Westlake Chemical (NYSE:WLK) had its price target boosted by investment analysts at SunTrust Banks from $102.00 to $113.00 in a report released on Tuesday, The Fly reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. SunTrust Banks’ price objective indicates a potential upside of 9.37% from the stock’s previous close. The analysts noted that the move was a valuation call.
Several other equities research analysts also recently issued reports on WLK. Wells Fargo & Company restated a “buy” rating and issued a $112.00 price target (up from $105.00) on shares of Westlake Chemical in a report on Thursday, December 7th. Nomura upgraded Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 price target for the company in a report on Tuesday, September 26th. Cowen increased their price target on Westlake Chemical from $70.00 to $78.00 and gave the stock an “outperform” rating in a report on Tuesday, August 22nd. Alembic Global Advisors restated a “buy” rating on shares of Westlake Chemical in a report on Friday, November 24th. Finally, ValuEngine upgraded Westlake Chemical from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Westlake Chemical has an average rating of “Buy” and a consensus price target of $100.42.
Shares of Westlake Chemical (NYSE WLK) opened at $103.32 on Tuesday. Westlake Chemical has a fifty-two week low of $55.83 and a fifty-two week high of $104.08. The stock has a market capitalization of $12,999.83, a PE ratio of 20.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.71. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74.
Several large investors have recently bought and sold shares of WLK. Janus Henderson Group PLC acquired a new position in Westlake Chemical during the second quarter valued at approximately $90,442,000. Bank of New York Mellon Corp boosted its position in Westlake Chemical by 218.5% during the third quarter. Bank of New York Mellon Corp now owns 934,937 shares of the specialty chemicals company’s stock valued at $77,683,000 after purchasing an additional 641,432 shares during the last quarter. Balyasny Asset Management LLC boosted its position in Westlake Chemical by 293.5% during the second quarter. Balyasny Asset Management LLC now owns 623,929 shares of the specialty chemicals company’s stock valued at $41,310,000 after purchasing an additional 465,365 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Westlake Chemical by 252.9% during the third quarter. JPMorgan Chase & Co. now owns 592,581 shares of the specialty chemicals company’s stock valued at $49,509,000 after purchasing an additional 424,655 shares during the last quarter. Finally, FMR LLC boosted its position in Westlake Chemical by 15.0% during the second quarter. FMR LLC now owns 2,808,967 shares of the specialty chemicals company’s stock valued at $185,981,000 after purchasing an additional 366,537 shares during the last quarter. Institutional investors and hedge funds own 30.41% of the company’s stock.
About Westlake Chemical
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.
