Wells Fargo & Company restated their buy rating on shares of Westlake Chemical (NYSE:WLK) in a research note published on Thursday. The brokerage currently has a $112.00 price target on the specialty chemicals company’s stock, up from their previous price target of $105.00.

Several other brokerages have also recently issued reports on WLK. Royal Bank Of Canada reissued an outperform rating and issued a $114.00 price objective (up previously from $103.00) on shares of Westlake Chemical in a research note on Thursday, November 9th. Nomura raised Westlake Chemical from a neutral rating to a buy rating and set a $98.00 price objective on the stock in a research note on Tuesday, September 26th. UBS reissued a sell rating and issued a $61.00 price objective on shares of Westlake Chemical in a research note on Wednesday, November 8th. Zacks Investment Research cut Westlake Chemical from a buy rating to a hold rating in a research note on Wednesday, August 9th. Finally, Cowen increased their price objective on Westlake Chemical from $78.00 to $92.00 and gave the stock an outperform rating in a research note on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Westlake Chemical has an average rating of Buy and an average target price of $98.09.

Shares of Westlake Chemical (NYSE WLK) traded up $0.41 during trading hours on Thursday, reaching $99.78. The company had a trading volume of 590,300 shares, compared to its average volume of 857,765. Westlake Chemical has a 52 week low of $55.83 and a 52 week high of $100.70. The company has a market capitalization of $12,820.00, a PE ratio of 19.58, a P/E/G ratio of 1.77 and a beta of 1.72. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.59 and a current ratio of 2.31.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Monday, November 27th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, November 24th. This represents a $0.84 dividend on an annualized basis and a yield of 0.84%. Westlake Chemical’s dividend payout ratio is currently 18.22%.

In other Westlake Chemical news, SVP George J. Mangieri sold 13,381 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $94.44, for a total transaction of $1,263,701.64. Following the completion of the sale, the senior vice president now owns 10,195 shares in the company, valued at $962,815.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Mark Steven Bender sold 6,500 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $97.83, for a total value of $635,895.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 293,122 shares of company stock valued at $27,721,443. 71.70% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC purchased a new stake in shares of Westlake Chemical during the 2nd quarter valued at $90,442,000. Bank of New York Mellon Corp lifted its holdings in shares of Westlake Chemical by 218.5% during 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 purchasing an additional 641,432 shares during the last quarter. Balyasny Asset Management LLC lifted its holdings in shares of Westlake Chemical by 293.5% during 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 purchasing an additional 465,365 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Westlake Chemical by 252.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 592,581 shares of the specialty chemicals company’s stock valued at $49,509,000 after purchasing an additional 424,655 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of Westlake Chemical by 15.0% during the 2nd quarter. FMR LLC now owns 2,808,967 shares of the specialty chemicals company’s stock valued at $185,981,000 after purchasing an additional 366,537 shares during the last quarter. Institutional investors own 30.42% of the company’s stock.

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About Westlake Chemical

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)

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