Westlake (NYSE:WLK) Price Target Lowered to $79.00 at Royal Bank Of Canada

Westlake (NYSE:WLK) had its price objective reduced by analysts at Royal Bank Of Canada from $87.00 to $79.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank Of Canada’s price target points to a potential upside of 13.07% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Bank of America upgraded shares of Westlake from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $87.00 to $84.00 in a report on Monday. Wells Fargo & Company boosted their price target on shares of Westlake from $76.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, July 14th. UBS Group set a $93.00 price objective on shares of Westlake and gave the stock a “buy” rating in a research report on Friday. Weiss Ratings restated a “sell (d)” rating on shares of Westlake in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Westlake from $73.00 to $78.00 and gave the company a “neutral” rating in a research report on Thursday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $88.86.

Westlake Stock Up 1.5%

NYSE:WLK traded up $1.06 during midday trading on Monday, reaching $69.87. 165,207 shares of the stock traded hands, compared to its average volume of 1,058,128. The business has a 50-day moving average of $81.21 and a two-hundred day moving average of $80.95. The stock has a market capitalization of $8.96 billion, a PE ratio of -131.62 and a beta of 0.93. Westlake has a 12-month low of $65.77 and a 12-month high of $139.59. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.75 and a current ratio of 2.47.

Westlake (NYSE:WLK) last posted its quarterly earnings results on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.47). Westlake had a positive return on equity of 1.26% and a negative net margin of 0.57%.The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the prior year, the business posted $1.41 EPS. The company’s quarterly revenue was down 9.0% on a year-over-year basis. On average, equities analysts forecast that Westlake will post 6.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Westlake

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Huntington National Bank acquired a new stake in shares of Westlake during the 2nd quarter worth approximately $26,000. Private Trust Co. NA lifted its stake in Westlake by 251.1% during the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 226 shares in the last quarter. Signaturefd LLC lifted its stake in Westlake by 127.1% during the 1st quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 239 shares in the last quarter. UMB Bank n.a. increased its position in shares of Westlake by 107.0% during the second quarter. UMB Bank n.a. now owns 565 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 292 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Westlake by 54.5% during the 2nd quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock worth $43,000 after purchasing an additional 200 shares during the period. 28.40% of the stock is owned by institutional investors.

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.