Westlake Chemical Corp. (WLK) CEO Albert Chao Sells 20,000 Shares
Westlake Chemical Corp. (NYSE:WLK) CEO Albert Chao sold 20,000 shares of the firm’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $52.95, for a total transaction of $1,059,000.00. Following the completion of the transaction, the chief executive officer now directly owns 264,702 shares of the company’s stock, valued at approximately $14,015,970.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Westlake Chemical Corp. (NYSE:WLK) traded down 0.48% during mid-day trading on Wednesday, hitting $54.40. 898,582 shares of the stock traded hands. Westlake Chemical Corp. has a 12-month low of $39.48 and a 12-month high of $61.21. The firm has a market cap of $7.01 billion, a price-to-earnings ratio of 17.41 and a beta of 1.89. The firm’s 50 day moving average price is $52.58 and its 200 day moving average price is $48.13.
Westlake Chemical Corp. (NYSE:WLK) last issued its earnings results on Tuesday, November 8th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by $0.39. Westlake Chemical Corp. had a net margin of 9.50% and a return on equity of 13.56%. The company earned $1.28 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the company posted $1.39 EPS. The company’s quarterly revenue was up 7.7% on a year-over-year basis. On average, equities research analysts predict that Westlake Chemical Corp. will post $3.73 EPS for the current fiscal year.
A number of research analysts have issued reports on the stock. Vetr raised shares of Westlake Chemical Corp. from a “hold” rating to a “strong-buy” rating and set a $59.00 price target for the company in a report on Tuesday, September 6th. Nomura set a $53.00 target price on shares of Westlake Chemical Corp. and gave the stock a “hold” rating in a report on Monday, August 1st. Tudor Pickering assumed coverage on shares of Westlake Chemical Corp. in a report on Thursday, October 13th. They set a “hold” rating and a $53.00 target price for the company. RBC Capital Markets raised shares of Westlake Chemical Corp. from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $47.00 to $59.00 in a report on Tuesday, August 23rd. Finally, JPMorgan Chase & Co. raised their target price 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. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Westlake Chemical Corp. currently has a consensus rating of “Buy” and an average target price of $56.80.
A number of hedge funds have recently modified their holdings of WLK. Soroban Capital Partners LP acquired a new stake in shares of Westlake Chemical Corp. during the third quarter worth $108,193,000. Shapiro Capital Management LLC boosted its stake in shares of Westlake Chemical Corp. by 29.4% in the third quarter. Shapiro Capital Management LLC now owns 1,596,937 shares of the company’s stock worth $85,436,000 after buying an additional 363,106 shares in the last quarter. FMR LLC acquired a new stake in shares of Westlake Chemical Corp. during the second quarter worth $68,041,000. Perkins Investment Management LLC boosted its stake in shares of Westlake Chemical Corp. by 17.5% in the third quarter. Perkins Investment Management LLC now owns 1,330,644 shares of the company’s stock worth $71,189,000 after buying an additional 197,903 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Westlake Chemical Corp. by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,267,872 shares of the company’s stock worth $54,413,000 after buying an additional 51,107 shares in the last quarter. Hedge funds and other institutional investors own 28.29% of the company’s stock.
About Westlake Chemical Corp.
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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