Westlake Chemical Corporation (WLK) to Post FY2017 Earnings of $5.58 Per Share, SunTrust Banks Forecasts

Westlake Chemical Corporation (NYSE:WLK) – SunTrust Banks increased their FY2017 earnings per share (EPS) estimates for Westlake Chemical Corporation in a report released on Friday. SunTrust Banks analyst J. Sheehan now anticipates that the specialty chemicals company will post earnings of $5.58 per share for the year, up from their previous forecast of $5.23. SunTrust Banks currently has a “Buy” rating and a $102.00 price target on the stock. SunTrust Banks also issued estimates for Westlake Chemical Corporation’s Q4 2017 earnings at $1.72 EPS.

WLK has been the topic of a number of other reports. Zacks Investment Research upgraded Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research note on Friday, October 13th. Wells Fargo & Company restated a “positive” rating and issued a $94.00 price target (up from $77.00) on shares of Westlake Chemical Corporation in a research note on Wednesday, September 27th. Johnson Rice began coverage on Westlake Chemical Corporation in a research note on Monday, November 6th. They issued an “accumulate” rating and a $100.00 price target on the stock. ValuEngine upgraded Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Finally, Citigroup Inc. began coverage on Westlake Chemical Corporation in a research note on Tuesday, October 24th. They issued a “buy” rating and a $97.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $93.55.

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Shares of Westlake Chemical Corporation (NYSE WLK) opened at $93.51 on Monday. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74. Westlake Chemical Corporation has a 12 month low of $52.57 and a 12 month high of $96.14. The firm has a market capitalization of $12,072.83, a P/E ratio of 18.74, a P/E/G ratio of 1.82 and a beta of 1.67.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC raised its holdings in shares of Westlake Chemical Corporation by 3.1% in the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock worth $229,000 after acquiring an additional 103 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Westlake Chemical Corporation by 5.7% in the second quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock worth $260,000 after acquiring an additional 211 shares during the last quarter. Voya Investment Management LLC raised its holdings in shares of Westlake Chemical Corporation by 2.5% in the second quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock worth $785,000 after acquiring an additional 286 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Westlake Chemical Corporation by 4.5% in the second 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, Principal Financial Group Inc. raised its holdings in shares of Westlake Chemical Corporation by 6.8% in the second quarter. Principal Financial Group Inc. now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after acquiring an additional 435 shares during the last quarter. 29.45% of the stock is owned by institutional investors.

In other news, SVP George J. Mangieri sold 13,381 shares of the business’s 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 $962,815.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Steven Bender sold 29,804 shares of the business’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $94.02, for a total value of $2,802,172.08. Following the completion of the transaction, the chief financial officer now directly owns 74,253 shares of the company’s stock, valued at $6,981,267.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,264 shares of company stock valued at $5,663,880. 72.50% of the stock is currently owned by insiders.

The company also recently disclosed a dividend, which will be paid on Monday, December 11th. Investors of record on Monday, November 27th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, November 24th. Westlake Chemical Corporation’s dividend payout ratio is presently 18.26%.

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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