Westlake Chemical (WLK) Coverage Initiated by Analysts at Deutsche Bank

Stock analysts at Deutsche Bank initiated coverage on shares of Westlake Chemical (NYSE:WLK) in a research report issued to clients and investors on Wednesday. The firm set a “buy” rating on the specialty chemicals company’s stock.

Several other research analysts have also issued reports on the company. Wells Fargo & Company reaffirmed a “buy” rating and set a $112.00 target price (up from $105.00) on shares of Westlake Chemical in a research report on Thursday, December 7th. J P Morgan Chase & Co reaffirmed a “buy” rating and set a $104.00 target price on shares of Westlake Chemical in a research report on Friday, November 24th. Alembic Global Advisors reaffirmed a “buy” rating on shares of Westlake Chemical in a research report on Friday, November 24th. ValuEngine lowered Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, November 21st. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $102.00 target price (up from $93.00) on shares of Westlake Chemical in a research report on Friday, November 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $98.09.

Westlake Chemical (WLK) opened at $100.88 on Wednesday. The stock has a market capitalization of $12,882.34, a price-to-earnings ratio of 20.00, a P/E/G ratio of 1.81 and a beta of 1.71. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. Westlake Chemical has a 12-month low of $55.83 and a 12-month high of $101.66.

In related news, EVP Robert F. Buesinger sold 2,674 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $98.50, for a total value of $263,389.00. Following the completion of the sale, the executive vice president now directly owns 6,635 shares of the company’s stock, valued at approximately $653,547.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP George J. Mangieri sold 13,381 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $94.44, for a total value of $1,263,701.64. Following the completion of the sale, the senior vice president now directly owns 10,195 shares of the company’s stock, valued at $962,815.80. 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. Corporate insiders own 72.50% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC acquired a new position in Westlake Chemical during the 2nd quarter valued at about $90,442,000. Bank of New York Mellon Corp raised its stake in Westlake Chemical by 218.5% in the third quarter. Bank of New York Mellon Corp now owns 934,937 shares of the specialty chemicals company’s stock worth $77,683,000 after buying an additional 641,432 shares in the last quarter. Balyasny Asset Management LLC raised its stake in Westlake Chemical by 293.5% in the second quarter. Balyasny Asset Management LLC now owns 623,929 shares of the specialty chemicals company’s stock worth $41,310,000 after buying an additional 465,365 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of 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 in the last quarter. Finally, FMR LLC increased its stake in shares of 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 in the last quarter. 30.42% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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