Wells Fargo & Company Lowers Westlake (NYSE:WLK) Price Target to $105.00

Westlake (NYSE:WLKGet Rating) had its price target reduced by research analysts at Wells Fargo & Company from $112.00 to $105.00 in a research note issued to investors on Friday, Marketbeat reports. The brokerage presently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 4.99% from the company’s current price.

A number of other research firms have also commented on WLK. StockNews.com upgraded shares of Westlake from a “hold” rating to a “buy” rating in a research report on Saturday, October 29th. Morgan Stanley reduced their price target on shares of Westlake from $120.00 to $115.00 and set an “equal weight” rating for the company in a research report on Monday, August 8th. JPMorgan Chase & Co. upgraded shares of Westlake from a “neutral” rating to an “overweight” rating and set a $135.00 price target for the company in a research report on Wednesday, August 17th. KeyCorp lifted their price objective on shares of Westlake from $79.00 to $85.00 and gave the stock an “underweight” rating in a report on Friday. Finally, Citigroup downgraded shares of Westlake from a “neutral” rating to a “sell” rating in a report on Tuesday, October 4th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $113.00.

Westlake Stock Up 8.0 %

WLK opened at $100.01 on Friday. The company has a fifty day moving average price of $92.92 and a 200-day moving average price of $105.22. The firm has a market capitalization of $12.83 billion, a P/E ratio of 4.88, a price-to-earnings-growth ratio of 2.54 and a beta of 1.21. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.39 and a quick ratio of 1.59. Westlake has a one year low of $81.29 and a one year high of $141.19.

Insider Buying and Selling at Westlake

In other Westlake news, CAO Johnathan Stevan Zoeller sold 542 shares of the business’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $107.08, for a total value of $58,037.36. Following the transaction, the chief accounting officer now owns 543 shares in the company, valued at $58,144.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 73.70% of the company’s stock.

Hedge Funds Weigh In On Westlake

A number of hedge funds have recently modified their holdings of WLK. State of Alaska Department of Revenue increased its position in shares of Westlake by 7.3% in the first quarter. State of Alaska Department of Revenue now owns 3,696 shares of the specialty chemicals company’s stock valued at $456,000 after acquiring an additional 252 shares during the period. Strs Ohio increased its position in shares of Westlake by 44.7% during the first quarter. Strs Ohio now owns 58,773 shares of the specialty chemicals company’s stock valued at $7,252,000 after buying an additional 18,162 shares during the period. Allworth Financial LP purchased a new position in shares of Westlake during the first quarter valued at about $27,000. Assenagon Asset Management S.A. grew its holdings in Westlake by 148.1% in the first quarter. Assenagon Asset Management S.A. now owns 62,969 shares of the specialty chemicals company’s stock worth $7,770,000 after purchasing an additional 37,589 shares during the period. Finally, Convergence Investment Partners LLC purchased a new stake in Westlake in the first quarter worth about $152,000. Hedge funds and other institutional investors own 27.72% of the company’s stock.

About Westlake

(Get Rating)

Westlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products.

Featured Articles

Analyst Recommendations for Westlake (NYSE:WLK)

Receive News & Ratings for Westlake Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake and related companies with MarketBeat.com's FREE daily email newsletter.