Procurement News Notice |
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| PNN | 6181 |
| Work Detail | Westlake Chemical Corp. (NYSE:WLK) was downgraded by stock analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued on Monday. They presently have a $54.51 price target on the stock. Vetr‘s price target would suggest a potential upside of 3.65% from the company’s current price. In other Westlake Chemical Corp. news, VP George J. Mangieri sold 30,714 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $52.00, for a total transaction of $1,597,128.00. Following the completion of the sale, the vice president now directly owns 54,609 shares of the company’s stock, valued at $2,839,668. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. A number of other equities analysts have also issued reports on the stock. Cowen and Company increased their target price on shares of Westlake Chemical Corp. from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday. TheStreet upgraded shares of Westlake Chemical Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, August 23rd. RBC Capital Markets upgraded shares of Westlake Chemical Corp. from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $47.00 to $59.00 in a research report on Tuesday, August 23rd. Royal Bank Of Canada upgraded shares of Westlake Chemical Corp. from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $47.00 to $59.00 in a research report on Tuesday, August 23rd. Finally, JPMorgan Chase & Co. increased their target price on shares of Westlake Chemical Corp. from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Westlake Chemical Corp. currently has an average rating of “Buy” and an average price target of $58.75. Westlake Chemical Corp. (NYSE:WLK) traded up 1.94% during midday trading on Monday, reaching $52.59. 1,015,375 shares of the company were exchanged. The stock has a market capitalization of $6.77 billion and a price-to-earnings ratio of 13.12. Westlake Chemical Corp. has a 52-week low of $39.48 and a 52-week high of $63.56. The firm’s 50-day moving average price is $48.22 and its 200 day moving average price is $46.10. Westlake Chemical Corp. (NYSE:WLK) last announced its earnings results on Thursday, July 28th. The company reported $0.85 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.96 by $0.11. During the same period in the previous year, the company earned $1.41 EPS. The company had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.06 billion. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. Equities analysts predict that Westlake Chemical Corp. will post $3.75 earnings per share for the current year. The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd will be paid a dividend of $0.1906 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.45%. This is an increase from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. The ex-dividend date is Wednesday, August 31st. A number of hedge funds have recently bought and sold shares of WLK. Prudential Financial Inc. raised its stake in Westlake Chemical Corp. by 102.8% in the first quarter. Prudential Financial Inc. now owns 1,909,252 shares of the company’s stock worth $88,399,000 after buying an additional 967,640 shares in the last quarter. Bank of Montreal Can purchased a new stake in Westlake Chemical Corp. during the second quarter worth approximately $36,154,000. State Street Corp raised its stake in Westlake Chemical Corp. by 5.6% in the first quarter. State Street Corp now owns 838,241 shares of the company’s stock worth $38,812,000 after buying an additional 44,280 shares in the last quarter. Panagora Asset Management Inc. raised its stake in Westlake Chemical Corp. by 104.2% in the first quarter. Panagora Asset Management Inc. now owns 531,295 shares of the company’s stock worth $24,599,000 after buying an additional 271,164 shares in the last quarter. Finally, Norges Bank purchased a new stake in Westlake Chemical Corp. during the fourth quarter worth approximately $28,251,000. Westlake Chemical Corporation is a vertically integrated 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 diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods. |
| Country | United States , Northern America |
| Industry | Chemicals & Fertilizer |
| Entry Date | 15 Oct 2016 |
| Source | http://www.thecerbatgem.com/2016/09/06/westlake-chemical-corp-wlk-rating-lowered-to-hold-at-vetr-inc/ |
