SunTrust Banks Comments on Westlake Chemical Co.’s FY2017 Earnings (NYSE:WLK)

Westlake Chemical Co. (NYSE:WLK) – Stock analysts at SunTrust Banks raised their FY2017 earnings per share (EPS) estimates for Westlake Chemical in a research note issued on Friday, Zacks Investment Research reports. SunTrust Banks analyst J. Sheehan now expects that the specialty chemicals company will earn $5.58 per share for the year, up from their prior forecast of $5.23. SunTrust Banks has a “Buy” rating and a $102.00 price objective on the stock. SunTrust Banks also issued estimates for Westlake Chemical’s Q4 2017 earnings at $1.72 EPS.

Several other research analysts also recently commented on the company. Johnson Rice assumed coverage on Westlake Chemical in a report on Monday, November 6th. They set an “accumulate” rating and a $100.00 target price on the stock. Citigroup assumed coverage on Westlake Chemical in a report on Tuesday, October 24th. They set a “buy” rating and a $97.00 target price on the stock. Zacks Investment Research raised Westlake Chemical from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a report on Friday, October 13th. Nomura raised Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 target price on the stock in a report on Tuesday, September 26th. Finally, Instinet raised Westlake Chemical from a “neutral” rating to a “buy” rating in a report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $96.45.

Shares of Westlake Chemical (NYSE:WLK) traded down $0.72 during mid-day trading on Monday, reaching $97.69. The company had a trading volume of 1,001,804 shares, compared to its average volume of 859,914. The company has a market cap of $12,547.95, a price-to-earnings ratio of 19.48, a P/E/G ratio of 1.76 and a beta of 1.71. Westlake Chemical has a twelve month low of $55.83 and a twelve month high of $99.71. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.31 and a quick ratio of 1.59.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Monday, November 27th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Friday, November 24th. Westlake Chemical’s dividend payout ratio is 18.26%.

In related news, Director Robert T. Blakely sold 4,367 shares of the business’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $92.33, for a total value of $403,205.11. Following the completion of the sale, the director now directly owns 11,700 shares of the company’s stock, valued at approximately $1,080,261. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Albert Chao sold 25,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total value of $2,358,500.00. Following the completion of the sale, the chief executive officer now directly owns 299,018 shares of the company’s stock, valued at $28,209,358.12. The disclosure for this sale can be found here. Insiders sold a total of 293,122 shares of company stock worth $27,721,443 over the last three months. 72.50% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the stock. California Public Employees Retirement System increased its holdings in Westlake Chemical 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 purchasing an additional 2,000 shares in the last quarter. Morgan Stanley increased its holdings in Westlake Chemical by 15.1% during the 1st quarter. Morgan Stanley now owns 26,028 shares of the specialty chemicals company’s stock worth $1,718,000 after purchasing an additional 3,413 shares in the last quarter. Polaris Greystone Financial Group LLC increased its holdings in Westlake Chemical by 9.9% during the 2nd quarter. Polaris Greystone Financial Group LLC now owns 17,272 shares of the specialty chemicals company’s stock worth $1,144,000 after purchasing an additional 1,554 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Westlake Chemical by 165.2% during the 2nd quarter. Alliancebernstein L.P. now owns 45,411 shares of the specialty chemicals company’s stock worth $3,007,000 after purchasing an additional 28,285 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its holdings in Westlake Chemical by 14.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,570,608 shares of the specialty chemicals company’s stock worth $103,990,000 after purchasing an additional 202,453 shares in the last quarter. 30.42% of the stock is owned by institutional investors and hedge funds.

TRADEMARK VIOLATION NOTICE: This piece of content was published by StockNewsTimes and is the property of of StockNewsTimes. If you are reading this piece of content on another publication, it was illegally stolen and republished in violation of United States and international copyright law. The correct version of this piece of content can be read at https://stocknewstimes.com/2017/12/06/westlake-chemical-corporation-wlk-to-post-fy2017-earnings-of-5-58-per-share-suntrust-banks-forecasts.html.

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.

Get a free copy of the Zacks research report on Westlake Chemical (WLK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Westlake Chemical Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Co. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply