Westlake (NYSE:WLK – Get Free Report) had its target price lowered by analysts at Mizuho from $110.00 to $88.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the specialty chemicals company’s stock. Mizuho’s price target indicates a potential upside of 19.76% from the stock’s current price.
Other analysts have also issued research reports about the stock. Truist Financial raised their price objective on shares of Westlake from $117.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, March 26th. Bank of America reduced their target price on Westlake from $104.00 to $85.00 and set a “neutral” rating on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $115.00 price target on shares of Westlake in a research report on Thursday, May 7th. Royal Bank Of Canada cut their price objective on Westlake from $145.00 to $130.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. Finally, Wells Fargo & Company reduced their price objective on Westlake from $125.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $102.64.
Check Out Our Latest Analysis on WLK
Westlake Stock Down 1.7%
Westlake (NYSE:WLK – Get Free Report) last announced its earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.67). Westlake had a negative return on equity of 1.89% and a negative net margin of 14.91%.The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter last year, the business earned ($0.31) EPS. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. Equities research analysts predict that Westlake will post 3.81 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Westlake
Several hedge funds have recently added to or reduced their stakes in WLK. SG Americas Securities LLC lifted its position in Westlake by 433.4% during the 4th quarter. SG Americas Securities LLC now owns 37,011 shares of the specialty chemicals company’s stock valued at $2,737,000 after purchasing an additional 30,072 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in shares of Westlake during the 4th quarter worth approximately $14,062,000. Aventail Capital Group LP acquired a new stake in shares of Westlake during the 3rd quarter worth approximately $6,037,000. Deprince Race & Zollo Inc. raised its stake in shares of Westlake by 8.1% during the fourth quarter. Deprince Race & Zollo Inc. now owns 204,226 shares of the specialty chemicals company’s stock worth $15,100,000 after buying an additional 15,217 shares during the last quarter. Finally, Impala Asset Management LLC bought a new stake in shares of Westlake during the third quarter worth approximately $8,862,000. 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.
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