Bank of America Has Lowered Expectations for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK) had its price target dropped by equities researchers at Bank of America from $134.00 to $116.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the specialty chemicals company’s stock. Bank of America‘s price objective would indicate a potential upside of 5.85% from the company’s current price.

Other analysts have also issued research reports about the stock. Piper Sandler lowered their target price on shares of Westlake from $155.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Wells Fargo & Company decreased their price objective on Westlake from $180.00 to $160.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Morgan Stanley cut their target price on Westlake from $155.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Truist Financial began coverage on Westlake in a report on Tuesday, January 28th. They set a “buy” rating and a $168.00 target price on the stock. Finally, Royal Bank of Canada lowered their price target on Westlake from $170.00 to $167.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $149.50.

Westlake Trading Down 0.1 %

Shares of WLK opened at $109.59 on Tuesday. The stock’s fifty day simple moving average is $114.08 and its 200-day simple moving average is $129.12. The firm has a market capitalization of $14.10 billion, a PE ratio of 154.35, a price-to-earnings-growth ratio of 2.36 and a beta of 1.17. Westlake has a 12-month low of $104.74 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.

Insider Activity

In other news, Director David Tsung-Hung Chao sold 1,750 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $129.08, for a total value of $225,890.00. Following the sale, the director now directly owns 7,784 shares in the company, valued at $1,004,758.72. The trade was a 18.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 74.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Blue Trust Inc. lifted its holdings in shares of Westlake by 247.7% in the fourth quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock worth $26,000 after acquiring an additional 161 shares during the last quarter. Allworth Financial LP raised its holdings in Westlake by 6,316.7% in the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 379 shares during the last quarter. Transamerica Financial Advisors Inc. raised its holdings in Westlake by 1,668.2% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 367 shares during the last quarter. Continuum Advisory LLC boosted its position in Westlake by 43.2% during the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock worth $48,000 after buying an additional 96 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Westlake by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 523 shares of the specialty chemicals company’s stock worth $60,000 after acquiring an additional 219 shares during the last quarter. 28.40% of the stock is currently owned by 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.