Vertical Research Downgrades Westlake Chemical (WLK) to Hold

Westlake Chemical (NYSE:WLK) was downgraded by equities research analysts at Vertical Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Other research analysts have also issued reports about the stock. Johnson Rice began coverage on shares of Westlake Chemical in a research report on Monday, November 6th. They set an “accumulate” rating and a $100.00 target price on the stock. SunTrust Banks reaffirmed a “buy” rating and issued a $86.00 price target on shares of Westlake Chemical in a report on Wednesday, September 6th. Cowen upped their price target on shares of Westlake Chemical from $78.00 to $92.00 and gave the company an “outperform” rating in a report on Tuesday, October 10th. ValuEngine downgraded shares of Westlake Chemical from a “buy” rating to a “hold” rating in a report on Tuesday, November 21st. Finally, Alembic Global Advisors reaffirmed a “buy” rating on shares of Westlake Chemical in a report on Friday, November 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Westlake Chemical currently has an average rating of “Buy” and an average price target of $101.15.

Westlake Chemical (NYSE:WLK) opened at $109.10 on Wednesday. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. Westlake Chemical has a 1 year low of $57.73 and a 1 year high of $109.11. The firm has a market cap of $14,084.33, a PE ratio of 23.72, a price-to-earnings-growth ratio of 1.54 and a beta of 1.72.

In related news, SVP George J. Mangieri sold 13,381 shares of the company’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 transaction of $1,263,701.64. Following the transaction, the senior vice president now owns 10,195 shares of the company’s stock, valued at $962,815.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Albert Chao sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total transaction of $2,358,500.00. Following the transaction, the chief executive officer now directly owns 299,018 shares in the company, valued at approximately $28,209,358.12. The disclosure for this sale can be found here. Insiders have sold 293,122 shares of company stock worth $27,721,443 in the last three months. Insiders own 71.70% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Private Advisor Group LLC lifted its stake in shares of Westlake Chemical by 3.1% during the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after buying an additional 103 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Westlake Chemical by 5.7% during 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 buying an additional 211 shares during the period. Voya Investment Management LLC lifted its stake in shares of Westlake Chemical by 2.5% during the second quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock valued at $785,000 after buying an additional 286 shares during the period. SG Americas Securities LLC increased its position in Westlake Chemical by 4.5% during the second quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after purchasing an additional 296 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Westlake Chemical by 6.8% during the second quarter. Principal Financial Group Inc. now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after purchasing an additional 435 shares during the last quarter. 30.41% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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