Westlake Co. (NYSE:WLK) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Westlake Co. (NYSE:WLK) have earned a consensus recommendation of “Hold” from the fourteen analysts that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $166.83.

Several research analysts have weighed in on WLK shares. Barclays upped their price target on Westlake from $160.00 to $162.00 and gave the stock an “equal weight” rating in a research note on Monday, June 17th. JPMorgan Chase & Co. raised their target price on shares of Westlake from $123.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday, August 15th. BMO Capital Markets boosted their price target on shares of Westlake from $167.00 to $171.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 13th. UBS Group cut their price objective on Westlake from $172.00 to $160.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Finally, StockNews.com raised Westlake from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd.

Westlake Price Performance

Shares of NYSE:WLK opened at $139.36 on Friday. The firm’s 50 day simple moving average is $144.68 and its two-hundred day simple moving average is $148.44. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.61 and a quick ratio of 1.94. The company has a market capitalization of $17.92 billion, a P/E ratio of 70.03, a P/E/G ratio of 1.93 and a beta of 1.18. Westlake has a 1-year low of $112.77 and a 1-year high of $162.64.

Westlake (NYSE:WLK) last issued its earnings results on Tuesday, August 6th. The specialty chemicals company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.41. The company had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.22 billion. Westlake had a net margin of 2.27% and a return on equity of 7.84%. Westlake’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.31 EPS. Research analysts expect that Westlake will post 6.95 EPS for the current fiscal year.

Westlake Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Tuesday, August 20th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend is Tuesday, August 20th. This is a positive change from Westlake’s previous quarterly dividend of $0.50. Westlake’s dividend payout ratio is presently 105.53%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors grew its holdings in Westlake by 106.2% during the 4th quarter. Capital World Investors now owns 1,311,836 shares of the specialty chemicals company’s stock valued at $183,605,000 after purchasing an additional 675,725 shares during the last quarter. Norges Bank bought a new position in Westlake in the 4th quarter valued at $50,961,000. 1832 Asset Management L.P. bought a new position in shares of Westlake in the second quarter worth about $27,179,000. Appian Way Asset Management LP bought a new position in Westlake in the 1st quarter worth about $25,154,000. Finally, Bank of Montreal Can increased its holdings in Westlake by 3,330.4% during the 2nd quarter. Bank of Montreal Can now owns 150,047 shares of the specialty chemicals company’s stock worth $23,802,000 after purchasing an additional 145,673 shares during the period. 28.40% of the stock is owned by hedge funds and other institutional investors.

Westlake Company Profile

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.