Westlake (NYSE:WLK) Price Target Cut to $92.00 by Analysts at Truist Financial

Westlake (NYSE:WLK - Free Report) had its target price cut by Truist Financial from $117.00 to $92.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the specialty chemicals company's stock.

WLK has been the subject of a number of other research reports. Wall Street Zen cut Westlake from a "hold" rating to a "sell" rating in a research report on Friday, May 9th. UBS Group dropped their price target on Westlake from $118.00 to $101.00 and set a "buy" rating for the company in a research note on Wednesday. Citigroup reissued a "buy" rating and set a $85.00 price target (down from $95.00) on shares of Westlake in a research note on Wednesday. JPMorgan Chase & Co. lowered their price objective on Westlake from $110.00 to $82.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. Finally, Morgan Stanley reduced their price target on Westlake from $122.00 to $98.00 and set an "equal weight" rating on the stock in a report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Westlake currently has a consensus rating of "Hold" and a consensus price target of $96.62.

Westlake Stock Performance

Westlake stock traded down $0.55 during mid-day trading on Friday, reaching $70.98. 3,678,458 shares of the stock traded hands, compared to its average volume of 663,549. The stock has a market capitalization of $9.10 billion, a PE ratio of 99.97, a price-to-earnings-growth ratio of 2.36 and a beta of 1.03. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04. Westlake has a 12-month low of $69.47 and a 12-month high of $160.96. The business's 50-day moving average is $86.43 and its 200-day moving average is $105.26.

Westlake (NYSE:WLK - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The specialty chemicals company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($1.01). The firm had revenue of $2.85 billion for the quarter, compared to analysts' expectations of $2.97 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm's revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.34 EPS. As a group, sell-side analysts predict that Westlake will post 6.48 EPS for the current fiscal year.

Westlake Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, May 20th will be given a $0.525 dividend. The ex-dividend date is Tuesday, May 20th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.96%. Westlake's payout ratio is 70.47%.

Institutional Trading of Westlake

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in Westlake by 247.7% during the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company's stock worth $26,000 after acquiring an additional 161 shares during the period. Private Trust Co. NA boosted its stake in shares of Westlake by 251.1% in the first quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock worth $32,000 after buying an additional 226 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Westlake by 127.1% in the first quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company's stock worth $43,000 after buying an additional 239 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Westlake by 6,316.7% in the fourth quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company's stock worth $45,000 after buying an additional 379 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. boosted its stake in shares of Westlake by 1,668.2% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company's stock worth $45,000 after buying an additional 367 shares during the last quarter. Institutional investors and hedge funds own 28.40% of the company's stock.

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.