Westlake (NYSE:WLK) Price Target Raised to $110.00 at Wells Fargo & Company

Westlake (NYSE:WLK) had its target price hoisted by analysts at Wells Fargo & Company from $100.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 2.74% from the stock’s previous close.

Other research analysts have also issued reports about the company. Bank of America reaffirmed a “buy” rating on shares of Westlake in a research report on Monday, March 2nd. Citigroup boosted their price target on Westlake from $124.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Westlake in a research report on Wednesday, January 21st. Truist Financial boosted their target price on shares of Westlake from $82.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $100.00 price target on shares of Westlake in a research note on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $98.80.

Westlake Stock Down 1.0%

NYSE:WLK traded down $1.12 during midday trading on Friday, reaching $113.10. 663,451 shares of the stock traded hands, compared to its average volume of 1,418,026. The stock has a market capitalization of $14.47 billion, a PE ratio of -9.65 and a beta of 0.83. Westlake has a 12-month low of $56.33 and a 12-month high of $116.46. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.65 and a current ratio of 2.24. The business has a 50-day moving average of $92.84 and a two-hundred day moving average of $81.20.

Westlake (NYSE:WLK) last released its quarterly earnings results on Tuesday, February 24th. The specialty chemicals company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.47) by $1.22. Westlake had a negative net margin of 13.50% and a negative return on equity of 1.22%. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same period in the previous year, the company earned $0.06 earnings per share. The business’s revenue for the quarter was down 10.9% on a year-over-year basis. On average, equities analysts forecast that Westlake will post 6.48 earnings per share for the current fiscal year.

Insider Transactions at Westlake

In other Westlake news, CFO Mark Steven Bender sold 17,409 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $100.92, for a total transaction of $1,756,916.28. Following the completion of the transaction, the chief financial officer directly owned 44,433 shares of the company’s stock, valued at approximately $4,484,178.36. This trade represents a 28.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Albert Chao sold 40,836 shares of Westlake stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $73.57, for a total transaction of $3,004,304.52. Following the sale, the chairman owned 627,722 shares of the company’s stock, valued at approximately $46,181,507.54. The trade was a 6.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Neo Ivy Capital Management purchased a new stake in shares of Westlake in the second quarter valued at approximately $404,000. KBC Group NV lifted its position in shares of Westlake by 79.9% during the 2nd quarter. KBC Group NV now owns 48,014 shares of the specialty chemicals company’s stock valued at $3,646,000 after buying an additional 21,319 shares in the last quarter. Norges Bank acquired a new stake in Westlake in the 2nd quarter valued at $104,314,000. Hsbc Holdings PLC grew its stake in Westlake by 142.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,833 shares of the specialty chemicals company’s stock valued at $1,963,000 after acquiring an additional 15,193 shares during the period. Finally, Citigroup Inc. increased its holdings in Westlake by 61.3% in the 3rd quarter. Citigroup Inc. now owns 117,151 shares of the specialty chemicals company’s stock worth $9,028,000 after acquiring an additional 44,525 shares in the last quarter. Hedge funds and other institutional investors own 28.40% of the company’s stock.

About Westlake

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.