Federated Investors Inc. PA lessened its stake in Westlake Chemical Co. (NYSE:WLK) by 82.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,701 shares of the specialty chemicals company’s stock after selling 343,880 shares during the period. Federated Investors Inc. PA owned 0.06% of Westlake Chemical worth $7,717,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Wells Fargo & Company MN boosted its holdings in shares of Westlake Chemical by 21.9% in the 1st quarter. Wells Fargo & Company MN now owns 321,339 shares of the specialty chemicals company’s stock worth $35,716,000 after purchasing an additional 57,758 shares in the last quarter. Alps Advisors Inc. purchased a new position in shares of Westlake Chemical in the 1st quarter worth about $452,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Westlake Chemical in the 1st quarter worth about $203,000. Barings LLC lifted its stake in shares of Westlake Chemical by 85.4% in the 1st quarter. Barings LLC now owns 41,640 shares of the specialty chemicals company’s stock valued at $4,628,000 after acquiring an additional 19,180 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC bought a new stake in shares of Westlake Chemical in the 1st quarter valued at about $392,000. Hedge funds and other institutional investors own 31.50% of the company’s stock.
A number of research firms have recently weighed in on WLK. MED reissued a “buy” rating and issued a $135.00 target price on shares of Westlake Chemical in a research note on Tuesday. JPMorgan Chase & Co. lowered their target price on Westlake Chemical from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Wednesday, August 29th. BMO Capital Markets reissued a “hold” rating and issued a $111.00 target price on shares of Westlake Chemical in a research note on Friday, August 3rd. Cowen boosted their target price on Westlake Chemical from $122.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, May 11th. Finally, Zacks Investment Research raised Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Monday, August 27th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $115.12.
WLK opened at $89.21 on Friday. The company has a market cap of $12.07 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 0.80 and a beta of 1.49. 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 one year low of $76.30 and a one year high of $124.29.
Westlake Chemical (NYSE:WLK) last released its quarterly earnings results on Thursday, August 2nd. The specialty chemicals company reported $2.22 EPS for the quarter, missing analysts’ consensus estimates of $2.52 by ($0.30). The business had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.19 billion. Westlake Chemical had a net margin of 18.55% and a return on equity of 19.44%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.21 EPS. equities research analysts forecast that Westlake Chemical Co. will post 8.93 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 12th. Shareholders of record on Tuesday, August 28th will be given a dividend of $0.25 per share. This is a positive change from Westlake Chemical’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Monday, August 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.12%. Westlake Chemical’s dividend payout ratio is presently 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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