Westlake Chemical Corp. (WLK) Sees Unusually-High Trading Volume
Westlake Chemical Corp. (NYSE:WLK) shares saw strong trading volume on Thursday . 1,242,438 shares changed hands during mid-day trading, an increase of 32% from the previous session’s volume of 941,383 shares.The stock last traded at $48.44 and had previously closed at $47.53.
Several analysts recently commented on the company. Vetr cut Westlake Chemical Corp. from a “buy” rating to a “hold” rating and set a $48.76 target price on the stock. in a research report on Monday. Cowen and Company restated an “outperform” rating and issued a $60.00 target price (up from $53.00) on shares of Westlake Chemical Corp. in a research report on Monday, June 13th. JPMorgan Chase & Co. raised their target price on Westlake Chemical Corp. from $52.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, May 16th. SunTrust Banks Inc. upgraded Westlake Chemical Corp. from a “neutral” rating to a “buy” rating and raised their target price for the company from $44.00 to $52.00 in a research report on Wednesday, June 15th. Finally, Zacks Investment Research upgraded Westlake Chemical Corp. from a “sell” rating to a “hold” rating in a research report on Saturday, June 4th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $56.64.
The company has a market capitalization of $6.39 billion and a price-to-earnings ratio of 12.20. The firm has a 50 day moving average of $44.70 and a 200-day moving average of $45.36.
Westlake Chemical Corp. (NYSE:WLK) last released its quarterly earnings data 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. The business earned $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. The company’s quarterly revenue was down 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.41 earnings per share. On average, equities research analysts anticipate that Westlake Chemical Corp. will post $3.77 earnings per share for the current year.
A number of large investors recently added to or reduced their stakes in WLK. Airain ltd bought a new stake in Westlake Chemical Corp. during the fourth quarter worth $2,186,000. TrimTabs Asset Management LLC bought a new stake in Westlake Chemical Corp. during the fourth quarter worth $2,078,000. Trexquant Investment LP bought a new stake in Westlake Chemical Corp. during the fourth quarter worth $1,700,000. WBI Investments Inc. bought a new stake in Westlake Chemical Corp. during the fourth quarter worth $2,245,000. Finally, Principal Financial Group Inc. increased its stake in 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 during 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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