Deutsche Bank reaffirmed their buy rating on shares of Westlake Chemical (NYSE:WLK) in a report issued on Wednesday morning. The brokerage currently has a $115.00 price target on the specialty chemicals company’s stock.

WLK has been the subject of several other reports. Wells Fargo & Company reissued a buy rating and set a $112.00 target price (up from $105.00) on shares of Westlake Chemical in a research note on Thursday, December 7th. Royal Bank of Canada reissued an outperform rating and set a $114.00 target price (up from $103.00) on shares of Westlake Chemical in a research note on Thursday, November 9th. Alembic Global Advisors reissued a buy rating on shares of Westlake Chemical in a research note on Friday, November 24th. J P Morgan Chase & Co reissued a buy rating and set a $104.00 target price on shares of Westlake Chemical in a research note on Friday, November 24th. Finally, ValuEngine lowered shares of Westlake Chemical from a buy rating to a hold rating in a research note on Tuesday, November 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Westlake Chemical currently has an average rating of Buy and an average price target of $99.50.

Shares of Westlake Chemical (NYSE:WLK) traded up $0.63 during trading hours on Wednesday, hitting $101.51. 1,194,700 shares of the stock were exchanged, compared to its average volume of 856,170. The firm has a market cap of $13,100.00, a price-to-earnings ratio of 20.22, a P/E/G ratio of 1.83 and a beta of 1.72. Westlake Chemical has a 12 month low of $55.83 and a 12 month high of $102.21. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74.

The firm also recently announced a quarterly dividend, which was paid on Monday, December 11th. Investors of record on Monday, November 27th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.83%. The ex-dividend date was Friday, November 24th. Westlake Chemical’s dividend payout ratio is presently 18.22%.

In other news, Director Robert T. Blakely sold 4,367 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $92.33, for a total transaction of $403,205.11. Following the sale, the director now owns 11,700 shares in the company, valued at $1,080,261. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert F. Buesinger sold 5,214 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $93.82, for a total transaction of $489,177.48. Following the sale, the executive vice president now owns 14,523 shares in the company, valued at approximately $1,362,547.86. The disclosure for this sale can be found here. Insiders have sold 293,122 shares of company stock worth $27,721,443 in the last 90 days. 71.70% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in WLK. Janus Henderson Group PLC acquired a new stake in shares of Westlake Chemical during the second quarter valued at approximately $90,442,000. Bank of New York Mellon Corp increased its stake in Westlake Chemical by 218.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 934,937 shares of the specialty chemicals company’s stock valued at $77,683,000 after buying an additional 641,432 shares during the period. Balyasny Asset Management LLC increased its stake in Westlake Chemical by 293.5% in the 2nd quarter. Balyasny Asset Management LLC now owns 623,929 shares of the specialty chemicals company’s stock valued at $41,310,000 after buying an additional 465,365 shares during the period. JPMorgan Chase & Co. increased its stake in Westlake Chemical by 252.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 592,581 shares of the specialty chemicals company’s stock valued at $49,509,000 after buying an additional 424,655 shares during the period. Finally, FMR LLC increased its stake in Westlake Chemical by 15.0% in the 2nd quarter. FMR LLC now owns 2,808,967 shares of the specialty chemicals company’s stock valued at $185,981,000 after buying an additional 366,537 shares during the period. Institutional investors and hedge funds own 30.42% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Westlake Chemical (WLK) Given “Buy” Rating at Deutsche Bank” was published by Watch List News and is the property of of Watch List News. If you are accessing this article on another website, it was illegally copied and republished in violation of United States and international trademark and copyright law. The correct version of this article can be accessed at https://www.watchlistnews.com/westlake-chemical-wlk-given-buy-rating-at-deutsche-bank/1764016.html.

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.

Analyst Recommendations for Westlake Chemical (NYSE:WLK)

Receive News & Ratings for Westlake Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical and related companies with MarketBeat.com's FREE daily email newsletter.