Westlake (NYSE:WLK) Sets New 12-Month High on Analyst Upgrade

Westlake Co. (NYSE:WLK - Get Free Report)'s share price reached a new 52-week high 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.

A number of other brokerages have also weighed in on WLK. Royal Bank of Canada cut their price target on shares of Westlake from $139.00 to $134.00 and set a "sector perform" rating on the stock in a research note on Monday, February 26th. UBS Group lifted their price target on shares of Westlake from $139.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, January 11th. Finally, Tudor, Pickering, Holt & Co. raised shares of Westlake from a "sell" rating to a "hold" rating in a research note on Tuesday, January 2nd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $133.62.

Insider Activity

In other news, CFO Mark Steven Bender sold 4,854 shares of the business's stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $137.57, for a total value of $667,764.78. Following the completion of the sale, the chief financial officer now owns 50,110 shares of the company's stock, valued at $6,893,632.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Robert F. Buesinger sold 3,878 shares of the company's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $144.50, for a total transaction of $560,371.00. Following the completion of the sale, the executive vice president now owns 21,144 shares of the company's stock, valued at $3,055,308. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Steven Bender sold 4,854 shares of the company's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $137.57, for a total transaction of $667,764.78. Following the sale, the chief financial officer now directly owns 50,110 shares of the company's stock, valued at approximately $6,893,632.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,658 shares of company stock valued at $1,923,225. 74.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Westlake

Several institutional investors and hedge funds have recently bought and sold shares of WLK. Royal London Asset Management Ltd. bought a new position in shares of Westlake in the fourth quarter worth about $308,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Westlake by 0.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 42,297 shares of the specialty chemicals company's stock worth $5,920,000 after acquiring an additional 109 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Westlake by 2.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 15,516 shares of the specialty chemicals company's stock worth $2,172,000 after acquiring an additional 332 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Westlake by 3.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 24,896 shares of the specialty chemicals company's stock worth $3,484,000 after acquiring an additional 910 shares during the last quarter. Finally, Midwest Professional Planners LTD. lifted its holdings in shares of Westlake by 9.1% in the fourth quarter. Midwest Professional Planners LTD. now owns 1,948 shares of the specialty chemicals company's stock worth $273,000 after acquiring an additional 163 shares during the last quarter. Institutional investors own 28.40% of the company's stock.

Westlake Price Performance

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

Westlake (NYSE:WLK - Get Free Report) last announced 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 business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.85 billion. Westlake had a net margin of 3.82% and a return on equity of 9.70%. The company's revenue was down 14.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.79 earnings per share. As a group, equities research analysts predict that Westlake Co. will post 6.84 EPS for the current fiscal year.

Westlake Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Wednesday, February 28th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.27%. The ex-dividend date was Tuesday, February 27th. Westlake's payout ratio is presently 54.05%.

About Westlake

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.