Westlake Chemical (WLK) Given New $113.00 Price Target at SunTrust Banks
Westlake Chemical (NYSE:WLK) had its price target boosted by SunTrust Banks from $102.00 to $113.00 in a research report report published on Tuesday. They currently have a buy rating on the specialty chemicals company’s stock. SunTrust Banks also issued estimates for Westlake Chemical’s Q4 2017 earnings at $1.89 EPS, FY2017 earnings at $5.74 EPS, FY2018 earnings at $7.43 EPS and FY2019 earnings at $8.36 EPS. The analysts noted that the move was a valuation call.
Several other analysts also recently issued reports on the company. Zacks Investment Research upgraded Westlake Chemical from a hold rating to a buy rating and set a $95.00 price objective on the stock in a research report on Friday, October 13th. Wells Fargo & Company restated a positive rating and issued a $94.00 price objective (up from $77.00) on shares of Westlake Chemical in a research report on Wednesday, September 27th. J P Morgan Chase & Co restated a buy rating and issued a $104.00 price objective on shares of Westlake Chemical in a research report on Friday, November 24th. Johnson Rice started coverage on Westlake Chemical in a research report on Monday, November 6th. They issued an accumulate rating and a $100.00 price objective on the stock. Finally, ValuEngine upgraded 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 given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $100.42.
Shares of Westlake Chemical (NYSE WLK) opened at $102.90 on Tuesday. 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 company has a market capitalization of $13,339.38, a price-to-earnings ratio of 20.70, a price-to-earnings-growth ratio of 1.79 and a beta of 1.71. Westlake Chemical has a 12-month low of $55.83 and a 12-month high of $104.08.
In other news, CFO Mark Steven Bender sold 6,500 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $97.83, for a total value of $635,895.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert T. Blakely sold 4,367 shares of the stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $92.33, for a total value of $403,205.11. Following the completion of the transaction, the director now directly owns 11,700 shares of the company’s stock, valued at approximately $1,080,261. The disclosure for this sale can be found here. In the last quarter, insiders sold 293,122 shares of company stock valued at $27,721,443. Insiders own 72.50% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of WLK. Tortoise Capital Advisors L.L.C. boosted its holdings in 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 during the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new position in Westlake Chemical in the third quarter valued at about $137,000. Advisors Asset Management Inc. boosted its holdings in 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 during the last quarter. Verity Asset Management Inc. bought a new position in Westlake Chemical during the 2nd quarter worth approximately $204,000. Finally, Quantitative Systematic Strategies LLC bought a new position in Westlake Chemical during the 3rd quarter worth approximately $204,000. 30.41% of the stock is owned by hedge funds and other institutional investors.
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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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