Wells Fargo & Company MN grew its holdings in Westlake Chemical Co. (NYSE:WLK) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 325,462 shares of the specialty chemicals company’s stock after purchasing an additional 4,123 shares during the quarter. Wells Fargo & Company MN owned about 0.25% of Westlake Chemical worth $35,030,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BancorpSouth Bank lifted its stake in Westlake Chemical by 8.9% in the 1st quarter. BancorpSouth Bank now owns 7,522 shares of the specialty chemicals company’s stock worth $836,000 after purchasing an additional 613 shares in the last quarter. Pettee Investors Inc. lifted its stake in Westlake Chemical by 5.8% in the 1st quarter. Pettee Investors Inc. now owns 12,604 shares of the specialty chemicals company’s stock worth $1,401,000 after purchasing an additional 690 shares in the last quarter. Advisors Preferred LLC purchased a new position in Westlake Chemical in the 1st quarter worth approximately $101,000. LS Investment Advisors LLC purchased a new position in Westlake Chemical in the 2nd quarter worth approximately $116,000. Finally, Chicago Equity Partners LLC lifted its stake in Westlake Chemical by 13.7% in the 1st quarter. Chicago Equity Partners LLC now owns 9,700 shares of the specialty chemicals company’s stock worth $1,078,000 after purchasing an additional 1,170 shares in the last quarter. 30.74% of the stock is currently owned by institutional investors and hedge funds.
In related news, Chairman James Chao sold 33,305 shares of Westlake Chemical stock in a transaction that occurred on Thursday, May 24th. The shares were sold at an average price of $120.69, for a total value of $4,019,580.45. Following the completion of the sale, the chairman now owns 51,492 shares in the company, valued at approximately $6,214,569.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 72.00% of the stock is currently owned by company insiders.
Shares of NYSE WLK opened at $97.31 on Wednesday. The company has a market cap of $12.39 billion, a PE ratio of 17.79, a PEG ratio of 0.81 and a beta of 1.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.27 and a quick ratio of 1.51. Westlake Chemical Co. has a 1 year low of $70.84 and a 1 year high of $124.29.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings results on Thursday, August 2nd. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.52 by ($0.30). The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.19 billion. Westlake Chemical had a return on equity of 19.44% and a net margin of 18.55%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 EPS. sell-side analysts expect that Westlake Chemical Co. will post 9.03 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Investors of record on Tuesday, August 28th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend is Monday, August 27th. This is an increase from Westlake Chemical’s previous quarterly dividend of $0.21. Westlake Chemical’s dividend payout ratio (DPR) is 15.36%.
A number of research analysts have weighed in on WLK shares. Citigroup decreased their target price on shares of Westlake Chemical from $133.00 to $131.00 and set a “buy” rating on the stock in a research note on Wednesday, July 11th. Zacks Investment Research lowered shares of Westlake Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. ValuEngine lowered shares of Westlake Chemical from a “buy” rating to a “hold” rating in a research note on Monday, June 18th. MED restated a “buy” rating and set a $140.00 price target on shares of Westlake Chemical in a report on Thursday, August 2nd. Finally, Sanford C. Bernstein began coverage on shares of Westlake Chemical in a report on Wednesday, June 20th. They set an “outperform” rating and a $150.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $117.71.
Westlake Chemical Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products primarily in North America and Europe. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
Recommended Story: Leveraged Buyout (LBO)
Want to see what other hedge funds are holding WLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westlake Chemical Co. (NYSE:WLK).
Receive News & Ratings for Westlake Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical and related companies with MarketBeat.com's FREE daily email newsletter.