Westlake Co. (NYSE:WLK – Free Report) – Research analysts at KeyCorp cut their Q3 2023 earnings per share (EPS) estimates for shares of Westlake in a research report issued to clients and investors on Monday, July 10th. KeyCorp analyst A. Yefremov now anticipates that the specialty chemicals company will post earnings per share of $1.52 for the quarter, down from their prior estimate of $2.11. The consensus estimate for Westlake’s current full-year earnings is $10.27 per share. KeyCorp also issued estimates for Westlake’s Q4 2023 earnings at $0.82 EPS and FY2024 earnings at $9.20 EPS.
Several other research analysts have also weighed in on WLK. UBS Group upped their price target on Westlake from $125.00 to $127.00 in a research report on Monday, May 8th. Tudor, Pickering, Holt & Co. downgraded Westlake from a “hold” rating to a “sell” rating and dropped their target price for the company from $112.00 to $108.00 in a report on Tuesday, May 9th. StockNews.com assumed coverage on shares of Westlake in a report on Thursday, May 18th. They set a “hold” rating for the company. Citigroup initiated coverage on shares of Westlake in a research note on Tuesday, June 13th. They issued a “neutral” rating and a $114.00 price objective on the stock. Finally, Piper Sandler raised shares of Westlake from a “neutral” rating to an “overweight” rating and set a $140.00 target price for the company in a research note on Tuesday, April 11th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $121.73.
Westlake Price Performance
Westlake (NYSE:WLK – Get Free Report) last released its quarterly earnings results on Thursday, May 4th. The specialty chemicals company reported $3.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $1.00. Westlake had a net margin of 12.49% and a return on equity of 18.19%. The business had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the business earned $5.83 earnings per share. The firm’s revenue was down 17.3% compared to the same quarter last year.
Westlake Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 8th. Stockholders of record on Tuesday, May 23rd were issued a dividend of $0.357 per share. This represents a $1.43 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Monday, May 22nd. Westlake’s dividend payout ratio is 9.83%.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Westlake by 4.3% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 21,412 shares of the specialty chemicals company’s stock valued at $2,196,000 after purchasing an additional 879 shares during the last quarter. Prospera Financial Services Inc acquired a new position in Westlake in the 4th quarter valued at $282,000. Nations Financial Group Inc. IA ADV bought a new position in Westlake in the 4th quarter worth $746,000. State of Michigan Retirement System acquired a new position in Westlake during the 4th quarter worth $1,015,000. Finally, Aviva PLC boosted its holdings in Westlake by 661.0% during the fourth quarter. Aviva PLC now owns 35,015 shares of the specialty chemicals company’s stock valued at $23,262,000 after acquiring an additional 30,414 shares during the period. 29.44% of the stock is owned by institutional investors.
About Westlake
Westlake Corporation manufactures and markets performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Italy, Taiwan, and internationally. The Performance and Essential Materials segment offers polyethylene, styrene monomer, ethylene co-products, polyvinyl chloride (PVC), vinyl chloride monomer, ethylene dichloride chlor-alkali, chlorinated derivative products, and epoxy resins.
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