Westlake Chemical Co. (NYSE:WLK) has earned an average recommendation of “Hold” from the twenty-one analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $70.41.
Several equities research analysts have recently weighed in on the company. Bank of America upped their price target on Westlake Chemical from $65.00 to $66.00 and gave the company an “underperform” rating in a research report on Friday, December 20th. Wells Fargo & Co decreased their price target on Westlake Chemical from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 15th. Barclays decreased their price target on Westlake Chemical from $75.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Monday. Tudor Pickering upgraded Westlake Chemical from a “hold” rating to a “buy” rating and upped their price target for the company from $64.00 to $71.00 in a research report on Tuesday. Finally, ValuEngine cut Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th.
Westlake Chemical stock traded down $0.98 during midday trading on Friday, reaching $56.29. The stock had a trading volume of 1,023,343 shares, compared to its average volume of 607,180. Westlake Chemical has a 12 month low of $55.51 and a 12 month high of $78.08. The firm’s 50-day moving average price is $65.42 and its 200 day moving average price is $65.43. The firm has a market capitalization of $7.67 billion, a PE ratio of 17.32, a P/E/G ratio of 1.75 and a beta of 1.70. The company has a quick ratio of 1.46, a current ratio of 2.21 and a debt-to-equity ratio of 0.59.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 25th will be issued a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, February 24th. Westlake Chemical’s payout ratio is 32.21%.
In other news, CEO Albert Chao sold 51,592 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $62.42, for a total transaction of $3,220,372.64. Following the completion of the transaction, the chief executive officer now owns 421,448 shares of the company’s stock, valued at $26,306,784.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 72.60% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of WLK. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Westlake Chemical by 8.6% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 83,817 shares of the specialty chemicals company’s stock worth $5,688,000 after purchasing an additional 6,624 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Westlake Chemical during the third quarter worth about $2,188,000. Rhumbline Advisers grew its holdings in shares of Westlake Chemical by 4.6% during the third quarter. Rhumbline Advisers now owns 30,936 shares of the specialty chemicals company’s stock worth $2,027,000 after purchasing an additional 1,349 shares in the last quarter. State of Tennessee Treasury Department grew its holdings in shares of Westlake Chemical by 4.4% during the third quarter. State of Tennessee Treasury Department now owns 83,350 shares of the specialty chemicals company’s stock worth $5,461,000 after purchasing an additional 3,497 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Westlake Chemical by 0.5% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 160,566 shares of the specialty chemicals company’s stock worth $10,520,000 after purchasing an additional 748 shares in the last quarter. 29.00% of the stock is owned by institutional investors.
Westlake Chemical Company Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
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