Westlake (NYSE:WLK) Given New $130.00 Price Target at Citigroup

Westlake (NYSE:WLK) had its price target raised by Citigroup from $124.00 to $130.00 in a research report report published on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the specialty chemicals company’s stock.

WLK has been the subject of a number of other research reports. Bank of America restated a “buy” rating on shares of Westlake in a report on Monday, March 2nd. Alembic Global Advisors set a $80.00 price objective on shares of Westlake in a research note on Monday, November 17th. KeyCorp reiterated a “sector weight” rating on shares of Westlake in a report on Tuesday, December 16th. BMO Capital Markets raised Westlake from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $108.00 to $127.00 in a research report on Thursday, March 5th. Finally, Morgan Stanley set a $80.00 price target on Westlake in a report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Westlake currently has a consensus rating of “Hold” and a consensus target price of $98.13.

Westlake Stock Up 6.8%

WLK stock opened at $114.32 on Thursday. Westlake has a 52-week low of $56.33 and a 52-week high of $114.65. The company’s 50 day simple moving average is $92.84 and its 200-day simple moving average is $81.20. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.24 and a quick ratio of 1.65. The firm has a market capitalization of $14.62 billion, a P/E ratio of -9.77 and a beta of 0.83.

Westlake (NYSE:WLK) last posted its quarterly earnings data on Tuesday, February 24th. The specialty chemicals company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($1.47) by $1.22. Westlake had a negative net margin of 13.50% and a negative return on equity of 1.22%. The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter last year, the business posted $0.06 EPS. The company’s revenue was down 10.9% on a year-over-year basis. As a group, equities research analysts anticipate that Westlake will post 6.48 EPS for the current year.

Westlake Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Tuesday, March 3rd will be issued a $0.53 dividend. The ex-dividend date is Tuesday, March 3rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. Westlake’s dividend payout ratio is currently -18.12%.

Insider Buying and Selling at Westlake

In other news, Chairman Albert Chao sold 40,836 shares of the company’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 completion of the sale, the chairman owned 627,722 shares in the company, valued at approximately $46,181,507.54. This represents a 6.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Steven Bender sold 17,409 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $100.92, for a total value of $1,756,916.28. Following the transaction, the chief financial officer directly owned 44,433 shares in the company, valued at approximately $4,484,178.36. This represents a 28.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Westlake

A number of large investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd bought a new position in shares of Westlake in the third quarter valued at approximately $28,000. Quarry LP bought a new stake in shares of Westlake during the 4th quarter worth $31,000. Fifth Third Bancorp grew its stake in Westlake by 71.3% in the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after buying an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in Westlake in the 3rd quarter valued at $53,000. Finally, Hantz Financial Services Inc. raised its holdings in Westlake by 180.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 740 shares of the specialty chemicals company’s stock worth $57,000 after acquiring an additional 476 shares during the period. Institutional investors own 28.40% of the company’s stock.

Westlake Company Profile

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.