On October 12, 2023, it was reported that research analysts at Piper Sandler had reduced the price target for Westlake (NYSE:WLK) from $150.00 to $144.00. This information was shared in a research note issued to investors, according to Benzinga. Despite the decrease in price target, the firm still maintains an “overweight” rating on the specialty chemicals company’s stock. Piper Sandler’s new target price suggests a potential upside of 15.46% from the company’s previous close.
During trading hours on Wednesday, WLK traded down $2.17 and reached a price of $124.72. The stock experienced a trading volume of 104,650 shares, which is lower than its average volume of 503,022 shares. With a market capitalization of $15.93 billion, WLK has a price-to-earnings ratio (PE) of 12.17 and a beta value of 1.30.
Over the past year, Westlake has seen its stock fluctuate between a low of $85.37 and a high of $138.39, highlighting some level of volatility in its performance throughout the period. The company possesses a quick ratio of 2.17, reflecting its ability to meet short-term obligations efficiently.
As for its financial standing, Westlake demonstrates favorable liquidity with a current ratio of 2.95 and a debt-to-equity ratio of 0.44.
In terms of recent developments within ownership structure, it was disclosed that several hedge funds have made modifications to their holdings in the company over a certain timeframe.
FMR LLC increased its position in Westlake by 17.5% during the first quarter and now owns approximately 4,224,641 shares valued at $489,974,000 after acquiring an additional 629,978 shares.
First Trust Advisors LP also expanded its holdings in Westlake, experiencing a significant increase of 189.0% during the first quarter. The firm currently possesses 802,507 shares valued at $99,029,000 after acquiring an additional 524,828 shares.
Furthermore, Envestnet Asset Management Inc. experienced substantial growth in its stake, raising it by 959.2% during the first quarter. The firm now holds 554,086 shares valued at $4,866,000 after acquiring an additional 501,774 shares.
Balyasny Asset Management L.P. also saw a substantial increase in its holdings with a boost of 420.1% during the first quarter. As a result, the firm now owns 610,892 shares valued at $70,851,000 after acquiring an additional 493,432 shares.
Lastly, Norges Bank purchased a new position in Westlake during the fourth quarter with an estimated value of $31,719,000.
It is important to note that hedge funds and other institutional investors collectively own approximately 28.40% of Westlake’s stock.
In terms of financial performance disclosed so far this year on August 3rd by Westlake (NYSE:WLK), the company reported earnings per share (EPS) of $2.31 for the quarter. This figure fell below market expectations for an EPS of $2.83 by ($0.52). Additionally, the company generated revenue of $3.25 billion during the same period compared to the consensus estimate of $3.50 billion.
The net margin for Westlake stood at 9.55%, while its return on equity was reported as being 12.44%. It is worth noting that this quarter’s revenue dropped by approximately 27.5% compared to the previous year’s corresponding period.
During this same time frame last year when comparing quarterly results from previous years is possible due to their nature as financial reports, Westlake recorded an EPS of $6.60.
Equities analysts predict that Westlake will post an earnings per share figure of 8.78 for the current year.
In conclusion, research analysts at Piper Sandler have revised their price target for Westlake and now hold an “overweight” rating on the company’s stock. Despite a decrease in the price target, there remains potential for an upside of 15.46% from the previous close. With various hedge funds modifying their holdings in the company and a review of its recent financial performance, these factors contribute to shaping the overall outlook for Westlake as it progresses throughout the year.
Analyst Reports and Insider Trading: Evaluating Westlake Inc.’s Performance and Investment Potential
On October 12, 2023, several equities analysts have released reports on Westlake Inc., a prominent company in the industry. These reports provide insights into the company’s financial performance and offer recommendations for investors.
One notable report came from Wells Fargo & Company, which raised their price target on Westlake from $139.00 to $150.00. Additionally, they gave the stock an “overweight” rating. This suggests that Wells Fargo believes the stock has the potential to outperform its counterparts in the market.
Royal Bank of Canada also released a report on Westlake, increasing their target price from $127.00 to $133.00. They provided a “sector perform” rating for the company, indicating that they believe Westlake will perform in line with other companies in the sector.
StockNews.com began covering Westlake in a recent research report and issued a “hold” rating on the stock. This implies that StockNews.com takes a neutral stance on investing in Westlake at this time.
Morgan Stanley reiterated their “equal weight” rating for Westlake and assigned it a price objective of $110.00 per share. Their research report suggests that they view Westlake as having average potential compared to its competitors.
Barclays also provided an assessment of Westlake, raising their target price from $130.00 to $135.00 and giving it an “equal weight” rating similar to Morgan Stanley’s view of the stock.
These ratings provide valuable information to investors looking to make informed decisions about whether or not to invest in Westlake Inc.’s stock. Out of all the analysts’ ratings mentioned above, four analysts have rated the stock as a sell, eleven have given it a hold rating, and two have issued a buy rating.
According to Bloomberg data, which aggregates various analyst ratings, Westlake has an average rating of “Hold”. The consensus among these analysts is that Westlake’s stock has a target price of $128.71.
In related news, Director David Tsung-Hung Chao recently sold 1,000 shares of Westlake’s stock on August 23rd. The shares were sold at an average price of $131.00, resulting in a total transaction value of $131,000.00.
Following the transaction, Director David Tsung-Hung Chao now holds 10,148 shares in the company, which are valued at approximately $1,329,388. This information was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) and can be accessed through the provided hyperlink.
It is worth noting that insiders hold a significant portion of the company’s stock, with insiders owning 74.10% of Westlake Inc.’s shares. This level of insider ownership suggests that those within the company have confidence in its future prospects.
In conclusion, various equities analysts have provided their assessments and recommendations for Westlake Inc., shedding light on its performance and potential in the market. Investors can take these reports into account when making decisions about whether or not to invest in Westlake’s stock. Additionally, recent insider trading activity further adds to the dynamics surrounding this company.