Westlake (NYSE:WLK) Stock Rating Lowered by Mizuho

Westlake (NYSE:WLK) was downgraded by research analysts at Mizuho from an “outperform” rating to a “neutral” rating in a report released on Monday, Marketbeat reports. They presently have a $88.00 price target on the specialty chemicals company’s stock. Mizuho’s target price would indicate a potential downside of 11.16% from the company’s current price.

A number of other research firms have also issued reports on WLK. Morgan Stanley set a $80.00 target price on shares of Westlake in a research note on Monday, December 15th. UBS Group reaffirmed a “buy” rating and issued a $92.00 price target (down from $93.00) on shares of Westlake in a research report on Tuesday, December 23rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Westlake in a research note on Wednesday, January 21st. Truist Financial increased their target price on Westlake from $82.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Westlake in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $89.47.

Westlake Stock Up 2.7%

Shares of WLK stock opened at $99.06 on Monday. The stock’s 50 day simple moving average is $79.79 and its 200 day simple moving average is $78.07. Westlake has a twelve month low of $56.33 and a twelve month high of $118.23. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.39 and a current ratio of 1.99. The company has a market capitalization of $12.71 billion, a price-to-earnings ratio of -13.35, a PEG ratio of 48.57 and a beta of 0.91.

Insider Activity

In other news, Chairman Albert Chao sold 40,836 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $73.57, for a total transaction of $3,004,304.52. Following the completion of the transaction, the chairman directly owned 627,722 shares of the company’s stock, valued at approximately $46,181,507.54. This trade represents a 6.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Thompson Siegel & Walmsley LLC lifted its stake in Westlake by 21.5% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 536,290 shares of the specialty chemicals company’s stock worth $39,653,000 after purchasing an additional 94,950 shares during the period. Norges Bank acquired a new position in shares of Westlake in the 4th quarter worth approximately $13,407,000. Legal & General Group Plc lifted its position in shares of Westlake by 56.3% during the 4th quarter. Legal & General Group Plc now owns 57,251 shares of the specialty chemicals company’s stock worth $4,233,000 after buying an additional 20,619 shares during the period. Hantz Financial Services Inc. lifted its position in shares of Westlake by 109.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,553 shares of the specialty chemicals company’s stock worth $115,000 after buying an additional 813 shares during the period. Finally, Lloyd Advisory Services LLC. acquired a new stake in Westlake in the 4th quarter valued at $181,000. Institutional investors and hedge funds own 28.40% of the company’s stock.

About Westlake

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.