Westlake Chemical (WLK) Downgraded by Vertical Research to “Hold”

Westlake Chemical (NYSE:WLK) was downgraded by equities researchers at Vertical Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

Other equities research analysts have also recently issued research reports about the company. Johnson Rice assumed coverage on Westlake Chemical in a research note on Monday, November 6th. They issued an “accumulate” rating and a $100.00 price target on the stock. SunTrust Banks restated a “buy” rating and issued a $86.00 price target on shares of Westlake Chemical in a research note on Wednesday, September 6th. Cowen increased their price target on Westlake Chemical from $78.00 to $92.00 and gave the company an “outperform” rating in a research note on Tuesday, October 10th. ValuEngine cut Westlake Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday, November 21st. Finally, Alembic Global Advisors restated a “buy” rating on shares of Westlake Chemical in a research note on Friday, November 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned 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 an average target price of $101.15.

Shares of Westlake Chemical (NYSE:WLK) opened at $109.09 on Wednesday. Westlake Chemical has a 12 month low of $56.35 and a 12 month high of $109.10. 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 stock has a market capitalization of $13,753.81, a P/E ratio of 23.72, a PEG ratio of 1.50 and a beta of 1.72.

In other Westlake Chemical news, CEO Albert Chao sold 25,000 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $94.34, for a total transaction of $2,358,500.00. Following the transaction, the chief executive officer now owns 299,018 shares in the company, valued at approximately $28,209,358.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP George J. Mangieri sold 13,381 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $94.44, for a total value of $1,263,701.64. Following the sale, the senior vice president now directly owns 10,195 shares in the company, valued at $962,815.80. The disclosure for this sale can be found here. Insiders have sold a total of 293,122 shares of company stock worth $27,721,443 in the last quarter. Company insiders own 72.50% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GSA Capital Partners LLP acquired a new stake in shares of Westlake Chemical during the 3rd quarter worth $326,000. Tortoise Capital Advisors L.L.C. grew its holdings in shares of Westlake Chemical by 6,376.2% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock worth $113,000 after purchasing an additional 1,339 shares in the last quarter. California Public Employees Retirement System grew its holdings in shares of Westlake Chemical by 1.6% during the 3rd quarter. California Public Employees Retirement System now owns 115,384 shares of the specialty chemicals company’s stock worth $9,587,000 after purchasing an additional 1,784 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Westlake Chemical by 2,024.0% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,779 shares of the specialty chemicals company’s stock worth $397,000 after purchasing an additional 4,554 shares in the last quarter. Finally, Highbridge Capital Management LLC grew its holdings in shares of Westlake Chemical by 60.7% during the 3rd quarter. Highbridge Capital Management LLC now owns 198,511 shares of the specialty chemicals company’s stock worth $16,494,000 after purchasing an additional 75,000 shares in the last quarter. 30.41% of the stock is currently owned by institutional investors.

WARNING: “Westlake Chemical (WLK) Downgraded by Vertical Research to “Hold”” was first reported by Chaffey Breeze and is owned by of Chaffey Breeze. If you are accessing this report on another site, it was illegally stolen and reposted in violation of United States and international copyright and trademark legislation. The legal version of this report can be viewed at https://www.chaffeybreeze.com/2018/01/03/westlake-chemical-wlk-downgraded-by-vertical-research-to-hold.html.

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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