Westlake Chemical (NYSE:WLK) was downgraded by equities research analysts at Vertical Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, January 3rd.
WLK has been the topic of several other reports. Wells Fargo & Co reissued a “positive” rating and set a $94.00 price target (up from $77.00) on shares of Westlake Chemical in a research note on Wednesday, September 27th. Nomura raised shares of Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 target price on the stock in a research note on Tuesday, September 26th. Deutsche Bank reaffirmed a “buy” rating and issued a $115.00 target price on shares of Westlake Chemical in a research note on Wednesday, December 13th. SunTrust Banks reaffirmed a “buy” rating and issued a $93.00 target price on shares of Westlake Chemical in a research note on Thursday, September 28th. Finally, ValuEngine raised shares of Westlake Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $103.07.
Shares of Westlake Chemical (WLK) opened at $113.94 on Wednesday. The stock has a market cap of $14,621.41, a P/E ratio of 22.69, a price-to-earnings-growth ratio of 1.53 and a beta of 1.72. Westlake Chemical has a 1 year low of $58.97 and a 1 year high of $114.34. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.59 and a current ratio of 2.31.
In other news, SVP George J. Mangieri sold 13,381 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $94.44, for a total transaction of $1,263,701.64. Following the completion of the sale, the senior vice president now owns 10,195 shares of the company’s stock, valued at approximately $962,815.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert T. Blakely sold 4,367 shares of the company’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $92.33, for a total transaction of $403,205.11. Following the sale, the director now directly owns 11,700 shares of the company’s stock, valued at approximately $1,080,261. The disclosure for this sale can be found here. In the last three months, insiders sold 293,122 shares of company stock valued at $27,721,443. 71.70% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. increased its holdings in Westlake Chemical by 6,376.2% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock worth $113,000 after acquiring an additional 1,339 shares in the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in Westlake Chemical in the 3rd quarter worth approximately $137,000. Advisors Asset Management Inc. increased its holdings in Westlake Chemical by 162.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock worth $151,000 after acquiring an additional 1,410 shares in the last quarter. Verity Asset Management Inc. bought a new position in Westlake Chemical in the 2nd quarter worth approximately $204,000. Finally, Quantitative Systematic Strategies LLC bought a new position in Westlake Chemical in the 3rd quarter worth approximately $204,000. 30.41% of the stock is owned by institutional investors.
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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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