Westlake (NYSE:WLK) Given New $74.00 Price Target at Royal Bank Of Canada

Westlake (NYSE:WLK) had its price objective cut by Royal Bank Of Canada from $95.00 to $74.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 18.89% from the company’s current price.

Several other research analysts also recently commented on the company. BMO Capital Markets reaffirmed a “market perform” rating and set a $96.00 target price on shares of Westlake in a report on Monday, July 6th. The Goldman Sachs Group set a $85.00 price target on Westlake in a research report on Thursday, July 16th. Weiss Ratings reissued a “sell (d)” rating on shares of Westlake in a research note on Friday, July 17th. Bank of America lowered their price objective on Westlake from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Finally, Wells Fargo & Company lowered their price objective on Westlake from $89.00 to $68.00 and set an “equal weight” rating for the company in a research report on Thursday, October 1st. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $83.87.

Westlake Trading Up 0.6%

NYSE WLK traded up $0.39 on Tuesday, hitting $62.24. The company’s stock had a trading volume of 51,748 shares, compared to its average volume of 1,146,015. The company’s 50-day moving average is $72.06 and its 200 day moving average is $85.08. The firm has a market cap of $7.95 billion, a PE ratio of -6.51 and a beta of 0.69. Westlake has a 1-year low of $56.33 and a 1-year high of $124.23. The company has a quick ratio of 1.70, a current ratio of 2.45 and a debt-to-equity ratio of 0.55.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $2.01 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.18. Westlake had a negative net margin of 10.94% and a positive return on equity of 0.93%. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the previous year, the business earned ($1.11) earnings per share. Westlake’s revenue was up 10.8% compared to the same quarter last year. As a group, analysts predict that Westlake will post 2.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Westlake news, Chairman Albert Chao sold 38,873 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $80.28, for a total transaction of $3,120,724.44. Following the completion of the sale, the chairman directly owned 642,880 shares in the company, valued at approximately $51,610,406.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Westlake

Large investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its holdings in Westlake by 133.8% in the first quarter. Parallel Advisors LLC now owns 830 shares of the specialty chemicals company’s stock worth $97,000 after purchasing an additional 475 shares in the last quarter. Nykredit A S bought a new position in shares of Westlake during the 2nd quarter worth approximately $69,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Westlake by 219.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 955 shares of the specialty chemicals company’s stock worth $71,000 after buying an additional 656 shares in the last quarter. Transamerica Financial Advisors LLC acquired a new stake in shares of Westlake during the 2nd quarter worth approximately $80,000. Finally, IFP Advisors Inc grew its position in shares of Westlake by 58,450.0% during the 2nd quarter. IFP Advisors Inc now owns 1,171 shares of the specialty chemicals company’s stock worth $85,000 after buying an additional 1,169 shares during the period. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Company Profile

Westlake Corporation (NYSE: WLK) is a global manufacturer of performance and essential materials used in construction, infrastructure, packaging, healthcare, automotive, and consumer products. Headquartered in Houston, Texas, the company operates through businesses focused on producing chemical building blocks, polymers, and specialty materials.

Its product portfolio includes polyvinyl chloride (PVC), chlor-alkali products such as caustic soda and chlorine, polyethylene, epoxy and specialty resins, and other performance chemicals.