Westlake Chemical Corporation (WLK) Stock Rating Lowered by Zacks Investment Research

Westlake Chemical Corporation (NYSE:WLK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, August 9th.

According to Zacks, “Westlake Chemical Corporation is a vertically integrated international manufacturer and supplier of petrochemicals, polymers and fabricated products. The company’s range of products includes ethylene, polyethylene, styrene, vinyl intermediates, PVC, PVC Pipe, PVC windows, fence and decking components. “

WLK has been the subject of several other research reports. BidaskClub upgraded Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Citigroup Inc. lowered their price target on Westlake Chemical Corporation from $66.00 to $64.00 and set a “buy” rating for the company in a report on Friday, April 14th. Royal Bank Of Canada restated a “buy” rating and issued a $75.00 price target on shares of Westlake Chemical Corporation in a report on Tuesday, April 25th. Cowen and Company lifted their price target on Westlake Chemical Corporation from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, May 23rd. Finally, Bank of America Corporation restated a “neutral” rating and issued a $68.00 price target on shares of Westlake Chemical Corporation in a report on Monday, May 8th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $64.67.

Shares of Westlake Chemical Corporation (NYSE:WLK) traded up 0.83% on Wednesday, hitting $70.28. 647,177 shares of the stock traded hands. The firm’s 50 day moving average is $69.47 and its 200-day moving average is $65.29. The company has a market cap of $9.07 billion, a PE ratio of 20.09 and a beta of 1.67. Westlake Chemical Corporation has a 12 month low of $48.13 and a 12 month high of $72.00.

Westlake Chemical Corporation (NYSE:WLK) last posted its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. The firm’s quarterly revenue was up 82.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.85 EPS. Equities analysts predict that Westlake Chemical Corporation will post $4.68 earnings per share for the current year.

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In other news, VP Mark Steven Bender sold 13,794 shares of Westlake Chemical Corporation stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total value of $968,614.68. Following the transaction, the vice president now directly owns 44,449 shares of the company’s stock, valued at approximately $3,121,208.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 71.70% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Usca Ria LLC purchased a new position in Westlake Chemical Corporation during the first quarter valued at $2,230,000. Canada Pension Plan Investment Board raised its position in Westlake Chemical Corporation by 51.3% in the first quarter. Canada Pension Plan Investment Board now owns 94,083 shares of the specialty chemicals company’s stock valued at $6,214,000 after buying an additional 31,902 shares in the last quarter. Breton Hill Capital Ltd. purchased a new position in Westlake Chemical Corporation during the first quarter valued at $218,000. Miller Howard Investments Inc. NY raised its position in Westlake Chemical Corporation by 0.4% in the first quarter. Miller Howard Investments Inc. NY now owns 141,240 shares of the specialty chemicals company’s stock valued at $9,329,000 after buying an additional 581 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Westlake Chemical Corporation by 17.2% in the first quarter. Russell Investments Group Ltd. now owns 16,046 shares of the specialty chemicals company’s stock valued at $1,062,000 after buying an additional 2,360 shares during the period. 30.14% of the stock is currently owned by institutional investors and hedge funds.

About Westlake Chemical Corporation

Westlake Chemical Corporation is a 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 consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.

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