Westlake (NYSE:WLK) Given New $116.00 Price Target at Bank of America

Westlake (NYSE:WLK) had its target price dropped by equities researchers at Bank of America from $134.00 to $116.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the specialty chemicals company’s stock. Bank of America‘s target price would suggest a potential upside of 5.85% from the stock’s previous close.

A number of other brokerages have also commented on WLK. StockNews.com upgraded Westlake from a “sell” rating to a “hold” rating in a report on Tuesday, November 26th. Piper Sandler cut their target price on shares of Westlake from $155.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Truist Financial began coverage on shares of Westlake in a research report on Tuesday, January 28th. They issued a “buy” rating and a $168.00 price target on the stock. UBS Group raised shares of Westlake from a “neutral” rating to a “buy” rating and set a $144.00 price objective for the company in a research report on Friday, January 10th. Finally, Royal Bank of Canada decreased their target price on Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $149.50.

Westlake Trading Down 0.1 %

Westlake stock opened at $109.59 on Tuesday. The business’s 50-day simple moving average is $114.08 and its 200-day simple moving average is $129.12. Westlake has a 52 week low of $104.74 and a 52 week high of $162.64. The firm has a market capitalization of $14.10 billion, a PE ratio of 154.35, a PEG ratio of 2.36 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79.

Insider Buying and Selling at Westlake

In other Westlake news, Director David Tsung-Hung Chao sold 1,750 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $129.08, for a total value of $225,890.00. Following the transaction, the director now directly owns 7,784 shares in the company, valued at $1,004,758.72. The trade was a 18.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 74.10% of the company’s stock.

Institutional Investors Weigh In On Westlake

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in Westlake by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 552,646 shares of the specialty chemicals company’s stock valued at $82,837,000 after purchasing an additional 23,558 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Westlake by 27.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 59,499 shares of the specialty chemicals company’s stock valued at $6,822,000 after buying an additional 12,833 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Westlake by 15.2% in the third quarter. BNP Paribas Financial Markets now owns 49,085 shares of the specialty chemicals company’s stock valued at $7,377,000 after buying an additional 6,476 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in Westlake by 7.5% during the 4th quarter. Wedge Capital Management L L P NC now owns 79,178 shares of the specialty chemicals company’s stock worth $9,078,000 after buying an additional 5,512 shares in the last quarter. Finally, Manning & Napier Advisors LLC grew its holdings in Westlake by 88.3% during the 4th quarter. Manning & Napier Advisors LLC now owns 18,789 shares of the specialty chemicals company’s stock worth $2,154,000 after acquiring an additional 8,813 shares during the last quarter. 28.40% of the stock is currently 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.