Westlake (NYSE:WLK – Free Report) had its target price reduced by UBS Group from $160.00 to $144.00 in a report released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the specialty chemicals company’s stock.
Other equities research analysts have also recently issued reports about the company. BMO Capital Markets upped their target price on Westlake from $167.00 to $171.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 13th. Wells Fargo & Company dropped their price objective on Westlake from $180.00 to $160.00 and set an “overweight” rating for the company in a research report on Wednesday. Mizuho initiated coverage on Westlake in a research note on Thursday, August 8th. They issued an “outperform” rating and a $170.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on Westlake from $123.00 to $135.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Finally, Bank of America upgraded shares of Westlake from an “underperform” rating to a “neutral” rating and raised their price target for the company from $151.00 to $159.00 in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $162.92.
Check Out Our Latest Report on Westlake
Westlake Stock Down 3.1 %
Westlake (NYSE:WLK – Get Free Report) last released its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing the consensus estimate of $2.21 by ($0.80). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same period in the prior year, the business earned $2.20 earnings per share. Westlake’s quarterly revenue was up .1% compared to the same quarter last year. Sell-side analysts forecast that Westlake will post 7.28 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Westlake
Hedge funds have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC bought a new position in Westlake during the 1st quarter worth $3,254,000. Comerica Bank raised its position in shares of Westlake by 17.9% during the first quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company’s stock worth $3,742,000 after acquiring an additional 3,710 shares during the last quarter. CIBC Asset Management Inc acquired a new position in shares of Westlake in the second quarter worth approximately $544,000. Avantax Advisory Services Inc. bought a new stake in Westlake in the first quarter valued at approximately $207,000. Finally, 1832 Asset Management L.P. acquired a new stake in Westlake during the 2nd quarter valued at approximately $27,179,000. Institutional investors and hedge funds 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.
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