Westlake (NYSE:WLK) Given New $153.00 Price Target at Royal Bank of Canada

Westlake (NYSE:WLK - Free Report) had its price objective increased by Royal Bank of Canada from $134.00 to $153.00 in a research report sent to investors on Friday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the specialty chemicals company's stock.

A number of other equities research analysts also recently issued reports on WLK. Tudor, Pickering, Holt & Co. raised shares of Westlake from a sell rating to a hold rating in a research report on Tuesday, January 2nd. UBS Group upped their price objective on shares of Westlake from $139.00 to $145.00 and gave the stock a neutral rating in a research report on Thursday, January 11th. Barclays upped their price objective on shares of Westlake from $142.00 to $160.00 and gave the stock an equal weight rating in a research report on Thursday, April 4th. Vertical Research downgraded shares of Westlake from a buy rating to a hold rating and set a $154.00 price objective for the company. in a research report on Monday, April 8th. Finally, Wells Fargo & Company upped their price objective on shares of Westlake from $150.00 to $180.00 and gave the stock an overweight rating in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $145.79.

Westlake Stock Up 1.2 %

NYSE:WLK traded up $1.82 during trading hours on Friday, reaching $150.76. The company had a trading volume of 484,556 shares, compared to its average volume of 389,674. Westlake has a twelve month low of $103.28 and a twelve month high of $162.64. The company has a quick ratio of 1.79, a current ratio of 2.37 and a debt-to-equity ratio of 0.43. The firm has a market cap of $19.33 billion, a price-to-earnings ratio of 40.75, a P/E/G ratio of 1.44 and a beta of 1.30. The business's 50-day simple moving average is $146.44 and its two-hundred day simple moving average is $136.09.

Westlake (NYSE:WLK - Get Free Report) last posted its earnings results on Tuesday, February 20th. The specialty chemicals company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.09). Westlake had a return on equity of 9.70% and a net margin of 3.82%. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same period in the previous year, the firm earned $1.79 earnings per share. The company's revenue was down 14.3% on a year-over-year basis. On average, equities analysts expect that Westlake will post 6.93 earnings per share for the current year.

Westlake Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Wednesday, February 28th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Tuesday, February 27th. Westlake's dividend payout ratio is currently 54.05%.

Insider Activity at Westlake

In related news, EVP Robert F. Buesinger sold 3,878 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $144.50, for a total transaction of $560,371.00. Following the transaction, the executive vice president now owns 21,144 shares of the company's stock, valued at approximately $3,055,308. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Mark Steven Bender sold 4,854 shares of the firm'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 directly owns 50,110 shares of the company's stock, valued at approximately $6,893,632.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Robert F. Buesinger sold 3,878 shares of the firm's stock in a transaction dated Friday, March 15th. The stock was 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 directly owns 21,144 shares of the company's stock, valued at $3,055,308. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,658 shares of company stock valued at $1,923,225. Insiders own 74.10% of the company's stock.

Institutional Investors Weigh In On Westlake

Several institutional investors and hedge funds have recently modified their holdings of WLK. CVA Family Office LLC purchased a new position in Westlake during the 4th quarter valued at about $25,000. Worth Asset Management LLC bought a new stake in shares of Westlake in the first quarter worth approximately $28,000. Gyon Technologies Capital Management LP bought a new stake in shares of Westlake in the fourth quarter worth approximately $32,000. Venturi Wealth Management LLC grew its stake in shares of Westlake by 51.3% in the fourth quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company's stock worth $33,000 after acquiring an additional 80 shares during the period. Finally, UniSuper Management Pty Ltd bought a new stake in shares of Westlake in the second quarter worth approximately $36,000. 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.