Shares of Westlake Chemical Corp. (NYSE:WLK) have been assigned an average rating of “Buy” from the eleven analysts that are currently covering the firm. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $59.75.
WLK has been the subject of several recent research reports. Nomura set a $53.00 price objective on Westlake Chemical Corp. and gave the company a “hold” rating in a research note on Monday, August 1st. Vetr downgraded Westlake Chemical Corp. from a “strong-buy” rating to a “buy” rating and set a $48.76 price objective for the company. in a research note on Monday, July 11th. Cowen and Company reaffirmed an “outperform” rating and issued a $60.00 price objective (up previously from $53.00) on shares of Westlake Chemical Corp. in a research note on Monday, June 13th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $52.00 price objective (up previously from $50.00) on shares of Westlake Chemical Corp. in a research note on Monday, June 13th. Finally, JPMorgan Chase & Co. upped their price objective on Westlake Chemical Corp. from $55.00 to $56.00 and gave the company an “overweight” rating in a research note on Tuesday, August 16th.
Shares of Westlake Chemical Corp. (NYSE:WLK) traded down 0.51% during mid-day trading on Friday, reaching $50.41. The company’s stock had a trading volume of 1,415,605 shares. Westlake Chemical Corp. has a 52 week low of $39.48 and a 52 week high of $63.56. The stock has a market capitalization of $6.49 billion, a price-to-earnings ratio of 12.57 and a beta of 2.04. The company’s 50-day moving average is $50.05 and its 200-day moving average is $46.68.
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Westlake Chemical Corp. (NYSE:WLK) last issued its earnings results on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by $0.11. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.06 billion. Westlake Chemical Corp. had a return on equity of 15.42% and a net margin of 12.48%. The firm’s revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.41 EPS. Equities analysts predict that Westlake Chemical Corp. will post $3.64 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd were issued a dividend of $0.1906 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.50%. This is a boost from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, August 31st. Westlake Chemical Corp.’s dividend payout ratio is presently 18.91%.
In other Westlake Chemical Corp. news, VP George J. Mangieri sold 30,714 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $52.00, for a total transaction of $1,597,128.00. Following the transaction, the vice president now directly owns 54,609 shares in the company, valued at approximately $2,839,668. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 71.70% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. NN Investment Partners Holdings N.V. acquired a new position in Westlake Chemical Corp. during the first quarter worth about $1,427,000. JPMorgan Chase & Co. boosted its position in Westlake Chemical Corp. by 343.6% in the first quarter. JPMorgan Chase & Co. now owns 484,282 shares of the company’s stock worth $22,423,000 after buying an additional 375,108 shares during the last quarter. BlackRock Group LTD boosted its position in Westlake Chemical Corp. by 0.9% in the first quarter. BlackRock Group LTD now owns 245,723 shares of the company’s stock worth $11,377,000 after buying an additional 2,153 shares during the last quarter. BlackRock Inc. boosted its position in Westlake Chemical Corp. by 3.1% in the first quarter. BlackRock Inc. now owns 34,479 shares of the company’s stock worth $1,596,000 after buying an additional 1,048 shares during the last quarter. Finally, Algert Global LLC boosted its position in Westlake Chemical Corp. by 15.0% in the first quarter. Algert Global LLC now owns 23,020 shares of the company’s stock worth $1,066,000 after buying an additional 3,010 shares during the last quarter. Hedge funds and other institutional investors own 30.29% of the company’s stock.
Westlake Chemical Corp. Company Profile
Westlake Chemical Corporation is a vertically integrated global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods.
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