Westlake (NYSE:WLK) Price Target Lowered to $90.00 at Morgan Stanley

Key Points

• Morgan Stanley has lowered Westlake's price target from $98.00 to $90.00, maintaining an "equal weight" rating, indicating a potential upside of 10.37% from the current stock price.
• The average price target for Westlake among analysts is $92.93, with one sell rating, six hold ratings, and eight buy ratings assigned to the company's stock.
• Westlake's stock traded down $1.54 to $81.55 on Wednesday, with a 52-week range of $68.55 to $153.34, and a market capitalization of $10.46 billion.

Westlake (NYSE:WLK - Get Free Report) had its price target decreased by Morgan Stanley from $98.00 to $90.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the specialty chemicals company's stock. Morgan Stanley's price target would suggest a potential upside of 10.37% from the stock's current price.

Several other equities analysts have also weighed in on the company. BMO Capital Markets lifted their price target on Westlake from $91.00 to $94.00 and gave the company a "market perform" rating in a research note on Wednesday. The Goldman Sachs Group cut their price target on Westlake from $130.00 to $95.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. Barclays cut their price target on Westlake from $135.00 to $100.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Wells Fargo & Company boosted their price objective on Westlake from $76.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Finally, Truist Financial dropped their price target on Westlake from $117.00 to $92.00 and set a "buy" rating for the company in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $92.93.

Westlake Stock Performance

WLK traded down $1.54 on Wednesday, reaching $81.55. 570,037 shares of the stock were exchanged, compared to its average volume of 1,015,694. The firm has a market capitalization of $10.46 billion, a PE ratio of 27.33, a PEG ratio of 18.82 and a beta of 0.92. The company's 50-day moving average price is $78.49 and its 200 day moving average price is $92.06. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.63 and a quick ratio of 1.86. Westlake has a fifty-two week low of $68.55 and a fifty-two week high of $153.34.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Balyasny Asset Management L.P. grew its stake in shares of Westlake by 732.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 993,150 shares of the specialty chemicals company's stock valued at $113,865,000 after buying an additional 873,888 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in Westlake in the 2nd quarter worth $62,508,000. Nuveen LLC acquired a new position in Westlake in the 1st quarter worth $72,974,000. Millennium Management LLC raised its stake in shares of Westlake by 366.7% in the 1st quarter. Millennium Management LLC now owns 901,229 shares of the specialty chemicals company's stock valued at $90,150,000 after purchasing an additional 708,142 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Westlake by 17.7% in the 1st quarter. Victory Capital Management Inc. now owns 3,900,025 shares of the specialty chemicals company's stock valued at $390,120,000 after purchasing an additional 586,178 shares in the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

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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