Todays Report: Today, Goldman Sachs Group Inc. Reaffirms Neutral Rating for Westlake Chemical Corp. (WLK)

Today, Goldman Sachs Group Inc. Reaffirms Neutral Rating for Westlake Chemical Corp. (WLK)

Goldman Sachs Group Inc. restated their neutral rating on shares of Westlake Chemical Corp. (NYSE:WLK) in a report published on Friday. Goldman Sachs Group Inc. currently has a $51.00 price target on the stock.

WLK has been the topic of several other research reports. Vetr upgraded shares of Westlake Chemical Corp. from a hold rating to a strong-buy rating and set a $59.00 target price on the stock in a research note on Tuesday, September 6th. Cowen and Company restated an outperform rating and set a $60.00 price objective (up previously from $53.00) on shares of Westlake Chemical Corp. in a research report on Monday, June 13th. Nomura set a $53.00 price objective on shares of Westlake Chemical Corp. and gave the company a hold rating in a research report on Monday, August 1st. RBC Capital Markets upgraded shares of Westlake Chemical Corp. from a sector perform rating to an outperform rating and increased their price objective for the company from $47.00 to $59.00 in a research report on Tuesday, August 23rd. Finally, JPMorgan Chase & Co. increased their price objective 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 equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $58.60.

Shares of Westlake Chemical Corp. (NYSE:WLK) opened at 53.84 on Friday. The stock has a market cap of $6.93 billion, a price-to-earnings ratio of 13.43 and a beta of 1.88. The stock’s 50 day moving average is $51.08 and its 200 day moving average is $47.08. Westlake Chemical Corp. has a 52 week low of $39.48 and a 52 week high of $63.56.

Westlake Chemical Corp. (NYSE:WLK) last issued its earnings results on Thursday, July 28th. The company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by $0.11. The firm earned $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. Westlake Chemical Corp. had a return on equity of 15.42% and a net margin of 12.48%. The company’s quarterly revenue was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.41 EPS. On average, equities analysts forecast that Westlake Chemical Corp. will post $3.64 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 20th. Stockholders of record on Friday, September 2nd were paid a $0.1906 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This is a boost from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.42%. Westlake Chemical Corp.’s dividend payout ratio is 18.91%.

In other news, VP George J. Mangieri sold 30,714 shares of the stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $52.00, for a total value 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 71.70% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Spark Investment Management LLC bought a new position in Westlake Chemical Corp. during the first quarter valued at $2,773,000. M&T Bank Corp boosted its position in Westlake Chemical Corp. by 10.3% in the first quarter. M&T Bank Corp now owns 6,178 shares of the company’s stock valued at $286,000 after buying an additional 576 shares during the last quarter. Menta Capital LLC boosted its position in Westlake Chemical Corp. by 1.9% in the first quarter. Menta Capital LLC now owns 16,080 shares of the company’s stock valued at $745,000 after buying an additional 300 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new position in Westlake Chemical Corp. during the first quarter valued at $1,427,000. Finally, JPMorgan Chase & Co. boosted its position in Westlake Chemical Corp. by 343.6% in the first quarter. JPMorgan Chase & Co. now owns 484,282 shares of the company’s stock valued at $22,423,000 after buying an additional 375,108 shares during the last quarter. 30.29% of the stock is owned by hedge funds and other institutional investors.

About Westlake Chemical Corp.

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