Westlake (NYSE:WLK) Price Target Raised to $110.00 at Mizuho

Westlake (NYSE:WLK) had its price objective upped by Mizuho from $97.00 to $110.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. Mizuho’s price objective indicates a potential upside of 0.30% from the company’s current price.

A number of other equities analysts also recently weighed in on WLK. Zacks Research upgraded Westlake from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 26th. Wells Fargo & Company boosted their price objective on Westlake from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Friday, March 13th. Truist Financial raised their target price on Westlake from $82.00 to $99.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Royal Bank Of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Westlake in a research note on Friday, January 16th. Finally, KeyCorp reissued a “sector weight” rating on shares of Westlake in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $100.33.

Westlake Stock Up 3.3%

Shares of NYSE WLK traded up $3.55 during trading on Monday, hitting $109.67. The stock had a trading volume of 639,574 shares, compared to its average volume of 1,407,576. The firm has a fifty day moving average of $96.85 and a two-hundred day moving average of $82.14. The company has a market capitalization of $14.03 billion, a PE ratio of -9.40 and a beta of 0.83. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.24 and a quick ratio of 1.65. Westlake has a 12 month low of $56.33 and a 12 month high of $116.46.

Westlake (NYSE:WLK) last released its quarterly earnings results on Tuesday, February 24th. The specialty chemicals company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.47) by $1.22. Westlake had a negative net margin of 13.50% and a negative return on equity of 1.22%. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same period last year, the firm earned $0.06 earnings per share. The firm’s revenue was down 10.9% on a year-over-year basis. As a group, equities research analysts forecast that Westlake will post 6.48 EPS for the current fiscal year.

Insider Activity at Westlake

In other news, CFO Mark Steven Bender sold 17,409 shares of the stock in a transaction on Friday, February 27th. The stock was sold at an average price of $100.92, for a total transaction of $1,756,916.28. Following the completion of the transaction, the chief financial officer owned 44,433 shares in the company, valued at approximately $4,484,178.36. This represents a 28.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Westlake

Several institutional investors have recently added to or reduced their stakes in WLK. Wellington Management Group LLP boosted its position in Westlake by 7,239.1% during the fourth quarter. Wellington Management Group LLP now owns 4,220,717 shares of the specialty chemicals company’s stock worth $312,080,000 after purchasing an additional 4,163,207 shares during the period. Capital World Investors purchased a new stake in shares of Westlake during the 4th quarter valued at approximately $160,548,000. Norges Bank bought a new position in Westlake in the 2nd quarter worth approximately $104,314,000. Brandes Investment Partners LP grew its stake in Westlake by 246.0% in the 2nd quarter. Brandes Investment Partners LP now owns 1,456,871 shares of the specialty chemicals company’s stock valued at $110,621,000 after buying an additional 1,035,851 shares in the last quarter. Finally, Holocene Advisors LP raised its holdings in Westlake by 440.1% during the 3rd quarter. Holocene Advisors LP now owns 854,184 shares of the specialty chemicals company’s stock valued at $65,823,000 after acquiring an additional 696,029 shares during the period. 28.40% of the stock is owned by hedge funds and other institutional investors.

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.