Westlake (NYSE:WLK) Rating Lowered to Neutral at Piper Sandler

Westlake (NYSE:WLK - Get Free Report) was downgraded by equities researchers at Piper Sandler from an "overweight" rating to a "neutral" rating in a research note issued on Wednesday, Marketbeat Ratings reports. They currently have a $120.00 price target on the specialty chemicals company's stock, down from their prior price target of $135.00. Piper Sandler's target price would indicate a potential upside of 21.10% from the company's current price.

A number of other research analysts also recently issued reports on the stock. StockNews.com raised shares of Westlake from a "sell" rating to a "hold" rating in a research report on Tuesday, March 25th. Bank of America lowered their price objective on shares of Westlake from $134.00 to $116.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. JPMorgan Chase & Co. upgraded Westlake from an "underweight" rating to a "neutral" rating and reduced their target price for the stock from $135.00 to $110.00 in a report on Thursday, February 27th. Truist Financial lowered their price objective on Westlake from $168.00 to $166.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Finally, Royal Bank of Canada dropped their price target on Westlake from $147.00 to $133.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Westlake has an average rating of "Moderate Buy" and a consensus target price of $138.21.

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Westlake Trading Down 3.7 %

Shares of NYSE WLK traded down $3.83 during mid-day trading on Wednesday, hitting $99.09. The stock had a trading volume of 856,305 shares, compared to its average volume of 543,121. The firm has a market cap of $12.71 billion, a P/E ratio of 139.57, a price-to-earnings-growth ratio of 2.36 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79. The business has a 50 day moving average price of $110.56 and a two-hundred day moving average price of $123.03. Westlake has a 1 year low of $98.51 and a 1 year high of $162.64.

Westlake (NYSE:WLK - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The specialty chemicals company reported $0.06 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.98). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same period last year, the company posted $0.72 earnings per share. The business's revenue was up .6% on a year-over-year basis. On average, equities analysts anticipate that Westlake will post 6.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of WLK. Wellington Management Group LLP raised its holdings in Westlake by 5.6% in the 4th quarter. Wellington Management Group LLP now owns 42,934 shares of the specialty chemicals company's stock worth $4,922,000 after purchasing an additional 2,281 shares during the period. Total Wealth Planning & Management Inc. bought a new position in shares of Westlake in the fourth quarter worth about $300,000. Forum Financial Management LP lifted its position in shares of Westlake by 21.8% during the 4th quarter. Forum Financial Management LP now owns 2,393 shares of the specialty chemicals company's stock valued at $274,000 after buying an additional 428 shares in the last quarter. Toronto Dominion Bank grew its stake in shares of Westlake by 6.9% during the 4th quarter. Toronto Dominion Bank now owns 5,190 shares of the specialty chemicals company's stock valued at $595,000 after acquiring an additional 335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Westlake by 9.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 346,789 shares of the specialty chemicals company's stock worth $39,759,000 after acquiring an additional 28,505 shares in the last quarter. Hedge funds and other institutional investors own 28.40% of the company's stock.

Westlake Company Profile

Westlake Corporation engages in the manufacture and marketing of performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Mexico, Brazil, France, Italy, Taiwan, and internationally. The company operates through two segments: Performance and Essential Materials and Housing and Infrastructure Products.