Westlake (NYSE:WLK) Stock Price Target Lowered at Truist Financial

Westlake (NYSE:WLK) had its price objective cut by equities researchers at Truist Financial from $90.00 to $81.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial‘s target price would indicate a potential upside of 27.09% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Mizuho set a $72.00 price target on shares of Westlake in a research note on Thursday, October 1st. JPMorgan Chase & Co. decreased their price target on shares of Westlake from $80.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, October 16th. Royal Bank Of Canada lowered their price objective on shares of Westlake from $95.00 to $74.00 and set an “outperform” rating for the company in a research note on Tuesday, October 13th. Zacks Research downgraded Westlake from a “hold” rating to a “strong sell” rating in a report on Friday, October 23rd. Finally, UBS Group dropped their price objective on Westlake from $86.00 to $81.00 and set a “buy” rating for the company in a report on Thursday. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Westlake presently has an average rating of “Hold” and a consensus price target of $80.40.

Westlake Trading Up 0.4%

NYSE WLK opened at $63.73 on Monday. Westlake has a 12 month low of $56.33 and a 12 month high of $124.23. The company has a 50-day moving average of $67.14 and a 200-day moving average of $86.18. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.38 and a quick ratio of 1.62. The company has a market cap of $8.15 billion, a P/E ratio of -18.32 and a beta of 0.66.

Westlake (NYSE:WLK) last released its earnings results on Wednesday, November 4th. The specialty chemicals company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.04). Westlake had a positive return on equity of 1.99% and a negative net margin of 3.91%. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.94 billion. During the same period in the prior year, the business posted ($0.29) earnings per share. Westlake’s revenue was up 5.0% on a year-over-year basis. As a group, equities analysts predict that Westlake will post 2.01 earnings per share for the current year.

Insider Activity

In related news, Chairman Albert Chao sold 38,873 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $80.28, for a total transaction of $3,120,724.44. Following the completion of the sale, the chairman owned 642,880 shares of the company’s stock, valued at approximately $51,610,406.40. This represents a 5.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Diversified Trust Co purchased a new stake in Westlake during the third quarter worth approximately $615,000. Machina Capital S.A.S. purchased a new position in shares of Westlake in the 3rd quarter valued at $349,000. AlphaCore Capital LLC purchased a new position in shares of Westlake in the 3rd quarter valued at $277,000. Fulcrum Asset Management LLP acquired a new position in shares of Westlake during the 3rd quarter valued at $273,000. Finally, ProShare Advisors LLC lifted its holdings in shares of Westlake by 54.4% during the 3rd quarter. ProShare Advisors LLC now owns 352,448 shares of the specialty chemicals company’s stock valued at $21,961,000 after acquiring an additional 124,129 shares in the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Company Profile

Westlake Corporation is a global manufacturer of materials and products used in construction, packaging, consumer goods, and other industries. Founded in 1986 and headquartered in Houston, Texas, the company serves customers through operations in North America, Europe, and Asia.

Westlake’s Performance and Essential Materials business produces petrochemicals and materials such as polyethylene, styrene, chlor-alkali products, and PVC resins. These materials are used in applications ranging from packaging and household products to water treatment and construction.

Through its Housing and Infrastructure Products business, Westlake supplies building and construction products including pipe and fittings, siding, trim, windows, roofing materials, and stone veneer.