Insider Selling: Westlake Chemical major shareholder Unloads 42,946 Shares of Stock (WLK)
Westlake Chemical (NYSE:WLK) major shareholder James Chao unloaded 42,946 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $82.01, for a total value of $3,522,001.46. Following the completion of the sale, the insider now directly owns 100,126 shares in the company, valued at approximately $8,211,333. The sale was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
A number of research firms have recently commented on WLK. Analysts at Susquehanna raised their price target on shares of Westlake Chemical from $72.00 to $95.00 in a research note on Thursday, May 29th. They now have a “positive” rating on the stock. Separately, analysts at Macquarie raised their price target on shares of Westlake Chemical from $67.00 to $80.00 in a research note on Tuesday, May 6th. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of Westlake Chemical from $74.50 to $80.00 in a research note on Tuesday, May 6th. They now have an “overweight” rating on the stock. Five investment analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and a consensus target price of $78.51.
Westlake Chemical (NYSE:WLK) traded up 0.26% on Tuesday, hitting $82.14. 394,311 shares of the company’s stock traded hands. Westlake Chemical has a 1-year low of $45.51 and a 1-year high of $82.47. The stock’s 50-day moving average is $74.87 and its 200-day moving average is $65.52. The company has a market cap of $10.960 billion and a price-to-earnings ratio of 17.05.
Westlake Chemical (NYSE:WLK) last released its earnings data on Monday, May 5th. The company reported $1.18 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.13 by $0.05. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $975.86 million. During the same quarter in the prior year, the company posted $1.84 earnings per share. The company’s quarterly revenue was up 18.9% on a year-over-year basis. Analysts expect that Westlake Chemical will post $5.48 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, June 17th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.126 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.61%. The ex-dividend date is Wednesday, May 28th.
Westlake Chemical Corporation is a vertically integrated manufacturer and marketer of basic chemicals, vinyls, polymers and fabricated building products.
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