Westlake Chemical Corporation (NYSE:WLK) – Stock analysts at SunTrust Banks lifted their FY2018 earnings per share (EPS) estimates for shares of Westlake Chemical Corporation in a research note issued to investors on Wednesday. SunTrust Banks analyst J. Sheehan now anticipates that the specialty chemicals company will earn $7.48 per share for the year, up from their prior estimate of $7.17. SunTrust Banks currently has a “Buy” rating and a $93.00 target price on the stock.

Westlake Chemical Corporation (NYSE:WLK) last posted its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $2 billion. During the same period in the prior year, the business posted $0.85 earnings per share. Westlake Chemical Corporation’s revenue for the quarter was up 82.2% compared to the same quarter last year.

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A number of other equities analysts have also recently weighed in on WLK. BidaskClub raised shares of Westlake Chemical Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Cowen and Company reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Westlake Chemical Corporation in a research report on Friday, July 14th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Westlake Chemical Corporation in a research report on Friday, August 4th. Zacks Investment Research cut shares of Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Finally, Instinet raised shares of Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Westlake Chemical Corporation presently has a consensus rating of “Buy” and an average price target of $84.50.

Institutional investors have recently modified their holdings of the company. California Public Employees Retirement System lifted its holdings in shares of Westlake Chemical Corporation by 1.8% during the 2nd quarter. California Public Employees Retirement System now owns 113,600 shares of the specialty chemicals company’s stock worth $7,521,000 after acquiring an additional 2,000 shares during the period. Morgan Stanley lifted its stake in Westlake Chemical Corporation by 15.1% in the 1st quarter. Morgan Stanley now owns 26,028 shares of the specialty chemicals company’s stock valued at $1,718,000 after purchasing an additional 3,413 shares during the last quarter. Polaris Greystone Financial Group LLC lifted its stake in Westlake Chemical Corporation by 9.9% in the 2nd quarter. Polaris Greystone Financial Group LLC now owns 17,272 shares of the specialty chemicals company’s stock valued at $1,144,000 after purchasing an additional 1,554 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Westlake Chemical Corporation by 165.2% in the 2nd quarter. Alliancebernstein L.P. now owns 45,411 shares of the specialty chemicals company’s stock valued at $3,007,000 after purchasing an additional 28,285 shares during the last quarter. Finally, TIAA CREF Investment Management LLC lifted its stake in Westlake Chemical Corporation by 14.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,570,608 shares of the specialty chemicals company’s stock valued at $103,990,000 after purchasing an additional 202,453 shares during the last quarter. 32.04% of the stock is owned by institutional investors.

In other news, VP Mark Steven Bender sold 13,794 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total transaction of $968,614.68. Following the completion of the sale, the vice president now owns 44,449 shares of the company’s stock, valued at approximately $3,121,208.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 71.70% of the company’s stock.

Westlake Chemical Corporation Company Profile

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.

Earnings History and Estimates for Westlake Chemical Corporation (NYSE:WLK)

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