Piper Sandler Issues Pessimistic Forecast for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK - Free Report) had its target price reduced by Piper Sandler from $155.00 to $135.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the specialty chemicals company's stock.

Several other brokerages have also issued reports on WLK. Barclays raised Westlake from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $162.00 to $180.00 in a report on Monday, September 30th. Citigroup raised Westlake from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $152.00 to $140.00 in a research report on Wednesday, December 18th. Royal Bank of Canada reduced their price target on Westlake from $170.00 to $167.00 and set an "outperform" rating on the stock in a research note on Monday, November 11th. StockNews.com upgraded Westlake from a "sell" rating to a "hold" rating in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company lowered their price target on Westlake from $180.00 to $160.00 and set an "overweight" rating for the company in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $156.92.

Westlake Stock Down 1.7 %

Shares of NYSE:WLK traded down $1.90 during trading on Tuesday, hitting $111.69. The company's stock had a trading volume of 633,423 shares, compared to its average volume of 545,206. The company has a market capitalization of $14.38 billion, a PE ratio of 157.31, a P/E/G ratio of 2.31 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79. Westlake has a fifty-two week low of $110.76 and a fifty-two week high of $162.64. The business has a 50 day moving average price of $123.50 and a two-hundred day moving average price of $136.39.

Westlake (NYSE:WLK - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.21 by ($0.80). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The company had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.31 billion. During the same period in the prior year, the business earned $2.20 EPS. Westlake's revenue for the quarter was up .1% on a year-over-year basis. As a group, research analysts expect that Westlake will post 6.47 EPS for the current fiscal year.

Westlake Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 26th were given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date was Tuesday, November 26th. Westlake's payout ratio is 295.77%.

Insider Transactions at Westlake

In other Westlake news, Director David Tsung-Hung Chao sold 1,750 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $130.00, for a total value of $227,500.00. Following the sale, the director now directly owns 9,534 shares of the company's stock, valued at $1,239,420. This trade represents a 15.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 74.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Jacobs Levy Equity Management Inc. raised its holdings in shares of Westlake by 699.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 595,149 shares of the specialty chemicals company's stock worth $89,445,000 after purchasing an additional 520,669 shares in the last quarter. Ilex Capital Partners UK LLP acquired a new stake in Westlake during the 3rd quarter worth about $55,542,000. 1832 Asset Management L.P. acquired a new stake in Westlake during the 2nd quarter worth about $27,179,000. Allspring Global Investments Holdings LLC lifted its stake in Westlake by 90.6% during 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 in the last quarter. Finally, Bank of Montreal Can boosted its holdings in shares of Westlake by 3,330.4% in the second quarter. Bank of Montreal Can now owns 150,047 shares of the specialty chemicals company's stock worth $23,802,000 after buying an additional 145,673 shares during the period. 28.40% of the stock is 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.