Westlake (NYSE:WLK) PT Raised to $162.00 at Barclays

Westlake (NYSE:WLKGet Free Report) had its price objective hoisted by investment analysts at Barclays from $160.00 to $162.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the specialty chemicals company’s stock. Barclays‘s price objective suggests a potential upside of 7.26% from the company’s previous close.

WLK has been the subject of several other research reports. StockNews.com cut shares of Westlake from a “hold” rating to a “sell” rating in a report on Wednesday, June 12th. Royal Bank of Canada reissued a “sector perform” rating and set a $158.00 target price on shares of Westlake in a report on Friday, June 14th. Piper Sandler raised their target price on shares of Westlake from $160.00 to $180.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Citigroup raised their target price on shares of Westlake from $162.00 to $168.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Finally, Wells Fargo & Company raised their target price on shares of Westlake from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $152.00.

Read Our Latest Stock Report on WLK

Westlake Trading Up 0.4 %

NYSE WLK opened at $151.04 on Monday. The company has a fifty day simple moving average of $153.99 and a two-hundred day simple moving average of $145.73. The stock has a market cap of $19.42 billion, a P/E ratio of 75.90, a P/E/G ratio of 1.89 and a beta of 1.26. Westlake has a 12-month low of $107.34 and a 12-month high of $162.64. The company has a current ratio of 2.46, a quick ratio of 1.83 and a debt-to-equity ratio of 0.42.

Westlake (NYSE:WLKGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.25. Westlake had a net margin of 2.13% and a return on equity of 7.69%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter last year, the company posted $3.05 earnings per share. The business’s quarterly revenue was down 11.4% on a year-over-year basis. On average, analysts forecast that Westlake will post 6.62 earnings per share for the current year.

Insider Activity

In other news, CFO Mark Steven Bender sold 4,950 shares of Westlake stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $152.19, for a total value of $753,340.50. Following the sale, the chief financial officer now owns 40,356 shares in the company, valued at $6,141,779.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Westlake

Several hedge funds and other institutional investors have recently modified their holdings of WLK. Capital World Investors lifted its stake in shares of Westlake by 106.2% in the fourth quarter. Capital World Investors now owns 1,311,836 shares of the specialty chemicals company’s stock worth $183,605,000 after buying an additional 675,725 shares in the last quarter. Norges Bank purchased a new position in Westlake during the fourth quarter worth about $50,961,000. Appian Way Asset Management LP purchased a new position in Westlake during the first quarter worth about $25,154,000. Invesco Ltd. raised its stake in Westlake by 56.1% during the third quarter. Invesco Ltd. now owns 304,429 shares of the specialty chemicals company’s stock worth $37,953,000 after purchasing an additional 109,433 shares during the period. Finally, FMR LLC raised its stake in Westlake by 2.1% during the third quarter. FMR LLC now owns 4,630,975 shares of the specialty chemicals company’s stock worth $577,344,000 after purchasing an additional 96,152 shares during the period. 28.40% of the stock is owned by hedge funds and other institutional investors.

About Westlake

(Get Free Report)

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.

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