Westlake Chemical (WLK) Given “Buy” Rating at Alembic Global Advisors

Westlake Chemical (NYSE:WLK)‘s stock had its “buy” rating reaffirmed by analysts at Alembic Global Advisors in a research report issued on Wednesday. They presently have a $110.00 target price on the specialty chemicals company’s stock. Alembic Global Advisors’ price objective would suggest a potential upside of 6.25% from the stock’s previous close.

WLK has been the subject of a number of other reports. Wells Fargo & Company reiterated a “positive” rating and set a $94.00 price target (up from $77.00) on shares of Westlake Chemical in a research report on Wednesday, September 27th. Nomura upgraded shares of Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 price target for the company in a research report on Tuesday, September 26th. Deutsche Bank reiterated a “buy” rating and set a $115.00 price target on shares of Westlake Chemical in a research report on Wednesday, December 13th. SunTrust Banks reiterated a “buy” rating and set a $93.00 price target on shares of Westlake Chemical in a research report on Thursday, September 28th. Finally, ValuEngine upgraded shares of Westlake Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Westlake Chemical has a consensus rating of “Buy” and an average target price of $101.15.

Shares of Westlake Chemical (WLK) traded up $0.63 on Wednesday, hitting $103.53. 548,600 shares of the company’s stock were exchanged, compared to its average volume of 859,924. Westlake Chemical has a 1-year low of $55.83 and a 1-year high of $104.24. The firm has a market capitalization of $13,285.15, a PE ratio of 20.62, a PEG ratio of 1.77 and a beta of 1.71. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74.

In related news, CEO Albert Chao sold 25,000 shares of Westlake Chemical stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total value of $2,358,500.00. Following the completion of the transaction, the chief executive officer now owns 299,018 shares in the company, valued at $28,209,358.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman James Chao sold 76,135 shares of Westlake Chemical stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $94.69, for a total transaction of $7,209,223.15. Following the completion of the transaction, the chairman now owns 129,078 shares of the company’s stock, valued at approximately $12,222,395.82. The disclosure for this sale can be found here. Insiders sold 293,122 shares of company stock valued at $27,721,443 in the last 90 days. Company insiders own 71.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Tortoise Capital Advisors L.L.C. grew its holdings in shares of Westlake Chemical by 6,376.2% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after purchasing an additional 1,339 shares in the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Westlake Chemical in the third quarter valued at approximately $137,000. Advisors Asset Management Inc. grew its holdings in shares of Westlake Chemical by 162.8% in the second quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after purchasing an additional 1,410 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new position in Westlake Chemical during the 3rd quarter worth approximately $204,000. Finally, HL Financial Services LLC acquired a new position in Westlake Chemical during the 3rd quarter worth approximately $210,000. Hedge funds and other institutional investors own 30.41% of the company’s stock.

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About Westlake Chemical

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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