Westlake Chemical Corporation’s (WLK) Buy Rating Reiterated at Royal Bank Of Canada
WLK has been the subject of a number of other research reports. Zacks Investment Research cut Westlake Chemical Corporation from a buy rating to a hold rating in a research report on Wednesday, August 9th. Cowen and Company reiterated a buy rating and set a $70.00 price objective on shares of Westlake Chemical Corporation in a research report on Friday, July 14th. BidaskClub upgraded Westlake Chemical Corporation from a buy rating to a strong-buy rating in a research report on Thursday, July 13th. SunTrust Banks, Inc. reiterated a buy rating and set a $86.00 price objective on shares of Westlake Chemical Corporation in a research report on Wednesday. Finally, J P Morgan Chase & Co upped their price objective on Westlake Chemical Corporation from $70.00 to $72.00 and gave the company an overweight rating in a research report on Wednesday, May 31st. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Westlake Chemical Corporation currently has a consensus rating of Buy and an average price target of $68.56.
Shares of Westlake Chemical Corporation (NYSE:WLK) opened at 76.58 on Wednesday. The stock has a market capitalization of $9.88 billion, a price-to-earnings ratio of 21.89 and a beta of 1.62. Westlake Chemical Corporation has a 12 month low of $48.13 and a 12 month high of $79.13. The stock’s 50 day moving average price is $72.12 and its 200 day moving average price is $66.47.
Westlake Chemical Corporation (NYSE:WLK) last announced its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. The firm had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $2 billion. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. The company’s quarterly revenue was up 82.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 earnings per share. Analysts expect that Westlake Chemical Corporation will post $4.68 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, September 18th. Shareholders of record on Friday, September 1st will be given a $0.21 dividend. This is a boost from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. The ex-dividend date is Wednesday, August 30th. This represents a $0.84 dividend on an annualized basis and a yield of 1.10%. Westlake Chemical Corporation’s dividend payout ratio is presently 24.00%.
In other news, VP Mark Steven Bender sold 13,794 shares of the company’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total value of $968,614.68. Following the completion of the transaction, the vice president now owns 44,449 shares of the company’s stock, valued at $3,121,208.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 71.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Westlake Chemical Corporation by 1.8% in the second quarter. Vanguard Group Inc. now owns 4,277,676 shares of the specialty chemicals company’s stock worth $283,225,000 after acquiring an additional 75,728 shares during the period. FMR LLC boosted its stake in shares of Westlake Chemical Corporation by 15.0% in the second quarter. FMR LLC now owns 2,808,967 shares of the specialty chemicals company’s stock worth $185,981,000 after acquiring an additional 366,537 shares during the period. BlackRock Inc. boosted its stake in shares of Westlake Chemical Corporation by 14,246.4% in the first quarter. BlackRock Inc. now owns 1,699,615 shares of the specialty chemicals company’s stock worth $112,260,000 after acquiring an additional 1,687,768 shares during the period. TIAA CREF Investment Management LLC boosted its stake in shares of Westlake Chemical Corporation by 14.8% in the second quarter. TIAA CREF Investment Management LLC now owns 1,570,608 shares of the specialty chemicals company’s stock worth $103,990,000 after acquiring an additional 202,453 shares during the period. Finally, Janus Henderson Group PLC bought a new position in shares of Westlake Chemical Corporation in the second quarter worth about $90,442,000. 31.98% of the stock is owned by hedge funds and other institutional investors.
Westlake Chemical Corporation Company Profile
Westlake Chemical Corporation is a 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 consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.
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