Westlake Chemical Corp. (WLK) Trading Up 1.6%
Westlake Chemical Corp. (NYSE:WLK)’s share price was up 1.6% during trading on Tuesday . The stock traded as high as $52.46 and last traded at $52.10, with a volume of 482,338 shares changing hands. The stock had previously closed at $51.27.
WLK has been the topic of a number of recent research reports. Vetr raised Westlake Chemical Corp. from a “hold” rating to a “buy” rating and set a $54.51 price target on the stock in a research report on Tuesday, August 23rd. SunTrust Banks Inc. raised 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. TheStreet raised Westlake Chemical Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, August 23rd. Zacks Investment Research raised Westlake Chemical Corp. from a “sell” rating to a “hold” rating in a research report on Saturday, June 4th. Finally, Nomura set a $53.00 price target on Westlake Chemical Corp. and gave the stock a “hold” rating in a research report on Monday, August 1st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Westlake Chemical Corp. presently has a consensus rating of “Buy” and an average target price of $58.75.
The firm has a market capitalization of $6.69 billion and a P/E ratio of 12.962. The company’s 50 day moving average price is $47.76 and its 200-day moving average price is $45.97.
Westlake Chemical Corp. (NYSE:WLK) last posted its earnings results on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $0.96 by $0.11. The business earned $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the company earned $1.41 EPS. The firm’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, equities analysts predict that Westlake Chemical Corp. will post $3.81 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd will be given a $0.1906 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.76 dividend on an annualized basis and a yield of 1.47%. This is an increase from Westlake Chemical Corp.’s previous quarterly dividend of $0.18.
In other Westlake Chemical Corp. news, VP George J. Mangieri sold 30,714 shares of Westlake Chemical Corp. stock in a transaction on 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 sale, the vice president now owns 54,609 shares in the company, valued at $2,839,668. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
An institutional investor recently raised its position in Westlake Chemical Corp. stock. Principal Financial Group Inc. boosted its stake in shares of Westlake Chemical Corp. (NYSE:WLK) by 32.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 226,815 shares of the company’s stock after buying an additional 55,794 shares during the period. Principal Financial Group Inc. owned about 0.17% of Westlake Chemical Corp. worth $12,320,000 at the end of the most recent 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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