Shares of Westlake Chemical Corp. (NYSE:WLK) have been assigned a consensus recommendation of “Buy” from the eleven brokerages that are presently covering the company. Three investment 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. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $59.75.
Several brokerages have commented on WLK. Nomura set a $53.00 price objective on Westlake Chemical Corp. and gave the company a “hold” rating in a research report on Monday, August 1st. Vetr lowered Westlake Chemical Corp. from a “strong-buy” rating to a “buy” rating and set a $48.76 price objective for the company. in a research report on Monday, July 11th. Cowen and Company reissued an “outperform” rating and set a $60.00 price objective (up previously from $53.00) on shares of Westlake Chemical Corp. in a research report on Monday, June 13th. Royal Bank Of Canada reissued a “sector perform” rating and set a $52.00 price objective (up previously from $50.00) on shares of Westlake Chemical Corp. in a research report on Monday, June 13th. Finally, JPMorgan Chase & Co. raised their price objective on Westlake Chemical Corp. from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th.
Shares of Westlake Chemical Corp. (NYSE:WLK) opened at 50.30 on Friday. The stock has a market capitalization of $6.48 billion, a P/E ratio of 12.55 and a beta of 2.04. The firm’s 50-day moving average is $50.18 and its 200 day moving average is $46.71. 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 announced its quarterly earnings data on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing the consensus estimate of $0.96 by $0.11. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Westlake Chemical Corp. had a net margin of 12.48% and a return on equity of 15.42%. The business’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.41 EPS. On average, equities research analysts forecast that Westlake Chemical Corp. will post $3.64 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Friday, September 2nd were issued a $0.1906 dividend. This represents a $0.76 annualized dividend and a yield of 1.52%. This is an increase from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, August 31st. Westlake Chemical Corp.’s dividend payout ratio (DPR) is presently 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 stock was sold at an average price of $52.00, for a total value of $1,597,128.00. Following the completion of the sale, the vice president now directly owns 54,609 shares in the company, valued at approximately $2,839,668. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 71.70% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in Westlake Chemical Corp. during the second quarter worth about $167,000. Pacer Advisors Inc. increased its stake in Westlake Chemical Corp. by 508.3% in the second quarter. Pacer Advisors Inc. now owns 4,568 shares of the company’s stock worth $196,000 after buying an additional 3,817 shares in the last quarter. Laurion Capital Management LP purchased a new stake in Westlake Chemical Corp. during the second quarter worth about $215,000. Amalgamated Bank purchased a new stake in Westlake Chemical Corp. during the second quarter worth about $224,000. Finally, CIBC Asset Management Inc increased its stake in Westlake Chemical Corp. by 0.7% in the second quarter. CIBC Asset Management Inc now owns 5,510 shares of the company’s stock worth $236,000 after buying an additional 38 shares in the last quarter. Institutional investors own 30.29% of the company’s stock.
About Westlake Chemical Corp.
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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