Alps Advisors Inc. boosted its stake in Westlake Chemical Co. (NYSE:WLK) by 45.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,913 shares of the specialty chemicals company’s stock after acquiring an additional 1,844 shares during the period. Alps Advisors Inc.’s holdings in Westlake Chemical were worth $636,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. LS Investment Advisors LLC purchased a new position in shares of Westlake Chemical in the second quarter worth about $116,000. C M Bidwell & Associates Ltd. purchased a new position in shares of Westlake Chemical in the first quarter worth about $142,000. Daiwa Securities Group Inc. purchased a new position in shares of Westlake Chemical in the second quarter worth about $157,000. Focused Wealth Management Inc purchased a new position in shares of Westlake Chemical in the first quarter worth about $195,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Westlake Chemical in the first quarter worth about $203,000. 31.50% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Monday, August 27th. ValuEngine downgraded shares of Westlake Chemical from a “hold” rating to a “sell” rating in a research note on Tuesday. Cowen lifted their target price on shares of Westlake Chemical from $122.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, May 11th. MED reiterated a “buy” rating and issued a $130.00 target price on shares of Westlake Chemical in a research note on Thursday, May 17th. Finally, Sanford C. Bernstein assumed coverage on shares of Westlake Chemical in a research note on Wednesday, June 20th. They issued an “outperform” rating and a $150.00 target price for the company. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $116.53.
Shares of NYSE:WLK opened at $92.00 on Friday. The company has a market cap of $12.26 billion, a P/E ratio of 17.24, a PEG ratio of 0.81 and a beta of 1.49. Westlake Chemical Co. has a 12 month low of $76.30 and a 12 month high of $124.29. 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 (NYSE:WLK) last issued its quarterly earnings data on Thursday, August 2nd. The specialty chemicals company reported $2.22 EPS for the quarter, missing the consensus estimate of $2.52 by ($0.30). The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Westlake Chemical had a net margin of 18.55% and a return on equity of 19.44%. Westlake Chemical’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.21 EPS. equities research analysts anticipate that Westlake Chemical Co. will post 8.93 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 12th. Investors of record on Tuesday, August 28th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, August 27th. This represents a $1.00 annualized dividend and a yield of 1.09%. This is a boost from Westlake Chemical’s previous quarterly dividend of $0.21. Westlake Chemical’s payout ratio is currently 18.28%.
Westlake Chemical Company 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.
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