Mizuho Cuts Westlake (NYSE:WLK) Price Target to $88.00

Westlake (NYSE:WLK) had its target price dropped by stock analysts at Mizuho from $110.00 to $88.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. Mizuho’s price target indicates a potential upside of 19.76% from the stock’s previous close.

Several other research analysts have also weighed in on WLK. Weiss Ratings reissued a “sell (d)” rating on shares of Westlake in a research note on Monday, April 20th. Royal Bank Of Canada lowered their target price on shares of Westlake from $145.00 to $130.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. Morgan Stanley set a $115.00 target price on shares of Westlake and gave the stock an “equal weight” rating in a report on Tuesday, May 5th. Truist Financial lifted their price target on shares of Westlake from $117.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Finally, Bank of America decreased their price target on shares of Westlake from $104.00 to $85.00 and set a “neutral” rating for the company in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $102.64.

Westlake Trading Down 1.7%

NYSE WLK opened at $73.48 on Wednesday. The stock has a 50-day simple moving average of $91.48 and a 200 day simple moving average of $94.36. The company has a market capitalization of $9.41 billion, a PE ratio of -5.79 and a beta of 0.58. The company has a current ratio of 2.17, a quick ratio of 1.56 and a debt-to-equity ratio of 0.56. Westlake has a 12 month low of $56.33 and a 12 month high of $124.23.

Westlake (NYSE:WLK) last issued its earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.67). The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.79 billion. Westlake had a negative return on equity of 1.89% and a negative net margin of 14.91%.Westlake’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.31) EPS. Research analysts forecast that Westlake will post 3.81 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. State of Michigan Retirement System increased its stake in Westlake by 1.3% in the 1st quarter. State of Michigan Retirement System now owns 8,000 shares of the specialty chemicals company’s stock valued at $935,000 after buying an additional 100 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in Westlake by 2.9% during the fourth quarter. Daiwa Securities Group Inc. now owns 4,108 shares of the specialty chemicals company’s stock worth $304,000 after acquiring an additional 117 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Westlake by 0.6% during the second quarter. The Manufacturers Life Insurance Company now owns 28,134 shares of the specialty chemicals company’s stock valued at $2,136,000 after purchasing an additional 165 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Westlake by 14.0% in the first quarter. PNC Financial Services Group Inc. now owns 1,522 shares of the specialty chemicals company’s stock valued at $178,000 after purchasing an additional 187 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Westlake by 3.0% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 6,868 shares of the specialty chemicals company’s stock worth $802,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 28.40% of the company’s stock.

Westlake Company Profile

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.