Westlake (NYSE:WLK) Price Target Cut to $130.00 by Analysts at Wells Fargo & Company

Westlake (NYSE:WLK) had its target price cut by analysts at Wells Fargo & Company from $160.00 to $130.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 16.43% from the stock’s previous close.

Several other research analysts have also weighed in on WLK. Bank of America lowered their target price on shares of Westlake from $134.00 to $116.00 and set a “neutral” rating for the company in a research note on Tuesday. Barclays dropped their price objective on Westlake from $175.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday. Morgan Stanley decreased their target price on Westlake from $155.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Piper Sandler cut their price target on shares of Westlake from $155.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, UBS Group raised shares of Westlake from a “neutral” rating to a “buy” rating and set a $144.00 target price on the stock in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Westlake has a consensus rating of “Moderate Buy” and an average target price of $147.36.

Westlake Trading Up 1.9 %

NYSE:WLK traded up $2.13 on Tuesday, hitting $111.66. The stock had a trading volume of 41,502 shares, compared to its average volume of 586,631. The company has a fifty day moving average price of $114.08 and a two-hundred day moving average price of $129.12. Westlake has a 1-year low of $104.74 and a 1-year high of $162.64. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The stock has a market cap of $14.37 billion, a price-to-earnings ratio of 158.65, a PEG ratio of 2.36 and a beta of 1.17.

Insiders Place Their Bets

In other news, Director David Tsung-Hung Chao sold 1,750 shares of Westlake stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $129.08, for a total transaction of $225,890.00. Following the completion of the sale, the director now directly owns 7,784 shares in the company, valued at approximately $1,004,758.72. This trade represents a 18.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 74.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Westlake

Hedge funds have recently modified their holdings of the company. Blue Trust Inc. lifted its stake in shares of Westlake by 247.7% during the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock worth $26,000 after purchasing an additional 161 shares during the period. Allworth Financial LP raised its holdings in shares of Westlake by 6,316.7% in the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 379 shares during the period. Transamerica Financial Advisors Inc. grew its holdings in shares of Westlake by 1,668.2% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 367 shares during the period. Continuum Advisory LLC increased its position in Westlake by 43.2% during the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock worth $48,000 after purchasing an additional 96 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Westlake by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 523 shares of the specialty chemicals company’s stock valued at $60,000 after buying an additional 219 shares during the period. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Company Profile

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.