BMO Capital Markets Increases Westlake (NYSE:WLK) Price Target to $171.00

Westlake (NYSE:WLK - Free Report) had its price target hoisted by BMO Capital Markets from $167.00 to $171.00 in a report published on Tuesday, Benzinga reports. They currently have a market perform rating on the specialty chemicals company's stock.

Several other research firms also recently commented on WLK. UBS Group dropped their target price on Westlake from $172.00 to $160.00 and set a neutral rating for the company in a research report on Tuesday, July 9th. StockNews.com lowered shares of Westlake from a hold rating to a sell rating in a report on Sunday, July 14th. Piper Sandler raised their price target on shares of Westlake from $160.00 to $180.00 and gave the company an overweight rating in a research note on Tuesday, May 7th. Barclays boosted their price objective on shares of Westlake from $160.00 to $162.00 and gave the stock an equal weight rating in a research note on Monday, June 17th. Finally, Bank of America raised Westlake from a hold rating to a buy rating and raised their target price for the stock from $138.00 to $174.00 in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $168.27.

Westlake Price Performance

Shares of Westlake stock traded up $2.51 during midday trading on Tuesday, hitting $145.13. 247,326 shares of the company traded hands, compared to its average volume of 431,580. The firm's fifty day moving average price is $146.36 and its 200-day moving average price is $147.95. The stock has a market cap of $18.66 billion, a price-to-earnings ratio of 72.93, a PEG ratio of 1.82 and a beta of 1.20. Westlake has a 12 month low of $112.77 and a 12 month high of $162.64. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.94 and a current ratio of 2.61.

Westlake (NYSE:WLK - Get Free Report) last posted its earnings results on Tuesday, August 6th. The specialty chemicals company reported $2.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.99 by $0.41. Westlake had a net margin of 2.27% and a return on equity of 7.84%. The firm had revenue of $3.21 billion for the quarter, compared to analysts' expectations of $3.22 billion. During the same quarter in the previous year, the firm posted $2.31 earnings per share. The company's revenue was down 1.4% on a year-over-year basis. As a group, sell-side analysts forecast that Westlake will post 6.68 earnings per share for the current year.

Westlake Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Tuesday, August 20th will be paid a $0.525 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This is a positive change from Westlake's previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a yield of 1.45%. Westlake's payout ratio is 100.50%.

Institutional Investors Weigh In On Westlake

A number of large investors have recently bought and sold shares of WLK. Gulf International Bank UK Ltd raised its holdings in Westlake by 2.6% during the first quarter. Gulf International Bank UK Ltd now owns 3,302 shares of the specialty chemicals company's stock worth $504,000 after buying an additional 84 shares during the last quarter. Legacy Capital Group California Inc. grew its holdings in Westlake by 2.1% during the fourth quarter. Legacy Capital Group California Inc. now owns 4,256 shares of the specialty chemicals company's stock worth $596,000 after buying an additional 88 shares in the last quarter. Advisors Asset Management Inc. raised its position in Westlake by 1.7% in the 1st quarter. Advisors Asset Management Inc. now owns 5,554 shares of the specialty chemicals company's stock valued at $849,000 after buying an additional 91 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in Westlake by 3.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,724 shares of the specialty chemicals company's stock worth $394,000 after acquiring an additional 100 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in Westlake by 0.3% during the first quarter. Retirement Systems of Alabama now owns 40,228 shares of the specialty chemicals company's stock worth $6,147,000 after purchasing an additional 105 shares during the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

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.