Westlake (NYSE:WLK) Lowered to “Hold” Rating by BMO Capital Markets

Westlake (NYSE:WLK) was downgraded by research analysts at BMO Capital Markets from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other equities analysts have also commented on the stock. Royal Bank Of Canada lowered their price objective on shares of Westlake from $145.00 to $130.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. JPMorgan Chase & Co. upgraded shares of Westlake from an “underweight” rating to a “neutral” rating and set a $90.00 target price on the stock in a report on Monday, May 18th. Mizuho decreased their target price on shares of Westlake from $110.00 to $88.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 1st. Bank of America decreased their target price on shares of Westlake from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Finally, UBS Group reiterated a “buy” rating and issued a $117.00 price target (down from $130.00) on shares of Westlake in a research report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Westlake has a consensus rating of “Hold” and an average price target of $98.79.

Westlake Price Performance

Shares of WLK traded up $1.94 during mid-day trading on Monday, hitting $76.74. 385,753 shares of the stock were exchanged, compared to its average volume of 1,255,122. The company has a market cap of $9.83 billion, a PE ratio of -6.04 and a beta of 0.62. Westlake has a 52-week low of $56.33 and a 52-week high of $124.23. The firm has a 50-day moving average of $88.31 and a two-hundred day moving average of $94.37. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.56 and a current ratio of 2.17.

Westlake (NYSE:WLK) last posted its earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.67). Westlake had a negative net margin of 14.91% and a negative return on equity of 1.89%. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the company posted ($0.31) earnings per share. The firm’s revenue was down 6.8% compared to the same quarter last year. On average, equities analysts predict that Westlake will post 3.62 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new stake in shares of Westlake in the 3rd quarter worth about $28,000. Quarry LP purchased a new position in shares of Westlake during the 4th quarter worth about $31,000. Fifth Third Bancorp grew its holdings in Westlake by 71.3% during the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after purchasing an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC bought a new position in Westlake during the 3rd quarter valued at about $53,000. Finally, NewEdge Advisors LLC raised its position in Westlake by 49.6% in the 2nd quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock worth $57,000 after purchasing an additional 247 shares during the period. Institutional investors 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.