Westlake (NYSE:WLK) Price Target Cut to $132.00 by Analysts at BMO Capital Markets

Westlake (NYSE:WLK) had its price target cut by research analysts at BMO Capital Markets from $157.00 to $132.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the specialty chemicals company’s stock. BMO Capital Markets’ price target points to a potential upside of 16.93% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Royal Bank of Canada lowered their price objective on shares of Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. UBS Group upgraded shares of Westlake from a “neutral” rating to a “buy” rating and set a $144.00 price target on the stock in a research report on Friday, January 10th. Morgan Stanley cut their price objective on Westlake from $155.00 to $130.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Truist Financial decreased their target price on Westlake from $168.00 to $166.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Piper Sandler reduced their target price on Westlake from $155.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Westlake presently has an average rating of “Moderate Buy” and a consensus target price of $144.86.

Westlake Price Performance

Shares of NYSE WLK traded up $0.80 during mid-day trading on Wednesday, reaching $112.89. 46,284 shares of the company traded hands, compared to its average volume of 591,657. Westlake has a fifty-two week low of $104.74 and a fifty-two week high of $162.64. The firm has a market cap of $14.53 billion, a PE ratio of 159.36, a price-to-earnings-growth ratio of 2.36 and a beta of 1.17. The stock has a fifty day simple moving average of $113.98 and a 200-day simple moving average of $128.88. 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) last issued its quarterly 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). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter last year, the business posted $0.72 earnings per share. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts anticipate that Westlake will post 6.48 EPS for the current fiscal year.

Insider Activity

In related news, Director David Tsung-Hung Chao sold 1,750 shares of Westlake stock in a transaction on Friday, November 29th. The shares were sold at an average price of $129.08, for a total value of $225,890.00. Following the transaction, the director now owns 7,784 shares in the company, valued at $1,004,758.72. This trade represents a 18.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 74.10% of the company’s stock.

Institutional Investors Weigh In On Westlake

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. lifted its position in shares of Westlake by 247.7% during the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock worth $26,000 after purchasing an additional 161 shares during the last quarter. Allworth Financial LP increased its position in shares of Westlake by 6,316.7% during the fourth quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after purchasing an additional 379 shares during the period. Transamerica Financial Advisors Inc. raised its stake in shares of Westlake by 1,668.2% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 367 shares in the last quarter. Continuum Advisory LLC boosted its stake in Westlake by 43.2% in the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock valued at $48,000 after buying an additional 96 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Westlake by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 523 shares of the specialty chemicals company’s stock valued at $60,000 after acquiring an additional 219 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.