Westlake (NYSE:WLK – Get Free Report) was upgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Briefing.com reports. The firm currently has a $174.00 target price on the specialty chemicals company’s stock, up from their previous target price of $138.00. Deutsche Bank Aktiengesellschaft’s price target would suggest a potential upside of 17.13% from the stock’s previous close.
Several other research analysts have also weighed in on the company. Royal Bank of Canada cut their target price on Westlake from $139.00 to $134.00 and set a “sector perform” rating on the stock in a research report on Monday, February 26th. Vertical Research lowered Westlake from a “buy” rating to a “hold” rating and set a $154.00 target price on the stock. in a research report on Monday, April 8th. Citigroup increased their target price on Westlake from $140.00 to $162.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Tudor, Pickering, Holt & Co. raised Westlake from a “sell” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, Wells Fargo & Company increased their price target on Westlake from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, April 3rd. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $141.21.
Get Our Latest Report on Westlake
Westlake Trading Down 1.1 %
Westlake (NYSE:WLK – Get Free Report) last issued its quarterly earnings results on Tuesday, February 20th. The specialty chemicals company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.09). The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.85 billion. Westlake had a net margin of 3.82% and a return on equity of 9.70%. The company’s revenue was down 14.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.79 earnings per share. As a group, analysts forecast that Westlake will post 6.93 EPS for the current year.
Insider Transactions at Westlake
In related news, EVP Robert F. Buesinger sold 3,878 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $144.50, for a total value of $560,371.00. Following the sale, the executive vice president now owns 21,144 shares of the company’s stock, valued at $3,055,308. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Westlake news, CFO Mark Steven Bender sold 4,804 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $141.02, for a total value of $677,460.08. Following the transaction, the chief financial officer now directly owns 45,306 shares in the company, valued at $6,389,052.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Robert F. Buesinger sold 3,878 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $144.50, for a total transaction of $560,371.00. Following the completion of the transaction, the executive vice president now owns 21,144 shares in the company, valued at $3,055,308. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,658 shares of company stock worth $1,923,225. 1.30% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Westlake
A number of institutional investors and hedge funds have recently added to or reduced their stakes in WLK. CVA Family Office LLC acquired a new position in Westlake in the fourth quarter valued at about $25,000. Worth Asset Management LLC acquired a new position in Westlake in the first quarter valued at about $28,000. Gyon Technologies Capital Management LP acquired a new position in Westlake in the fourth quarter valued at about $32,000. Venturi Wealth Management LLC boosted its position in Westlake by 51.3% in the fourth quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after buying an additional 80 shares in the last quarter. Finally, UniSuper Management Pty Ltd acquired a new position in Westlake in the second quarter valued at about $36,000. 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.
Recommended Stories
- Five stocks we like better than Westlake
- Most active stocks: Dollar volume vs share volume
- What’s Driving Tesla Lower Ahead of its Earnings?
- 3 Stocks to Protect Your Portfolio from the Coronavirus Contagion
- Here are the Pros and Cons of Using Options Put Credit Spreads
- What Percentage Gainers Tell Investors and Why They Don’t Tell the Whole Story
- Can Netflix Stock Continue Into All-Time Highs After Earnings?
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.