Westlake (NYSE:WLK) Stock Rating Lowered by Zacks Research

Westlake (NYSE:WLK) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

WLK has been the topic of a number of other reports. The Goldman Sachs Group set a $85.00 price target on shares of Westlake in a research report on Thursday, July 16th. Bank of America cut their target price on Westlake from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Royal Bank Of Canada reduced their price objective on shares of Westlake from $145.00 to $130.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. BMO Capital Markets reaffirmed a “market perform” rating and set a $96.00 price objective on shares of Westlake in a research note on Monday, July 6th. Finally, Mizuho decreased their target price on shares of Westlake from $110.00 to $88.00 and set a “neutral” rating for the company in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $97.64.

Westlake Stock Up 1.2%

Shares of Westlake stock opened at $77.10 on Tuesday. 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 has a 1-year low of $56.33 and a 1-year high of $124.23. The business’s fifty day moving average price is $81.80 and its two-hundred day moving average price is $94.58. The company has a market capitalization of $9.88 billion, a P/E ratio of -6.07 and a beta of 0.62.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.67). The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.79 billion. Westlake had a negative net margin of 14.91% and a negative return on equity of 1.89%. Westlake’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same period last year, the business posted ($0.31) earnings per share. As a group, research analysts forecast that Westlake will post 3.27 EPS for the current year.

Institutional Investors Weigh In On Westlake

A number of hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd acquired a new position in shares of Westlake during the third quarter worth approximately $28,000. Quarry LP bought a new position in Westlake in the 4th quarter worth approximately $31,000. Fifth Third Bancorp lifted its holdings in Westlake by 71.3% during the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock worth $42,000 after buying an additional 234 shares in the last quarter. CIBC Private Wealth Group LLC bought a new position in Westlake in the 3rd quarter valued at $53,000. Finally, NewEdge Advisors LLC increased its stake in shares of Westlake by 49.6% in the 2nd quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock valued at $57,000 after buying an additional 247 shares during the period. 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.