Morgan Stanley initiated coverage on shares of Westlake Chemical (NYSE:WLK) in a research note issued to investors on Tuesday morning, Marketbeat reports. The firm issued an equal weight rating and a $120.00 target price on the specialty chemicals company’s stock.
Other analysts have also recently issued reports about the stock. Wells Fargo & Co began coverage on shares of Westlake Chemical in a research report on Tuesday. They set a hold rating and a $120.00 target price on the stock. Johnson Rice began coverage on shares of Westlake Chemical in a research report on Monday, November 6th. They issued an accumulate rating and a $100.00 price objective on the stock. Cowen increased their price objective on shares of Westlake Chemical from $78.00 to $92.00 and gave the stock an outperform rating in a research report on Tuesday, October 10th. ValuEngine lowered shares of Westlake Chemical from a buy rating to a hold rating in a research report on Tuesday, November 21st. Finally, Alembic Global Advisors reissued a buy rating on shares of Westlake Chemical in a research report on Friday, November 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $103.07.
Shares of Westlake Chemical (NYSE:WLK) traded down $1.03 during midday trading on Tuesday, hitting $110.46. 439,638 shares of the stock traded hands, compared to its average volume of 685,771. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.31 and a quick ratio of 1.59. The stock has a market cap of $14,390.00, a PE ratio of 23.96, a price-to-earnings-growth ratio of 1.56 and a beta of 1.72. Westlake Chemical has a 52-week low of $57.83 and a 52-week high of $113.42.
In other Westlake Chemical news, SVP George J. Mangieri sold 13,381 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $94.44, for a total value of $1,263,701.64. Following the transaction, the senior vice president now directly owns 10,195 shares in the company, valued at approximately $962,815.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman James Chao sold 76,135 shares of the company’s stock in a transaction dated Friday, November 24th. The stock was 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 in the company, valued at $12,222,395.82. The disclosure for this sale can be found here. Insiders sold a total of 293,122 shares of company stock worth $27,721,443 over the last three months. 72.50% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Tortoise Capital Advisors L.L.C. grew its stake in Westlake Chemical by 6,376.2% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock worth $113,000 after acquiring an additional 1,339 shares in the last quarter. Cornerstone Capital Management Holdings LLC. bought a new position in Westlake Chemical in the 3rd quarter worth about $137,000. Quantitative Systematic Strategies LLC bought a new position in Westlake Chemical in the 3rd quarter worth about $204,000. HL Financial Services LLC bought a new position in Westlake Chemical in the 3rd quarter worth about $210,000. Finally, Boothbay Fund Management LLC bought a new position in Westlake Chemical in the 3rd quarter worth about $254,000. Institutional investors and hedge funds own 30.41% of the company’s stock.
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Westlake Chemical Company Profile
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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