Brokerages Set Westlake Co. (NYSE:WLK) Target Price at $165.92

Shares of Westlake Co. (NYSE:WLK - Get Free Report) have been assigned an average rating of "Hold" from the thirteen brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $165.92.

A number of analysts have recently weighed in on WLK shares. StockNews.com downgraded shares of Westlake from a "hold" rating to a "sell" rating in a report on Thursday, September 19th. Royal Bank of Canada reduced their target price on Westlake from $174.00 to $170.00 and set an "outperform" rating on the stock in a report on Friday, October 11th. Barclays raised Westlake from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $162.00 to $180.00 in a report on Monday, September 30th. Bank of America upgraded Westlake from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $151.00 to $159.00 in a research report on Wednesday. Finally, BMO Capital Markets lifted their target price on Westlake from $167.00 to $171.00 and gave the company a "market perform" rating in a research report on Tuesday, August 13th.

Hedge Funds Weigh In On Westlake

Several institutional investors and hedge funds have recently added to or reduced their stakes in WLK. 1832 Asset Management L.P. bought a new stake in shares of Westlake in the second quarter worth $27,179,000. Allspring Global Investments Holdings LLC increased its stake in shares of Westlake by 90.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 386,480 shares of the specialty chemicals company's stock valued at $58,084,000 after buying an additional 183,666 shares during the period. Appian Way Asset Management LP acquired a new stake in shares of Westlake in the first quarter valued at about $25,154,000. Bank of Montreal Can raised its position in shares of Westlake by 3,330.4% during the second quarter. Bank of Montreal Can now owns 150,047 shares of the specialty chemicals company's stock worth $23,802,000 after acquiring an additional 145,673 shares during the last quarter. Finally, Natixis lifted its stake in shares of Westlake by 41,979.2% in the first quarter. Natixis now owns 85,000 shares of the specialty chemicals company's stock worth $12,988,000 after acquiring an additional 84,798 shares during the period. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Stock Performance

Shares of WLK stock traded down $0.84 during midday trading on Friday, hitting $139.34. 378,498 shares of the company were exchanged, compared to its average volume of 435,319. Westlake has a 52 week low of $112.77 and a 52 week high of $162.64. The firm's 50 day moving average price is $143.85 and its two-hundred day moving average price is $148.24. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.94 and a current ratio of 2.61. The firm has a market capitalization of $17.91 billion, a P/E ratio of 70.02, a PEG ratio of 1.86 and a beta of 1.17.

Westlake (NYSE:WLK - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The specialty chemicals company reported $2.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $0.41. The business had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.22 billion. Westlake had a return on equity of 7.84% and a net margin of 2.27%. The firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.31 earnings per share. As a group, equities research analysts anticipate that Westlake will post 7.18 earnings per share for the current year.

Westlake Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 20th were given a dividend of $0.525 per share. The ex-dividend date was Tuesday, August 20th. This is an increase from Westlake's previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a yield of 1.51%. Westlake's dividend payout ratio (DPR) is currently 105.53%.

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.