Wells Fargo & Company Has Lowered Expectations for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK) had its price target lowered by equities researchers at Wells Fargo & Company from $160.00 to $130.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 15.54% from the company’s current price.

Several other research firms have also weighed in on WLK. Barclays reduced their target price on shares of Westlake from $175.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday. StockNews.com upgraded Westlake from a “sell” rating to a “hold” rating in a research note on Tuesday, November 26th. Citigroup upgraded Westlake from a “neutral” rating to a “buy” rating and lowered their target price for the company from $152.00 to $140.00 in a research note on Wednesday, December 18th. Morgan Stanley reduced their price target on Westlake from $155.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Finally, Bank of America lowered their price objective on shares of Westlake from $134.00 to $116.00 and set a “neutral” rating for the company in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Westlake presently has an average rating of “Hold” and an average target price of $141.86.

Westlake Stock Performance

Shares of NYSE:WLK opened at $112.52 on Tuesday. The business has a 50-day moving average of $113.92 and a two-hundred day moving average of $128.76. The firm has a market capitalization of $14.48 billion, a PE ratio of 158.47, a P/E/G ratio of 2.36 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04. Westlake has a 12 month low of $104.74 and a 12 month high of $162.64.

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

Insider Activity at Westlake

In other Westlake news, Director David Tsung-Hung Chao sold 1,750 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $129.08, for a total transaction of $225,890.00. Following the transaction, the director now owns 7,784 shares of the company’s stock, valued at $1,004,758.72. This trade represents a 18.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 74.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Westlake

Several institutional investors and hedge funds have recently made changes to their positions in WLK. Blue Trust Inc. increased its stake in Westlake by 247.7% during the fourth quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 161 shares during the last quarter. Continuum Advisory LLC boosted its holdings in shares of Westlake by 43.2% in the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock valued at $48,000 after buying an additional 96 shares during the period. Allworth Financial LP grew its position in shares of Westlake by 6,316.7% during 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 stake in Westlake by 1,668.2% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock worth $45,000 after acquiring an additional 367 shares during the period. Finally, Brooklyn Investment Group bought a new position in Westlake in the third quarter worth about $62,000. 28.40% of the stock is owned by institutional investors and hedge funds.

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.