Westlake Chemical Corporation (NYSE:WLK) – Stock analysts at SunTrust Banks reduced their Q3 2017 earnings per share estimates for shares of Westlake Chemical Corporation in a report issued on Wednesday. SunTrust Banks analyst J. Sheehan now anticipates that the specialty chemicals company will post earnings per share of $1.46 for the quarter, down from their prior estimate of $1.47. SunTrust Banks currently has a “Buy” rating and a $93.00 price target on the stock. SunTrust Banks also issued estimates for Westlake Chemical Corporation’s Q4 2017 earnings at $1.53 EPS.

Several other analysts also recently weighed in on the stock. Nomura upgraded shares of Westlake Chemical Corporation from a “neutral” rating to a “buy” rating and set a $98.00 target price for the company in a report on Tuesday, September 26th. Instinet upgraded Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 26th. Royal Bank Of Canada restated a “buy” rating on shares of Westlake Chemical Corporation in a research note on Wednesday, September 6th. Cowen and Company restated a “buy” rating and set a $70.00 price target on shares of Westlake Chemical Corporation in a research report on Friday, July 14th. Finally, BidaskClub upgraded Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $76.50.

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Shares of Westlake Chemical Corporation (WLK) opened at 83.09 on Monday. The stock has a market capitalization of $10.72 billion, a PE ratio of 23.75 and a beta of 1.62. Westlake Chemical Corporation has a one year low of $48.92 and a one year high of $84.58. The firm has a 50 day moving average price of $73.94 and a 200 day moving average price of $67.25.

Westlake Chemical Corporation (NYSE:WLK) last issued its earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.02. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2 billion. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. Westlake Chemical Corporation’s revenue was up 82.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.85 EPS.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 18th. Shareholders of record on Friday, September 1st were paid a $0.21 dividend. This is an increase from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. The ex-dividend date was Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 1.01%. Westlake Chemical Corporation’s payout ratio is 24.00%.

In other news, VP Mark Steven Bender sold 13,794 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total transaction of $968,614.68. Following the sale, the vice president now owns 44,449 shares of the company’s stock, valued at $3,121,208.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 71.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in WLK. Private Advisor Group LLC boosted its holdings in Westlake Chemical Corporation by 3.1% in the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after purchasing an additional 103 shares during the period. Amalgamated Bank grew its stake in Westlake Chemical Corporation by 3.4% during the 1st quarter. Amalgamated Bank now owns 5,445 shares of the specialty chemicals company’s stock worth $360,000 after purchasing an additional 177 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Westlake Chemical Corporation by 5.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock worth $260,000 after purchasing an additional 211 shares in the last quarter. Voya Investment Management LLC grew its stake in Westlake Chemical Corporation by 2.5% during the 2nd quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock worth $785,000 after purchasing an additional 286 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in Westlake Chemical Corporation by 4.5% during the 2nd quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after purchasing an additional 296 shares during the period. Institutional investors and hedge funds own 31.97% of the company’s stock.

Westlake Chemical Corporation 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.

Earnings History and Estimates for Westlake Chemical Corporation (NYSE:WLK)

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