Westlake Co. (NYSE:WLK – Get Rating) shares reached a new 52-week low during trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $115.00 to $100.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Westlake traded as low as $84.65 and last traded at $85.75, with a volume of 800216 shares trading hands. The stock had previously closed at $86.56.
A number of other equities analysts also recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of Westlake from $162.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, June 21st. Scotiabank reissued a “sector perform” rating on shares of Westlake in a report on Tuesday, August 2nd. Piper Sandler cut shares of Westlake from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $147.00 to $115.00 in a report on Monday, July 25th. KeyCorp cut shares of Westlake from a “sector weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a report on Monday, August 29th. Finally, Morgan Stanley lowered their target price on shares of Westlake from $120.00 to $115.00 and set an “equal weight” rating on the stock in a report on Monday, August 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $122.79.
Insider Buying and Selling
In other news, CAO Johnathan Stevan Zoeller sold 542 shares of the stock in a transaction on Friday, August 26th. The shares were sold at an average price of $107.08, for a total value of $58,037.36. Following the transaction, the chief accounting officer now owns 543 shares of the company’s stock, valued at approximately $58,144.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 73.70% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Westlake
Westlake Price Performance
The firm has a market cap of $11.00 billion, a PE ratio of 3.88, a P/E/G ratio of 2.16 and a beta of 1.21. The company has a quick ratio of 1.59, a current ratio of 2.39 and a debt-to-equity ratio of 0.49. The firm’s fifty day simple moving average is $97.36 and its two-hundred day simple moving average is $111.70.
Westlake Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were given a $0.357 dividend. This represents a $1.43 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Friday, August 19th. This is a boost from Westlake’s previous quarterly dividend of $0.30. Westlake’s payout ratio is currently 6.47%.
Westlake Company Profile
Westlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products.
- Get a free copy of the StockNews.com research report on Westlake (WLK)
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