Westlake Chemical Director Sells $3,965,403 in Stock (WLK)
Westlake Chemical (NYSE:WLK) Director James Chao sold 42,379 shares of Westlake Chemical stock on the open market in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $93.57, for a total transaction of $3,965,403.03. Following the transaction, the director now directly owns 100,126 shares of the company’s stock, valued at approximately $9,368,790. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Westlake Chemical (NYSE:WLK) traded up 1.51% during mid-day trading on Monday, hitting $94.97. 348,275 shares of the company’s stock traded hands. Westlake Chemical has a 52 week low of $50.085 and a 52 week high of $94.01. The stock has a 50-day moving average of $88.20 and a 200-day moving average of $75.81. The company has a market cap of $12.677 billion and a P/E ratio of 18.81.
Westlake Chemical (NYSE:WLK) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.26 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.44 by $0.18. The company had revenue of $998.60 million for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the company posted $2.17 earnings per share. Westlake Chemical’s revenue was up 6.3% compared to the same quarter last year. On average, analysts predict that Westlake Chemical will post $5.49 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 19th. Investors of record on Friday, September 5th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend is Wednesday, September 3rd. This is an increase from Westlake Chemical’s previous quarterly dividend of $0.13.
A number of research firms have recently commented on WLK. Analysts at SunTrust upgraded shares of Westlake Chemical from a “reduce” rating to a “neutral” rating in a research note on Monday, August 18th. Separately, analysts at Cowen and Company raised their price target on shares of Westlake Chemical from $75.00 to $100.00 in a research note on Friday, August 8th. They now have an “outperform” rating on the stock. Finally, analysts at Zacks upgraded shares of Westlake Chemical from a “neutral” rating to an “outperform” rating in a research note on Wednesday, August 6th. They now have a $92.20 price target on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $90.44.
Westlake Chemical Corporation, is a vertically integrated manufacturer and marketer of basic chemicals, vinyls, polymers and fabricated building products.
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