Truist Financial Has Lowered Expectations for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK) had its price objective reduced by research analysts at Truist Financial from $166.00 to $155.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial’s price objective would indicate a potential upside of 56.42% from the company’s previous close.

WLK has been the subject of a number of other research reports. Citigroup upgraded Westlake from a “neutral” rating to a “buy” rating and dropped their price target for the company from $152.00 to $140.00 in a research report on Wednesday, December 18th. Morgan Stanley lowered their price objective on Westlake from $130.00 to $122.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. Bank of America cut their target price on shares of Westlake from $134.00 to $116.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. JPMorgan Chase & Co. upgraded shares of Westlake from an “underweight” rating to a “neutral” rating and lowered their price target for the company from $135.00 to $110.00 in a report on Thursday, February 27th. Finally, Piper Sandler lowered shares of Westlake from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $135.00 to $120.00 in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Westlake presently has an average rating of “Moderate Buy” and an average price target of $138.21.

Westlake Stock Performance

Westlake stock traded down $3.83 during midday trading on Friday, reaching $99.09. The stock had a trading volume of 281,921 shares, compared to its average volume of 540,534. The firm has a market capitalization of $12.71 billion, a PE ratio of 139.54, a P/E/G ratio of 2.36 and a beta of 1.18. Westlake has a 12 month low of $99.04 and a 12 month high of $162.64. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The firm’s 50-day moving average price is $110.93 and its 200 day moving average price is $123.39.

Westlake (NYSE:WLK) last announced its quarterly earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.98). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The business had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same quarter in the previous year, the company posted $0.72 earnings per share. The business’s quarterly revenue was up .6% compared to the same quarter last year. As a group, research analysts predict that Westlake will post 6.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Westlake

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

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.