Westlake (NYSE:WLK) Stock Gets Price Target Trim from UBS Group

Westlake (NYSE:WLK) had its price objective reduced by stock analysts at UBS Group from $86.00 to $81.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. UBS Group‘s target price indicates a potential upside of 22.24% from the stock’s current price.

WLK has been the subject of several other reports. Barclays began coverage on Westlake in a research report on Monday, October 12th. They set an “underweight” rating and a $66.00 price objective for the company. Morgan Stanley set a $76.00 target price on Westlake in a research report on Monday, October 26th. Weiss Ratings reissued a “sell (d)” rating on shares of Westlake in a research note on Thursday, October 15th. Royal Bank Of Canada lowered their target price on Westlake from $95.00 to $74.00 and set an “outperform” rating for the company in a research note on Tuesday, October 13th. Finally, The Goldman Sachs Group set a $85.00 target price on shares of Westlake in a report on Thursday, July 16th. Four research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $80.80.

Westlake Stock Performance

NYSE WLK opened at $66.27 on Thursday. The firm’s 50 day simple moving average is $67.35 and its 200 day simple moving average is $86.28. The firm has a market capitalization of $8.47 billion, a price-to-earnings ratio of -19.10 and a beta of 0.66. The company has a current ratio of 2.38, a quick ratio of 1.70 and a debt-to-equity ratio of 0.55. Westlake has a 1 year low of $56.33 and a 1 year high of $124.23.

Westlake (NYSE:WLK) last announced its quarterly earnings data on Wednesday, November 4th. The specialty chemicals company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.04). Westlake had a negative net margin of 3.91% and a positive return on equity of 1.99%. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the firm earned ($0.29) earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, research analysts expect that Westlake will post 2.25 earnings per share for the current fiscal year.

Insider Transactions at Westlake

In related news, Chairman Albert Chao sold 38,873 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $80.28, for a total value of $3,120,724.44. Following the completion of the transaction, the chairman owned 642,880 shares in the company, valued at $51,610,406.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Westlake

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Westlake during the second quarter valued at $240,474,000. Jupiter Topco LLC bought a new stake in shares of Westlake in the second quarter worth $19,544,000. Robotti Robert bought a new stake in shares of Westlake in the second quarter worth $17,183,000. Bank of America Corp DE acquired a new stake in Westlake in the second quarter valued at $16,952,000. Finally, Bank of New York Mellon Corp acquired a new stake in Westlake in the second quarter valued at $11,932,000. 28.40% of the stock is currently owned by institutional investors and hedge funds.

About Westlake

Westlake Corporation is a global manufacturer of performance and essential materials, as well as products used in housing and infrastructure. Headquartered in Houston, Texas, the company serves customers in construction, packaging, healthcare, consumer products, automotive, and other industrial markets.

Westlake’s materials portfolio includes chlor-alkali and derivative chemicals, polyethylene, PVC, vinyl intermediates, epoxy resins, and other specialty products. These materials are used in applications such as water treatment, coatings, adhesives, plastics, medical products, and packaging.

Through its housing and infrastructure businesses, Westlake also produces building products including vinyl siding, trim, roofing products, pipe, fittings, and related components.