Westlake (NYSE:WLK) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Westlake (NYSE:WLK - Free Report) had its price target hoisted by Royal Bank Of Canada from $88.00 to $92.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the specialty chemicals company's stock.

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group cut their price target on shares of Westlake from $130.00 to $95.00 and set a "neutral" rating on the stock in a report on Tuesday, May 6th. Barclays lowered their price objective on shares of Westlake from $135.00 to $100.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Morgan Stanley reduced their target price on Westlake from $122.00 to $98.00 and set an "equal weight" rating for the company in a report on Monday, May 12th. Wall Street Zen downgraded Westlake from a "hold" rating to a "sell" rating in a report on Friday, May 9th. Finally, BMO Capital Markets set a $94.00 price target on Westlake and gave the company a "market perform" rating in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Westlake currently has an average rating of "Hold" and an average price target of $90.85.

Westlake Price Performance

Shares of NYSE WLK traded down $0.74 during mid-day trading on Thursday, reaching $81.11. The company had a trading volume of 707,564 shares, compared to its average volume of 737,708. The company has a 50-day moving average price of $78.04 and a two-hundred day moving average price of $97.20. The stock has a market cap of $10.40 billion, a PE ratio of 27.22, a P/E/G ratio of 9.74 and a beta of 0.91. The company has a current ratio of 2.63, a quick ratio of 1.86 and a debt-to-equity ratio of 0.42. Westlake has a 1-year low of $68.55 and a 1-year high of $153.34.

Westlake (NYSE:WLK - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The specialty chemicals company reported ($0.31) earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($1.01). The company had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.97 billion. Westlake had a net margin of 3.23% and a return on equity of 4.19%. The company's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.34 EPS. On average, equities analysts anticipate that Westlake will post 6.48 earnings per share for the current year.

Westlake Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, May 20th were given a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Tuesday, May 20th. Westlake's payout ratio is currently 70.47%.

Institutional Investors Weigh In On Westlake

Large investors have recently made changes to their positions in the company. State of Michigan Retirement System lifted its stake in Westlake by 2.3% in the fourth quarter. State of Michigan Retirement System now owns 8,900 shares of the specialty chemicals company's stock valued at $1,020,000 after acquiring an additional 200 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Westlake by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 236,354 shares of the specialty chemicals company's stock valued at $27,098,000 after purchasing an additional 11,992 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Westlake in the 4th quarter valued at $9,430,000. Aigen Investment Management LP boosted its holdings in Westlake by 7.3% in the fourth quarter. Aigen Investment Management LP now owns 5,251 shares of the specialty chemicals company's stock worth $602,000 after purchasing an additional 355 shares in the last quarter. Finally, Arizona State Retirement System increased its position in Westlake by 1.4% during the fourth quarter. Arizona State Retirement System now owns 11,204 shares of the specialty chemicals company's stock worth $1,285,000 after buying an additional 153 shares during the last quarter. Institutional investors own 28.40% of the company's stock.

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.