Westlake (NYSE:WLK) Reaches New 52-Week Low Following Analyst Downgrade

Westlake Co. (NYSE:WLK - Get Free Report)'s stock price hit a new 52-week low during trading on Friday after Truist Financial lowered their price target on the stock from $166.00 to $155.00. Truist Financial currently has a buy rating on the stock. Westlake traded as low as $99.00 and last traded at $99.11, with a volume of 271196 shares. The stock had previously closed at $102.92.

A number of other analysts also recently weighed in on the stock. Bank of America cut their price target on shares of Westlake from $134.00 to $116.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. JPMorgan Chase & Co. raised shares of Westlake from an "underweight" rating to a "neutral" rating and reduced their price target for the stock from $135.00 to $110.00 in a research report on Thursday, February 27th. UBS Group raised shares of Westlake from a "neutral" rating to a "buy" rating and set a $144.00 price target for the company in a report on Friday, January 10th. BMO Capital Markets dropped their price objective on Westlake from $157.00 to $132.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company decreased their target price on Westlake from $160.00 to $130.00 and set an "overweight" rating for the company in a research note on Tuesday, February 25th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $138.21.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in WLK. Wellington Management Group LLP increased its stake in Westlake by 5.6% in the 4th quarter. Wellington Management Group LLP now owns 42,934 shares of the specialty chemicals company's stock valued at $4,922,000 after buying an additional 2,281 shares during the last quarter. Total Wealth Planning & Management Inc. bought a new position in shares of Westlake in the 4th quarter valued at about $300,000. Forum Financial Management LP increased its position in shares of Westlake by 21.8% in the fourth quarter. Forum Financial Management LP now owns 2,393 shares of the specialty chemicals company's stock valued at $274,000 after acquiring an additional 428 shares during the last quarter. Toronto Dominion Bank raised its holdings in Westlake by 6.9% during the fourth quarter. Toronto Dominion Bank now owns 5,190 shares of the specialty chemicals company's stock worth $595,000 after acquiring an additional 335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Westlake by 9.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 346,789 shares of the specialty chemicals company's stock valued at $39,759,000 after purchasing an additional 28,505 shares during the last quarter. Institutional investors and hedge funds own 28.40% of the company's stock.

Westlake Stock Down 0.0 %

The firm's 50 day moving average is $110.20 and its two-hundred day moving average is $122.68. The firm has a market capitalization of $12.83 billion, a P/E ratio of 140.87, a PEG ratio of 2.36 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04.

Westlake (NYSE:WLK - Get Free Report) last issued its earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.98). The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $3.01 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. The company's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the business posted $0.72 earnings per share. Research analysts predict that Westlake Co. will post 6.48 EPS for the current year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Tuesday, March 4th were paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Tuesday, March 4th. Westlake's dividend payout ratio (DPR) is presently 45.36%.

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.