Westlake Corporation (NYSE:WLK) Stock Has Average Price Target of $81.00

Shares of Westlake Corporation (NYSE:WLK) have been given a consensus rating of “Hold” by the fifteen analysts that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $80.40.

A number of equities analysts have issued reports on the company. Mizuho set a $72.00 target price on Westlake in a report on Thursday, October 1st. Zacks Research lowered Westlake from a “hold” rating to a “strong sell” rating in a report on Friday, October 23rd. Citigroup upped their price objective on Westlake from $67.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, November 6th. Wells Fargo & Company decreased their price objective on Westlake from $89.00 to $68.00 and set an “equal weight” rating for the company in a report on Thursday, October 1st. Finally, Wall Street Zen raised Westlake from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th.

Westlake Stock Down 1.6%

Shares of NYSE:WLK opened at $63.12 on Friday. Westlake has a 52 week low of $56.33 and a 52 week high of $124.23. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.62 and a current ratio of 2.38. The company has a market capitalization of $8.07 billion, a PE ratio of -18.19 and a beta of 0.66. The company has a 50 day moving average price of $66.67 and a two-hundred day moving average price of $85.95.

Westlake (NYSE:WLK) last announced its earnings results on Wednesday, November 4th. The specialty chemicals company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.04). The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.94 billion. Westlake had a positive return on equity of 1.99% and a negative net margin of 3.91%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.29) earnings per share. Analysts forecast that Westlake will post 2.01 earnings per share for the current year.

Westlake Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th were given a dividend of $0.5330 per share. This is an increase from Westlake’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $2.13 dividend on an annualized basis and a yield of 3.4%. Westlake’s payout ratio is currently -61.38%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Ieq Capital LLC increased its position in shares of Westlake by 42.2% in the third quarter. Ieq Capital LLC now owns 8,909 shares of the specialty chemicals company’s stock valued at $555,000 after acquiring an additional 2,642 shares during the last quarter. Focus Advisor Solutions LLC raised its holdings in Westlake by 151.9% during the third quarter. Focus Advisor Solutions LLC now owns 9,853 shares of the specialty chemicals company’s stock worth $614,000 after acquiring an additional 5,941 shares in the last quarter. First Eagle Investment Management LLC boosted its position in Westlake by 310.6% during the third quarter. First Eagle Investment Management LLC now owns 23,283 shares of the specialty chemicals company’s stock valued at $1,451,000 after purchasing an additional 17,613 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in Westlake by 19.7% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 187,598 shares of the specialty chemicals company’s stock valued at $11,689,000 after purchasing an additional 30,841 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in Westlake in the third quarter valued at approximately $1,047,000. Institutional investors own 28.40% of the company’s stock.

About Westlake

Westlake Corporation is a global manufacturer of materials and products used in construction, packaging, consumer goods, and other industries. Founded in 1986 and headquartered in Houston, Texas, the company serves customers through operations in North America, Europe, and Asia. Westlake’s Performance and Essential Materials business produces petrochemicals and materials such as polyethylene, styrene, chlor-alkali products, and PVC resins. These materials are used in applications ranging from packaging and household products to water treatment and construction.