Westlake (NYSE:WLK) Downgraded to "Sell" Rating by StockNews.com

StockNews.com lowered shares of Westlake (NYSE:WLK - Free Report) from a hold rating to a sell rating in a research report sent to investors on Friday morning.

A number of other brokerages have also recently commented on WLK. Piper Sandler reiterated a "neutral" rating and set a $105.00 target price (down previously from $120.00) on shares of Westlake in a report on Monday, April 7th. BMO Capital Markets cut their price target on Westlake from $125.00 to $103.00 and set a "market perform" rating on the stock in a research note on Tuesday, May 6th. Barclays lowered their price objective on Westlake from $135.00 to $100.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Wells Fargo & Company decreased their price objective on Westlake from $110.00 to $95.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Finally, UBS Group decreased their price target on Westlake from $144.00 to $127.00 and set a "buy" rating for the company in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $106.08.

Westlake Stock Up 1.3%

WLK traded up $1.13 on Friday, hitting $86.79. 518,373 shares of the company were exchanged, compared to its average volume of 782,065. Westlake has a twelve month low of $76.97 and a twelve month high of $161.31. The company has a market cap of $11.13 billion, a price-to-earnings ratio of 122.24, a price-to-earnings-growth ratio of 2.36 and a beta of 1.03. The company has a current ratio of 2.79, a quick ratio of 2.04 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average price of $94.79 and a two-hundred day moving average price of $110.72.

Westlake (NYSE:WLK - Get Free Report) last announced its earnings results on Friday, May 2nd. The specialty chemicals company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($1.01). The firm had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.97 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period last year, the company earned $1.34 earnings per share. On average, equities analysts predict that Westlake will post 6.48 earnings per share for the current year.

Westlake Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders 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 2.42%. Westlake's dividend payout ratio is currently 70.47%.

Hedge Funds Weigh In On Westlake

A number of institutional investors have recently made changes to their positions in the business. Blue Trust Inc. increased its stake in Westlake by 247.7% during the fourth quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company's stock valued at $26,000 after acquiring an additional 161 shares during the period. Private Trust Co. NA lifted its stake in shares of Westlake by 251.1% in the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock valued at $32,000 after purchasing an additional 226 shares during the period. Signaturefd LLC lifted its stake in shares of Westlake by 127.1% in the 1st quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company's stock valued at $43,000 after purchasing an additional 239 shares during the period. Allworth Financial LP lifted its stake in shares of Westlake by 6,316.7% in the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company's stock valued at $45,000 after purchasing an additional 379 shares during the period. Finally, Transamerica Financial Advisors Inc. lifted its stake in shares of Westlake by 1,668.2% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company's stock valued at $45,000 after purchasing an additional 367 shares during the period. 28.40% of the stock is currently owned by institutional investors.

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.