Westlake Chemical Corporation (WLK) Price Target Raised to $92.00

Insiders own 72.50% of the company's stock.

09/08/2014 - UBS began new coverage on Westlake Chemical Partners LP giving the company a "buy" rating. Institutional investors and hedge funds own 31.97% of the company's stock. Advisors Asset Management Inc. grew its holdings in shares of Westlake Chemical Corporation by 162.8% in the 2nd quarter. The firm now has an outperform rating on the specialty chemicals company's stock. Verity Asset Management Inc. acquired a new position in shares of Westlake Chemical Corporation in the 2nd quarter valued at $204,000. Dynamic Technology Lab Private Ltd bought a new stake in Westlake Chemical Corporation in the 1st quarter valued at about $273,000. It manufactures ethylene (through Westlake Chemical OpCo LP (OpCo)), polyethylene, styrene and associated co-products at its manufacturing facility in Lake Charles and polyethylene at its Longview facility. As of the end of the quarter Harvest Fund Advisors LLC had disposed of a total of 25,786 shares trimming its holdings by 0.8%. TIAA CREF Investment Management LLC now owns 1,570,608 shares of the specialty chemicals company's stock valued at $103,990,000 after buying an additional 202,453 shares in the last quarter.

A number of brokerages recently weighed in on WLK. Wells Fargo & Company restated a "positive" rating and set a $94.00 target price (up previously from $77.00) on shares of Westlake Chemical Corporation in a research report on Wednesday, September 27th. Instinet upgraded shares of Westlake Chemical Corporation from a "neutral" rating to a "buy" rating in a report on Tuesday, September 26th. SunTrust Banks, Inc. restated a "buy" rating and set a $93.00 target price on shares of Westlake Chemical Corporation in a report on Thursday, September 28th.

Westlake Chemical Corporation (NYSE:WLK) had its price target raised by Cowen and Company from $78.00 to $92.00 in a report issued on Tuesday morning. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The firm's 50-day moving average price is $25.11 and its 200 day moving average price is $23.64. OppenheimerFunds Inc. purchased a new stake in shares of Westlake Chemical Corporation during the first quarter worth about $205,000. If you are reading this news story on another site, it was illegally stolen and reposted in violation of United States and worldwide copyright laws. The correct version of this report can be read at https://weekherald.com/2017/10/11/westlake-chemical-corporation-wlk-shares-sold-by-walthausen-co-llc.html.

Shares of Westlake Chemical Corporation (NYSE WLK) opened at 84.72 on Tuesday.

Traders are more bullish on shares of the company of late if you take into consideration the motion in short interest. The stock has a market cap of $10.93 billion, a PE ratio of 24.21 and a beta of 1.63. Westlake Chemical Partners LP has a 52-week low of 19.25 and a 52-week high of 26.25.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Tuesday, May 2nd. The specialty chemicals company reported $1.21 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $1.19 by $0.02. The firm had revenue of $1.98 billion during the quarter, compared to analysts' expectations of $2 billion.

Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The firm's revenue for the quarter was up 9.8% on a year-over-year basis.

The company also recently announced a quarterly dividend, which was paid on Monday, September 18th. Stockholders of record on Friday, September 1st were issued a dividend of $0.21 per share. This is an increase from Westlake Chemical Corporation's previous quarterly dividend of $0.19. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was set for Friday the 11th of August 2017. On average, analysts forecast that Westlake Chemical Corporation will post $4.85 EPS for the current year.

In related news, VP Mark Steven Bender sold 13,794 shares of the business's stock in a transaction dated Tuesday, August 15th. Spot Trading L.l.c owns 3,200 shares valued at $80,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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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