Mizuho Forecasts Strong Price Appreciation for Westlake (NYSE:WLK) Stock

Westlake (NYSE:WLK) had its price target hoisted by stock analysts at Mizuho from $97.00 to $110.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. Mizuho’s price objective suggests a potential upside of 0.30% from the company’s previous close.

A number of other analysts also recently weighed in on the company. Citigroup increased their price target on Westlake from $124.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, March 12th. Morgan Stanley set a $80.00 target price on Westlake in a research note on Monday, December 15th. Bank of America reiterated a “buy” rating on shares of Westlake in a report on Monday, March 2nd. Zacks Research raised shares of Westlake from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 26th. Finally, Wells Fargo & Company lifted their price objective on shares of Westlake from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $100.33.

Westlake Trading Up 3.3%

NYSE:WLK traded up $3.55 on Monday, reaching $109.67. 639,574 shares of the stock traded hands, compared to its average volume of 1,407,576. The company has a current ratio of 2.24, a quick ratio of 1.65 and a debt-to-equity ratio of 0.55. Westlake has a 1-year low of $56.33 and a 1-year high of $116.46. The company’s 50 day moving average is $96.85 and its 200-day moving average is $82.14. The firm has a market capitalization of $14.03 billion, a price-to-earnings ratio of -9.40 and a beta of 0.83.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, February 24th. The specialty chemicals company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.47) by $1.22. Westlake had a negative net margin of 13.50% and a negative return on equity of 1.22%. The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter in the previous year, the company earned $0.06 EPS. The company’s revenue for the quarter was down 10.9% on a year-over-year basis. Equities research analysts anticipate that Westlake will post 6.48 EPS for the current fiscal year.

Insider Buying and Selling at Westlake

In other news, CFO Mark Steven Bender sold 17,409 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $100.92, for a total transaction of $1,756,916.28. Following the transaction, the chief financial officer directly owned 44,433 shares of the company’s stock, valued at $4,484,178.36. This represents a 28.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new position in shares of Westlake during the third quarter valued at about $28,000. Quarry LP bought a new position in Westlake in the 4th quarter valued at about $31,000. Fifth Third Bancorp boosted its stake 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 stake in Westlake during the 3rd quarter worth approximately $53,000. Finally, Hantz Financial Services Inc. raised its stake in shares of Westlake by 180.3% in the third quarter. Hantz Financial Services Inc. now owns 740 shares of the specialty chemicals company’s stock worth $57,000 after purchasing an additional 476 shares during the last quarter. 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.