Shares of Westlake Chemical Corp. (NYSE:WLK) dropped 2% during trading on Friday . The company traded as low as $44.86 and last traded at $45.69, with a volume of 830,371 shares. The stock had previously closed at $46.60.

WLK has been the subject of a number of recent research reports. 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 report on Monday, July 11th. SunTrust Banks Inc. raised Westlake Chemical Corp. from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $44.00 to $52.00 in a report on Wednesday, June 15th. Zacks Investment Research raised Westlake Chemical Corp. from a “sell” rating to a “hold” rating in a report on Saturday, June 4th. Nomura Holdings Inc. reissued a “hold” rating on shares of Westlake Chemical Corp. in a report on Tuesday, July 12th. Finally, Cowen and Company reissued 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $56.68.

The company’s 50-day moving average is $44.05 and its 200-day moving average is $45.34. The stock has a market cap of $5.91 billion and a price-to-earnings ratio of 9.64.

Westlake Chemical Corp. (NYSE:WLK) last issued its quarterly earnings data on Tuesday, May 3rd. The company reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.01. The company earned $975.20 million during the quarter, compared to analysts’ expectations of $1.02 billion. The business’s quarterly revenue was down 11.6% on a year-over-year basis. During the same quarter last year, the business earned $1.10 earnings per share. Analysts expect that Westlake Chemical Corp. will post $3.88 EPS for the current year.

Other institutional investors have made changes to their positions in the company. UBS Oconnor LLC increased its position in shares of Westlake Chemical Corp. by 197.6% in the fourth quarter. UBS Oconnor LLC now owns 679,280 shares of the company’s stock worth $36,898,000 after buying an additional 451,008 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Westlake Chemical Corp. by 32.6% in the fourth quarter. Principal Financial Group Inc. now owns 226,815 shares of the company’s stock worth $12,320,000 after buying an additional 55,794 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Westlake Chemical Corp. by 103.5% in the fourth quarter. Wells Fargo & Company MN now owns 219,425 shares of the company’s stock worth $11,919,000 after buying an additional 111,589 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Westlake Chemical Corp. by 42.0% in the fourth quarter. New York State Common Retirement Fund now owns 131,100 shares of the company’s stock worth $7,121,000 after buying an additional 38,800 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its position in shares of Westlake Chemical Corp. by 1.5% in the fourth quarter. OppenheimerFunds Inc. now owns 112,575 shares of the company’s stock worth $6,115,000 after buying an additional 1,665 shares in the last quarter.

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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