KeyCorp Comments on Westlake Co.’s Q3 2024 Earnings (NYSE:WLK)

Westlake Co. (NYSE:WLK) – KeyCorp issued their Q3 2024 EPS estimates for shares of Westlake in a report issued on Sunday, October 6th. KeyCorp analyst A. Yefremov anticipates that the specialty chemicals company will post earnings per share of $1.85 for the quarter. The consensus estimate for Westlake’s current full-year earnings is $7.13 per share. KeyCorp also issued estimates for Westlake’s Q4 2024 earnings at $0.86 EPS, Q1 2025 earnings at $1.06 EPS and FY2025 earnings at $6.69 EPS.

Westlake (NYSE:WLK) last announced its quarterly earnings data on Tuesday, August 6th. The specialty chemicals company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.41. The business had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.22 billion. Westlake had a net margin of 2.27% and a return on equity of 7.84%. The company’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.31 EPS.

Several other research firms have also commented on WLK. StockNews.com lowered Westlake from a “hold” rating to a “sell” rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. lifted their price target on shares of Westlake from $123.00 to $135.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Mizuho assumed coverage on shares of Westlake in a research report on Thursday, August 8th. They issued an “outperform” rating and a $170.00 price objective for the company. UBS Group dropped their target price on Westlake from $172.00 to $160.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Finally, Barclays raised Westlake from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $162.00 to $180.00 in a report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $167.50.

Westlake Trading Down 2.4 %

NYSE WLK opened at $142.10 on Wednesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.94 and a current ratio of 2.61. Westlake has a one year low of $112.77 and a one year high of $162.64. The company’s 50 day moving average price is $143.92 and its 200 day moving average price is $148.73. The firm has a market capitalization of $18.27 billion, a price-to-earnings ratio of 71.41, a PEG ratio of 1.92 and a beta of 1.17.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Wealthcare Advisory Partners LLC acquired a new stake in shares of Westlake during the 1st quarter valued at $1,273,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Westlake during the first quarter valued at approximately $3,254,000. Comerica Bank boosted its stake in Westlake by 17.9% in the 1st quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company’s stock worth $3,742,000 after purchasing an additional 3,710 shares during the period. CIBC Asset Management Inc purchased a new position in Westlake during the 2nd quarter worth approximately $544,000. Finally, Avantax Advisory Services Inc. acquired a new stake in Westlake during the 1st quarter valued at $207,000. Institutional investors own 28.40% of the company’s stock.

Westlake Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Tuesday, August 20th were paid a dividend of $0.525 per share. This is a positive change from Westlake’s previous quarterly dividend of $0.50. This represents a $2.10 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date was Tuesday, August 20th. Westlake’s dividend payout ratio (DPR) is presently 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.