Vertical Research Downgrades Westlake (NYSE:WLK) to Hold

Vertical Research downgraded shares of Westlake (NYSE:WLK - Free Report) from a buy rating to a hold rating in a research report released on Monday, Marketbeat reports. The firm currently has $154.00 target price on the specialty chemicals company's stock.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company increased their price objective on shares of Westlake from $150.00 to $180.00 and gave the stock an overweight rating in a report on Wednesday, April 3rd. Barclays raised their target price on shares of Westlake from $142.00 to $160.00 and gave the company an equal weight rating in a research note on Thursday. Tudor, Pickering, Holt & Co. raised shares of Westlake from a sell rating to a hold rating in a research note on Tuesday, January 2nd. UBS Group raised their target price 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, Royal Bank of Canada lowered their target price 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. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Westlake currently has a consensus rating of Hold and a consensus price target of $136.86.

Westlake Stock Down 1.4 %

NYSE WLK traded down $2.31 during trading hours on Monday, reaching $158.16. 403,628 shares of the company traded hands, compared to its average volume of 379,657. Westlake has a 12 month low of $103.28 and a 12 month high of $160.94. The company has a current ratio of 2.37, a quick ratio of 1.79 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $20.28 billion, a PE ratio of 42.75, a PEG ratio of 1.71 and a beta of 1.30. The company has a 50 day moving average of $144.25 and a two-hundred day moving average of $134.56.

Westlake (NYSE:WLK - Get Free Report) last posted its quarterly earnings data on Tuesday, February 20th. The specialty chemicals company reported $0.72 EPS for the quarter, missing analysts' consensus estimates of $0.81 by ($0.09). Westlake had a net margin of 3.82% and a return on equity of 9.70%. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same quarter last year, the company earned $1.79 earnings per share. The company's revenue was down 14.3% compared to the same quarter last year. As a group, equities analysts expect that Westlake will post 6.84 earnings per share for the current year.

Westlake Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Wednesday, February 28th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Tuesday, February 27th. Westlake's payout ratio is 54.05%.

Insiders Place Their Bets

In other Westlake 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 transaction, the chief financial officer now directly owns 50,110 shares in the company, valued at $6,893,632.70. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Robert F. Buesinger sold 3,878 shares of the business's stock in a transaction that occurred 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 directly owns 21,144 shares of the company's stock, valued at $3,055,308. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Steven Bender sold 4,854 shares of the business's stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $137.57, for a total transaction of $667,764.78. Following the transaction, the chief financial officer now directly owns 50,110 shares in the company, valued at $6,893,632.70. The disclosure for this sale can be found here. Insiders sold a total of 13,658 shares of company stock worth $1,923,225 over the last ninety days. 74.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WLK. Raymond James & Associates grew its position in Westlake by 3.1% during the first quarter. Raymond James & Associates now owns 16,608 shares of the specialty chemicals company's stock valued at $2,049,000 after purchasing an additional 503 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Westlake by 4.3% in the first quarter. Bank of New York Mellon Corp now owns 243,246 shares of the specialty chemicals company's stock valued at $30,017,000 after acquiring an additional 10,077 shares during the last quarter. American Century Companies Inc. lifted its stake in Westlake by 23.7% in the first quarter. American Century Companies Inc. now owns 8,102 shares of the specialty chemicals company's stock valued at $1,000,000 after acquiring an additional 1,553 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Westlake by 236.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,313 shares of the specialty chemicals company's stock valued at $1,149,000 after acquiring an additional 6,549 shares during the last quarter. Finally, MetLife Investment Management LLC acquired a new stake in Westlake in the first quarter valued at approximately $118,000. 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.