,869,000 after purchasing an additional 18,321 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Westlake by 9.6% during the first quarter. AQR Capital Management LLC now owns 19,094 shares of the specialty chemicals company’s stock worth $1,881,000 after buying an additional 1,668 shares in the last quarter. United Services Automobile Association bought a new stake in shares of Westlake in the first quarter worth $211,000. Total Wealth Planning & Management Inc. raised its holdings in Westlake by 40.9% in the second quarter. Total Wealth Planning & Management Inc. now owns 5,586 shares of the specialty chemicals company’s stock valued at $424,000 after acquiring an additional 1,621 shares in the last quarter. Finally, Inspire Investing LLC raised its holdings in Westlake by 17.7% in the second quarter. Inspire Investing LLC now owns 3,697 shares of the specialty chemicals company’s stock valued at $281,000 after acquiring an additional 557 shares in the last quarter. Institutional investors and hedge funds own 28.40% of the company’s stock.

About Westlake

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.