Westlake Chemical Co. (NYSE:WLK) Director Dorothy C. Jenkins sold 390 shares of Westlake Chemical stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $62.30, for a total value of $24,297.00. Following the completion of the sale, the director now directly owns 67,618 shares of the company’s stock, valued at approximately $4,212,601.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Shares of NYSE WLK opened at $59.84 on Friday. Westlake Chemical Co. has a 52 week low of $57.20 and a 52 week high of $98.99. The business has a 50-day simple moving average of $65.65 and a two-hundred day simple moving average of $67.93. The company has a quick ratio of 1.33, a current ratio of 2.07 and a debt-to-equity ratio of 0.47. The company has a market cap of $7.94 billion, a P/E ratio of 7.66, a P/E/G ratio of 2.55 and a beta of 1.61.
Westlake Chemical (NYSE:WLK) last issued its earnings results on Tuesday, August 6th. The specialty chemicals company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.84 by $0.08. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.15 billion. Westlake Chemical had a return on equity of 11.05% and a net margin of 7.39%. The firm’s revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.12 EPS. Equities research analysts anticipate that Westlake Chemical Co. will post 3.75 EPS for the current year.
Institutional investors and hedge funds have recently modified their holdings of the company. Maverick Capital Ltd. purchased a new position in shares of Westlake Chemical during the second quarter valued at approximately $88,875,000. Worldquant Millennium Advisors LLC increased its stake in shares of Westlake Chemical by 17.2% during the second quarter. Worldquant Millennium Advisors LLC now owns 38,602 shares of the specialty chemicals company’s stock valued at $2,681,000 after buying an additional 5,668 shares during the period. Pictet Asset Management Ltd. increased its stake in shares of Westlake Chemical by 295.3% during the second quarter. Pictet Asset Management Ltd. now owns 12,100 shares of the specialty chemicals company’s stock valued at $840,000 after buying an additional 9,039 shares during the period. Andra AP fonden increased its stake in shares of Westlake Chemical by 0.9% during the second quarter. Andra AP fonden now owns 71,000 shares of the specialty chemicals company’s stock valued at $4,932,000 after buying an additional 600 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Westlake Chemical by 13,447.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,171,725 shares of the specialty chemicals company’s stock valued at $150,848,000 after buying an additional 2,155,695 shares during the period. Hedge funds and other institutional investors own 28.70% of the company’s stock.
WLK has been the subject of several recent research reports. BMO Capital Markets decreased their price objective on Westlake Chemical from $75.00 to $71.00 and set a “market perform” rating for the company in a report on Friday, August 9th. ValuEngine raised Westlake Chemical from a “sell” rating to a “hold” rating in a report on Wednesday. Cowen reissued a “market perform” rating and issued a $68.00 price objective (down previously from $78.00) on shares of Westlake Chemical in a report on Monday, May 6th. Goldman Sachs Group raised Westlake Chemical from a “neutral” rating to a “buy” rating and set a $59.82 price objective for the company in a report on Wednesday, May 15th. Finally, Citigroup set a $79.00 price objective on Westlake Chemical and gave the stock a “buy” rating in a report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $81.82.
Westlake Chemical Company Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
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