Westlake Chemical Corp. (WLK) Given Neutral Rating at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. restated their neutral rating on shares of Westlake Chemical Corp. (NYSE:WLK) in a report issued on Friday morning. Goldman Sachs Group Inc. currently has a $51.00 target price on the stock.
Other equities analysts have also issued research reports about the stock. Nomura set a $53.00 price objective on shares of Westlake Chemical Corp. and gave the stock a hold rating in a report on Monday, August 1st. Vetr lowered shares of Westlake Chemical Corp. from a strong-buy rating to a buy rating and set a $48.76 price objective on the stock. in a report on Monday, July 11th. Cowen and Company reiterated an outperform rating and issued a $60.00 price objective (up previously from $53.00) on shares of Westlake Chemical Corp. in a report on Monday, June 13th. Royal Bank Of Canada reiterated a sector perform rating and issued a $52.00 price objective (up previously from $50.00) on shares of Westlake Chemical Corp. in a report on Monday, June 13th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Westlake Chemical Corp. from $55.00 to $56.00 and gave the stock an overweight rating in a report on Tuesday, August 16th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Westlake Chemical Corp. currently has a consensus rating of Buy and an average price target of $58.60.
Westlake Chemical Corp. (NYSE:WLK) opened at 53.50 on Friday. Westlake Chemical Corp. has a 12-month low of $39.48 and a 12-month high of $63.56. The company’s 50 day moving average price is $50.72 and its 200-day moving average price is $46.95. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 13.34 and a beta of 1.88.
Westlake Chemical Corp. (NYSE:WLK) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by $0.11. Westlake Chemical Corp. had a return on equity of 15.42% and a net margin of 12.48%. The firm earned $1.09 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned $1.41 EPS. The business’s quarterly revenue was down 8.3% compared to the same quarter last year. On average, analysts forecast that Westlake Chemical Corp. will post $3.64 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd were given a $0.1906 dividend. 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. This represents a $0.76 annualized dividend and a yield of 1.43%. Westlake Chemical Corp.’s dividend payout ratio is 18.91%.
In other Westlake Chemical Corp. news, VP George J. Mangieri sold 30,714 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $52.00, for a total value of $1,597,128.00. Following the completion of the transaction, the vice president now owns 54,609 shares in the company, valued at approximately $2,839,668. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 71.70% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of WLK. Cubist Systematic Strategies LLC bought a new position in Westlake Chemical Corp. during the second quarter valued at about $167,000. Pacer Advisors Inc. boosted its position in Westlake Chemical Corp. by 508.3% in the second quarter. Pacer Advisors Inc. now owns 4,568 shares of the company’s stock valued at $196,000 after buying an additional 3,817 shares during the period. Laurion Capital Management LP bought a new position in Westlake Chemical Corp. during the second quarter valued at about $215,000. Amalgamated Bank bought a new position in Westlake Chemical Corp. during the second quarter valued at about $224,000. Finally, CIBC Asset Management Inc boosted its position in Westlake Chemical Corp. by 0.7% in the second quarter. CIBC Asset Management Inc now owns 5,510 shares of the company’s stock valued at $236,000 after buying an additional 38 shares during the period. 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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