UBS Group Lowers Westlake (NYSE:WLK) Price Target to $144.00

Westlake (NYSE:WLK) had its price target trimmed by UBS Group from $160.00 to $144.00 in a research note published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the specialty chemicals company’s stock.

WLK has been the topic of several other reports. Mizuho assumed coverage on Westlake in a research report on Thursday, August 8th. They set an “outperform” rating and a $170.00 target price on the stock. Royal Bank of Canada lowered their price objective on Westlake from $174.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, October 11th. Bank of America raised shares of Westlake from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $151.00 to $159.00 in a report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price target on shares of Westlake from $123.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. Finally, Wells Fargo & Company lowered their price target on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $162.92.

Westlake Trading Down 3.1 %

Westlake stock opened at $132.15 on Wednesday. Westlake has a 52-week low of $118.64 and a 52-week high of $162.64. The company has a market cap of $16.99 billion, a P/E ratio of 186.13, a P/E/G ratio of 1.91 and a beta of 1.19. The company has a quick ratio of 1.94, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The business has a 50-day simple moving average of $140.27 and a two-hundred day simple moving average of $146.09.

Westlake (NYSE:WLK) last announced its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). The business had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $2.20 earnings per share. Analysts predict that Westlake will post 7.28 EPS for the current year.

Institutional Trading of Westlake

Several hedge funds have recently bought and sold shares of WLK. Susquehanna Fundamental Investments LLC bought a new stake in shares of Westlake in the first quarter worth about $3,254,000. Comerica Bank boosted its stake in Westlake by 17.9% during the first quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company’s stock valued at $3,742,000 after buying an additional 3,710 shares during the last quarter. CIBC Asset Management Inc purchased a new position in Westlake during the 2nd quarter valued at approximately $544,000. Avantax Advisory Services Inc. bought a new stake in Westlake in the 1st quarter worth approximately $207,000. Finally, 1832 Asset Management L.P. purchased a new stake in shares of Westlake during the 2nd quarter worth approximately $27,179,000. Hedge funds and other institutional investors own 28.40% of the company’s stock.

About Westlake

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.