Westlake Chemical Corp. (WLK) Sees Large Volume Increase
Shares of Westlake Chemical Corp. (NYSE:WLK) saw unusually-strong trading volume on Tuesday . Approximately 1,052,419 shares traded hands during trading, an increase of 2% from the previous session’s volume of 1,029,965 shares.The stock last traded at $51.94 and had previously closed at $50.64.
A number of research analysts recently weighed in on WLK shares. Nomura set a $53.00 price objective on shares of Westlake Chemical Corp. and gave the company a “hold” rating in a research report on Monday, August 1st. JPMorgan Chase & Co. increased their price objective on shares of Westlake Chemical Corp. from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th. Royal Bank Of Canada restated 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. Zacks Investment Research upgraded shares of Westlake Chemical Corp. from a “sell” rating to a “hold” rating in a research report on Saturday, June 4th. Finally, SunTrust Banks Inc. upgraded shares of Westlake Chemical Corp. from a “neutral” rating to a “buy” rating and increased their price target for the stock from $44.00 to $52.00 in a research report on Wednesday, June 15th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Westlake Chemical Corp. presently has a consensus rating of “Buy” and an average target price of $57.68.
The stock has a market cap of $6.69 billion and a PE ratio of 12.97. The company’s 50 day moving average is $46.30 and its 200 day moving average is $45.62.
Westlake Chemical Corp. (NYSE:WLK) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.96 by $0.11. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the company earned $1.41 EPS. The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. Analysts anticipate that Westlake Chemical Corp. will post $3.78 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd will be given a dividend of $0.1906 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Wednesday, August 31st. This is a positive change from Westlake Chemical Corp.’s previous quarterly dividend of $0.18.
Other institutional investors recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position 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 in the last quarter. Wells Fargo & Company MN boosted its position in 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. Airain ltd bought a new position in Westlake Chemical Corp. during the fourth quarter worth $2,186,000. Trexquant Investment LP bought a new position in Westlake Chemical Corp. during the fourth quarter worth $1,700,000. Finally, Rhumbline Advisers boosted its position in Westlake Chemical Corp. by 3.9% in the fourth quarter. Rhumbline Advisers now owns 26,277 shares of the company’s stock worth $1,427,000 after buying an additional 985 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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