Westlake Chemical’s (WLK) “Outperform” Rating Reaffirmed at Wells Fargo & Co
Wells Fargo & Co reissued their outperform rating on shares of Westlake Chemical (NYSE:WLK) in a research note released on Wednesday, The Fly reports. They currently have a $122.00 price target on the specialty chemicals company’s stock, up from their prior price target of $112.00.
Several other equities research analysts also recently commented on the stock. Bank of America downgraded shares of Westlake Chemical from a neutral rating to an underperform rating and set a $105.00 target price on the stock. in a research report on Tuesday. They noted that the move was a valuation call. Morgan Stanley assumed coverage on shares of Westlake Chemical in a research report on Tuesday, January 9th. They set an equal weight rating and a $120.00 target price on the stock. Vertical Research downgraded shares of Westlake Chemical from a buy rating to a hold rating in a research report on Wednesday, January 3rd. Alembic Global Advisors reiterated a buy rating and set a $110.00 target price on shares of Westlake Chemical in a research report on Wednesday, December 20th. Finally, SunTrust Banks lifted their target price on shares of Westlake Chemical from $102.00 to $113.00 and gave the stock a buy rating in a research report on Tuesday, December 19th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Westlake Chemical presently has a consensus rating of Buy and a consensus price target of $104.00.
Shares of Westlake Chemical (NYSE WLK) traded down $0.76 during trading on Wednesday, hitting $108.01. 1,247,345 shares of the company traded hands, compared to its average volume of 752,992. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74. Westlake Chemical has a 12 month low of $58.98 and a 12 month high of $114.34. The company has a market cap of $13,940.00, a price-to-earnings ratio of 23.43, a PEG ratio of 1.49 and a beta of 1.72.
In other news, SVP George J. Mangieri sold 13,381 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $94.44, for a total value of $1,263,701.64. Following the transaction, the senior vice president now owns 10,195 shares in the company, valued at approximately $962,815.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert T. Blakely sold 4,367 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $92.33, for a total transaction of $403,205.11. Following the completion of the transaction, the director now owns 11,700 shares in the company, valued at approximately $1,080,261. The disclosure for this sale can be found here. Insiders sold a total of 293,122 shares of company stock worth $27,721,443 in the last 90 days. Corporate insiders own 71.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. lifted its position in shares of Westlake Chemical by 6,376.2% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after acquiring an additional 1,339 shares during the period. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Westlake Chemical during the 3rd quarter valued at $137,000. CAPROCK Group Inc. acquired a new position in shares of Westlake Chemical during the 4th quarter valued at $254,000. Quantitative Systematic Strategies LLC acquired a new position in shares of Westlake Chemical during the 3rd quarter valued at $204,000. Finally, HL Financial Services LLC acquired a new position in shares of Westlake Chemical during the 3rd quarter valued at $210,000. Institutional investors own 30.42% of the company’s stock.
Westlake Chemical 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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