Bank of America Cuts Westlake (NYSE:WLK) Price Target to $85.00

by · The Markets Daily

Westlake (NYSE:WLK – Get Free Report) had its target price lowered by analysts at Bank of America from $104.00 to $85.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the specialty chemicals company’s stock. Bank of America‘s price target indicates a potential upside of 16.31% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Mizuho boosted their price objective on Westlake from $97.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Morgan Stanley set a $115.00 target price on Westlake and gave the stock an “equal weight” rating in a research note on Tuesday, May 5th. Wall Street Zen lowered Westlake from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. Truist Financial increased their price target on Westlake from $117.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, March 26th. Finally, UBS Group reaffirmed a “buy” rating and set a $117.00 price objective (down from $130.00) on shares of Westlake in a research report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $104.21.

Check Out Our Latest Stock Report on WLK

Westlake Trading Down 2.2%

NYSE WLK traded down $1.64 during mid-day trading on Tuesday, reaching $73.08. 303,998 shares of the stock were exchanged, compared to its average volume of 1,251,964. Westlake has a one year low of $56.33 and a one year high of $124.23. The stock has a 50 day simple moving average of $92.26 and a 200-day simple moving average of $94.35. The stock has a market cap of $9.36 billion, a P/E ratio of -5.76 and a beta of 0.58. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.17 and a quick ratio of 1.56.

Westlake (NYSE:WLK – Get Free Report) last released its earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.67). Westlake had a negative net margin of 14.91% and a negative return on equity of 1.89%. The firm had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the firm earned ($0.31) EPS. Westlake’s quarterly revenue was down 6.8% on a year-over-year basis. On average, analysts anticipate that Westlake will post 3.81 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in shares of Westlake by 90.0% during the first quarter. Royal Bank of Canada now owns 38,687 shares of the specialty chemicals company’s stock valued at $3,869,000 after buying an additional 18,321 shares during the last quarter. AQR Capital Management LLC lifted its position in Westlake by 9.6% in the 1st quarter. AQR Capital Management LLC now owns 19,094 shares of the specialty chemicals company’s stock valued at $1,881,000 after acquiring an additional 1,668 shares in the last quarter. United Services Automobile Association bought a new position in Westlake in the 1st quarter valued at about $211,000. Cetera Investment Advisers boosted its stake in Westlake by 43.6% during the 2nd quarter. Cetera Investment Advisers now owns 4,350 shares of the specialty chemicals company’s stock valued at $330,000 after purchasing an additional 1,320 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in Westlake by 18.2% during the 2nd quarter. Prudential Financial Inc. now owns 3,788 shares of the specialty chemicals company’s stock worth $288,000 after purchasing an additional 582 shares in the last quarter. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Company Profile

(Get Free Report)

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.

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