Truist Financial Issues Pessimistic Forecast for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK - Get Free Report) had its price target reduced by research analysts at Truist Financial from $132.00 to $117.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the specialty chemicals company's stock. Truist Financial's price objective indicates a potential upside of 48.16% from the company's current price.

WLK has been the subject of several other research reports. Wells Fargo & Company dropped their price objective on shares of Westlake from $130.00 to $110.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. StockNews.com upgraded Westlake from a "sell" rating to a "hold" rating in a report on Thursday. Bank of America upgraded Westlake from a "neutral" rating to a "buy" rating and lowered their target price for the company from $116.00 to $75.00 in a research report on Tuesday, April 15th. Piper Sandler restated a "neutral" rating and issued a $105.00 price target (down previously from $120.00) on shares of Westlake in a research report on Monday, April 7th. Finally, Barclays lowered their price objective on shares of Westlake from $175.00 to $135.00 and set an "overweight" rating for the company in a research report on Tuesday, February 25th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $121.00.

Westlake Stock Down 1.1 %

NYSE WLK traded down $0.88 during trading hours on Monday, reaching $78.97. 663,227 shares of the company's stock traded hands, compared to its average volume of 579,197. The firm has a 50-day simple moving average of $98.40 and a 200 day simple moving average of $113.06. The firm has a market cap of $10.15 billion, a PE ratio of 111.21, a PEG ratio of 2.36 and a beta of 1.02. Westlake has a 52-week low of $78.51 and a 52-week high of $161.31. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04.

Westlake (NYSE:WLK - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The specialty chemicals company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of $0.70 by ($1.01). The business had revenue of $2.85 billion for the quarter, compared to analysts' expectations of $2.97 billion. Westlake had a return on equity of 6.93% and a net margin of 0.81%. The company's revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.34 EPS. Sell-side analysts anticipate that Westlake will post 6.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Westlake

Several institutional investors and hedge funds have recently added to or reduced their stakes in WLK. Geode Capital Management LLC lifted its holdings in shares of Westlake by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 557,943 shares of the specialty chemicals company's stock valued at $63,832,000 after purchasing an additional 5,297 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Westlake by 4.4% during the fourth quarter. Rhumbline Advisers now owns 98,056 shares of the specialty chemicals company's stock worth $11,242,000 after acquiring an additional 4,088 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Westlake by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 236,354 shares of the specialty chemicals company's stock valued at $27,098,000 after acquiring an additional 11,992 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Westlake by 27.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 59,499 shares of the specialty chemicals company's stock valued at $6,822,000 after purchasing an additional 12,833 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Westlake by 21.0% in the 4th quarter. Victory Capital Management Inc. now owns 3,313,847 shares of the specialty chemicals company's stock worth $379,933,000 after purchasing an additional 574,068 shares in the last quarter. Hedge funds and other institutional investors own 28.40% of the company's stock.

Westlake Company Profile

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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