Westlake Chemical (WLK) Downgraded by Vertical Research

Westlake Chemical (NYSE:WLK) was downgraded by research analysts at Vertical Research from a “buy” rating to a “hold” rating in a report released on Wednesday, The Fly reports.

A number of other research analysts have also issued reports on WLK. SunTrust Banks reiterated a “buy” rating and set a $86.00 target price on shares of Westlake Chemical in a research report on Wednesday, September 6th. Royal Bank of Canada reiterated a “buy” rating on shares of Westlake Chemical in a research report on Wednesday, September 6th. Instinet upgraded Westlake Chemical from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 26th. Nomura upgraded Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 target price on the stock in a research report on Tuesday, September 26th. Finally, Wells Fargo & Co reiterated a “positive” rating and set a $94.00 target price (up previously from $77.00) on shares of Westlake Chemical in a research report on Wednesday, September 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Westlake Chemical has a consensus rating of “Buy” and an average target price of $101.15.

Shares of Westlake Chemical (WLK) opened at $109.09 on Wednesday. Westlake Chemical has a 52-week low of $56.35 and a 52-week high of $109.10. The company has a market capitalization of $13,753.81, a P/E ratio of 23.72, a price-to-earnings-growth ratio of 1.50 and a beta of 1.72. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.31 and a quick ratio of 1.59.

In related news, SVP George J. Mangieri sold 13,381 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $94.44, for a total value of $1,263,701.64. Following the completion of the transaction, the senior vice president now directly owns 10,195 shares of the company’s stock, valued at approximately $962,815.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert T. Blakely sold 4,367 shares of the stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $92.33, for a total value of $403,205.11. Following the completion of the transaction, the director now directly owns 11,700 shares of the company’s stock, valued at $1,080,261. The disclosure for this sale can be found here. Over the last three months, insiders sold 293,122 shares of company stock valued at $27,721,443. 72.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of WLK. Russell Investments Group Ltd. increased its stake in shares of Westlake Chemical by 47.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 23,639 shares of the specialty chemicals company’s stock worth $1,569,000 after acquiring an additional 7,593 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Westlake Chemical by 4.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 189,202 shares of the specialty chemicals company’s stock worth $12,528,000 after acquiring an additional 7,644 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Westlake Chemical by 162.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock worth $151,000 after acquiring an additional 1,410 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Westlake Chemical by 4.5% in the 2nd quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after acquiring an additional 296 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Westlake Chemical by 4.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 293,505 shares of the specialty chemicals company’s stock worth $19,433,000 after acquiring an additional 11,919 shares during the last quarter. 30.41% of the stock is owned by hedge funds and other institutional investors.

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Westlake Chemical 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.