BMO Capital Markets Has Lowered Expectations for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK) had its price target cut by research analysts at BMO Capital Markets from $103.00 to $94.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “market perform” rating on the specialty chemicals company’s stock. BMO Capital Markets’ price target suggests a potential upside of 27.51% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Morgan Stanley cut their price target on Westlake from $122.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Monday, May 12th. StockNews.com lowered Westlake from a “hold” rating to a “sell” rating in a report on Friday, May 9th. Royal Bank of Canada reduced their price target on Westlake from $122.00 to $96.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. lowered their price objective on Westlake from $110.00 to $82.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $76.00 price objective (down previously from $95.00) on shares of Westlake in a research note on Tuesday. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $103.54.

Westlake Stock Down 3.3%

Westlake stock opened at $73.72 on Tuesday. Westlake has a 1-year low of $73.63 and a 1-year high of $161.31. The business has a fifty day moving average price of $90.81 and a 200-day moving average price of $108.51. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of 103.83, a PEG ratio of 2.36 and a beta of 1.03.

Westlake (NYSE:WLK) last released its quarterly earnings results on Friday, May 2nd. The specialty chemicals company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($1.01). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The business had revenue of $2.85 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter last year, the business posted $1.34 earnings per share. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. Equities research analysts forecast that Westlake will post 6.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. grew its holdings in shares of Westlake by 247.7% in the fourth quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 161 shares during the period. Private Trust Co. NA grew its stake in shares of Westlake by 251.1% in the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 226 shares during the period. Signaturefd LLC increased its holdings in shares of Westlake by 127.1% during the 1st quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company’s stock worth $43,000 after buying an additional 239 shares during the last quarter. Allworth Financial LP lifted its holdings in Westlake by 6,316.7% in the fourth quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after acquiring an additional 379 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. increased its stake in Westlake by 1,668.2% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock worth $45,000 after acquiring an additional 367 shares during the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

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.