Bank of America Has Lowered Expectations for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK) had its target price cut by equities research analysts at Bank of America from $134.00 to $116.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. Bank of America‘s price target would suggest a potential upside of 3.10% from the company’s previous close.

Several other research firms have also weighed in on WLK. Morgan Stanley decreased their target price on shares of Westlake from $155.00 to $130.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. UBS Group upgraded shares of Westlake from a “neutral” rating to a “buy” rating and set a $144.00 target price on the stock in a report on Friday, January 10th. Piper Sandler decreased their price objective on shares of Westlake from $155.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Wells Fargo & Company lowered their price objective on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada cut their target price on Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $141.86.

Westlake Stock Performance

NYSE:WLK opened at $112.52 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04. The firm has a market capitalization of $14.48 billion, a price-to-earnings ratio of 158.47, a PEG ratio of 2.36 and a beta of 1.17. The company’s 50-day moving average is $113.92 and its two-hundred day moving average is $128.76. Westlake has a 1-year low of $104.74 and a 1-year high of $162.64.

Westlake (NYSE:WLK) last posted its earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 earnings per share 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 business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 earnings per share. Analysts forecast that Westlake will post 6.48 EPS for the current year.

Insider Activity

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 7,784 shares of the company’s stock, valued at $1,004,758.72. This trade represents a 18.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 74.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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 raised its stake in Westlake by 6,316.7% in the fourth quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 379 shares in the last quarter. Transamerica Financial Advisors Inc. lifted its holdings in Westlake by 1,668.2% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock worth $45,000 after buying an additional 367 shares during the last quarter. Continuum Advisory LLC boosted its position in shares of Westlake by 43.2% during the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock worth $48,000 after acquiring an additional 96 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Westlake by 72.0% in the 4th 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 last quarter. Institutional investors and hedge funds own 28.40% of the company’s stock.

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.