Goldman Sachs Group Inc. reiterated their neutral rating on shares of Westlake Chemical Corp. (NYSE:WLK) in a report released on Friday morning. Goldman Sachs Group Inc. currently has a $51.00 price objective on the stock.
Other analysts also recently issued reports about the stock. Nomura set a $53.00 price target on shares of Westlake Chemical Corp. and gave the company a hold rating in a report on Monday, August 1st. Vetr downgraded shares of Westlake Chemical Corp. from a strong-buy rating to a buy rating and set a $48.76 price objective for the company. in a report on Monday, July 11th. Cowen and Company reaffirmed an outperform rating and set a $60.00 price objective (up from $53.00) on shares of Westlake Chemical Corp. in a report on Monday, June 13th. Royal Bank Of Canada reaffirmed a sector perform rating and set a $52.00 price objective (up from $50.00) on shares of Westlake Chemical Corp. in a report on Monday, June 13th. Finally, JPMorgan Chase & Co. raised their price objective 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. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $58.60.
Westlake Chemical Corp. (NYSE:WLK) opened at 53.50 on Friday. The stock has a 50 day moving average of $50.72 and a 200 day moving average of $46.95. The company has a market capitalization of $6.89 billion, a PE ratio of 13.34 and a beta of 1.88. Westlake Chemical Corp. has a 12-month low of $39.48 and a 12-month high of $63.56.
Westlake Chemical Corp. (NYSE:WLK) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by $0.11. Westlake Chemical Corp. had a net margin of 12.48% and a return on equity of 15.42%. The company earned $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the company earned $1.41 earnings per share. Westlake Chemical Corp.’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, equities research analysts predict that Westlake Chemical Corp. will post $3.64 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Friday, September 2nd were issued a dividend of $0.1906 per share. This is an increase from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Wednesday, August 31st. Westlake Chemical Corp.’s dividend payout ratio (DPR) is currently 18.91%.
In related news, VP George J. Mangieri sold 30,714 shares of Westlake Chemical Corp. stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $52.00, for a total transaction of $1,597,128.00. Following the completion of the transaction, the vice president now directly owns 54,609 shares of the company’s stock, valued at approximately $2,839,668. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 71.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new position in shares of Westlake Chemical Corp. during the second quarter valued at about $167,000. Pacer Advisors Inc. increased its position in shares of Westlake Chemical Corp. by 508.3% in the second quarter. Pacer Advisors Inc. now owns 4,568 shares of the company’s stock valued at $196,000 after buying an additional 3,817 shares in the last quarter. Amalgamated Bank purchased a new position in shares of Westlake Chemical Corp. during the second quarter valued at about $224,000. Laurion Capital Management LP purchased a new position in shares of Westlake Chemical Corp. during the second quarter valued at about $215,000. Finally, Cantab Capital Partners LLP increased its position in shares of Westlake Chemical Corp. by 151.9% in the second quarter. Cantab Capital Partners LLP now owns 5,501 shares of the company’s stock valued at $236,000 after buying an additional 3,317 shares in the last quarter. 30.29% of the stock is owned by hedge funds and other institutional investors.
Westlake Chemical Corp. Company Profile
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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