Westlake Chemical (NYSE:WLK) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Westlake Chemical Corporation is a vertically integrated international manufacturer and supplier of petrochemicals, polymers and fabricated products. The company’s range of products includes ethylene, polyethylene, styrene, vinyl intermediates, PVC, PVC Pipe, PVC windows, fence and decking components. “
Other research analysts also recently issued reports about the stock. UBS Group reissued a “sell” rating and set a $87.00 price objective (up from $80.00) on shares of Westlake Chemical in a research report on Wednesday, February 21st. 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 price objective on the stock. Alembic Global Advisors reissued a “buy” rating on shares of Westlake Chemical in a research report on Friday, November 24th. ValuEngine downgraded shares of Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, November 21st. Finally, Wells Fargo & Co reissued a “buy” rating and set a $112.00 price objective (up from $105.00) on shares of Westlake Chemical in a research report on Thursday, December 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $111.43.
Westlake Chemical (NYSE:WLK) traded down $1.38 during midday trading on Wednesday, hitting $116.76. 308,104 shares of the company were exchanged, compared to its average volume of 792,457. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.76 and a quick ratio of 1.30. The stock has a market cap of $15,281.89, a P/E ratio of 11.68, a price-to-earnings-growth ratio of 1.20 and a beta of 1.59. Westlake Chemical has a 1 year low of $59.58 and a 1 year high of $121.30.
Westlake Chemical (NYSE:WLK) last posted its earnings results on Tuesday, February 20th. The specialty chemicals company reported $1.62 EPS for the quarter, missing the Zacks’ consensus estimate of $1.69 by ($0.07). The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Westlake Chemical had a net margin of 16.22% and a return on equity of 16.48%. The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period last year, the business earned $0.87 earnings per share. equities analysts expect that Westlake Chemical will post 8.07 earnings per share for the current year.
In other news, CAO George J. Mangieri sold 2,161 shares of Westlake Chemical stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $113.41, for a total value of $245,079.01. Following the sale, the chief accounting officer now owns 2,160 shares of the company’s stock, valued at $244,965.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Steven Bender sold 4,000 shares of Westlake Chemical stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $110.97, for a total transaction of $443,880.00. Following the completion of the sale, the chief financial officer now directly owns 22,810 shares in the company, valued at approximately $2,531,225.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,080 shares of company stock worth $11,545,548. Insiders own 72.50% of the company’s stock.
Several large investors have recently modified their holdings of WLK. The Manufacturers Life Insurance Company boosted its holdings in shares of Westlake Chemical by 5.7% in the second quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock valued at $260,000 after acquiring an additional 211 shares in the last quarter. Aperio Group LLC boosted its holdings in shares of Westlake Chemical by 4.8% in the third quarter. Aperio Group LLC now owns 17,650 shares of the specialty chemicals company’s stock valued at $1,467,000 after acquiring an additional 814 shares in the last quarter. Chicago Equity Partners LLC boosted its holdings in shares of Westlake Chemical by 108.3% in the third quarter. Chicago Equity Partners LLC now owns 7,395 shares of the specialty chemicals company’s stock valued at $614,000 after acquiring an additional 3,845 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Westlake Chemical in the third quarter valued at about $3,362,000. Finally, Global X MANAGEMENT CO LLC lifted its stake in shares of Westlake Chemical by 11.8% in the third quarter. Global X MANAGEMENT CO LLC now owns 9,952 shares of the specialty chemicals company’s stock valued at $827,000 after purchasing an additional 1,052 shares during the period. 30.28% of the stock is currently owned by institutional investors and hedge funds.
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About Westlake Chemical
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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