Westlake (NYSE:WLK) Price Target Increased to $180.00 by Analysts at Piper Sandler

Westlake (NYSE:WLK - Get Free Report) had its price target lifted by equities research analysts at Piper Sandler from $160.00 to $180.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an "overweight" rating on the specialty chemicals company's stock. Piper Sandler's price target would indicate a potential upside of 15.05% from the stock's previous close.

Several other research analysts have also recently weighed in on the stock. Barclays boosted their price target on shares of Westlake from $142.00 to $160.00 and gave the company an "equal weight" rating in a research report on Thursday, April 4th. Royal Bank of Canada boosted their price target on shares of Westlake from $134.00 to $153.00 and gave the company a "sector perform" rating in a research report on Friday, April 19th. Bank of America upgraded Westlake from a "hold" rating to a "buy" rating and increased their price target for the stock from $138.00 to $174.00 in a report on Thursday, April 18th. Citigroup boosted their price target on shares of Westlake from $140.00 to $162.00 and gave the company a "neutral" rating in a research note on Wednesday, April 10th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Westlake from a "hold" rating to a "buy" rating and increased their price objective for the stock from $138.00 to $174.00 in a research report on Thursday, April 18th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $147.93.

Westlake Price Performance

Westlake stock traded up $3.16 during trading on Tuesday, reaching $156.46. The company had a trading volume of 622,158 shares, compared to its average volume of 401,960. The firm's 50-day simple moving average is $148.79 and its 200 day simple moving average is $138.55. Westlake has a 1-year low of $103.28 and a 1-year high of $162.64. The firm has a market capitalization of $20.12 billion, a PE ratio of 77.04, a price-to-earnings-growth ratio of 1.67 and a beta of 1.30. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.83 and a current ratio of 2.46.

Westlake (NYSE:WLK - Get Free Report) last announced its earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.25. Westlake had a net margin of 2.13% and a return on equity of 7.69%. The company had revenue of $2.98 billion for the quarter, compared to analysts' expectations of $2.93 billion. During the same quarter in the previous year, the company posted $3.05 EPS. The firm's quarterly revenue was down 11.4% on a year-over-year basis. As a group, equities research analysts anticipate that Westlake will post 6.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Mark Steven Bender sold 4,854 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $137.57, for a total value of $667,764.78. Following the transaction, the chief financial officer now owns 50,110 shares in the company, valued at approximately $6,893,632.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Mark Steven Bender sold 4,854 shares of the company's stock in a transaction on Monday, February 26th. The shares were sold at an average price of $137.57, for a total value of $667,764.78. Following the completion of the transaction, the chief financial officer now owns 50,110 shares in the company, valued at approximately $6,893,632.70. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Robert F. Buesinger sold 3,878 shares of Westlake stock in a transaction on Friday, March 15th. The stock was sold at an average price of $144.50, for a total transaction of $560,371.00. Following the sale, the executive vice president now owns 21,144 shares in the company, valued at $3,055,308. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,608 shares of company stock worth $2,676,565. Corporate insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Westlake by 2.1% during the 3rd quarter. FMR LLC now owns 4,630,975 shares of the specialty chemicals company's stock worth $577,344,000 after buying an additional 96,152 shares in the last quarter. Capital World Investors lifted its holdings in Westlake by 106.2% in the fourth quarter. Capital World Investors now owns 1,311,836 shares of the specialty chemicals company's stock valued at $183,605,000 after acquiring an additional 675,725 shares during the period. Pacer Advisors Inc. boosted its position in shares of Westlake by 6.2% during the 4th quarter. Pacer Advisors Inc. now owns 1,142,590 shares of the specialty chemicals company's stock worth $159,917,000 after purchasing an additional 66,614 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Westlake by 10.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 682,832 shares of the specialty chemicals company's stock worth $85,129,000 after purchasing an additional 63,823 shares during the period. Finally, Norges Bank acquired a new stake in shares of Westlake in the fourth quarter valued at about $50,961,000. 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.