Flinton Capital Management LLC lowered its stake in shares of Westlake Chemical Corporation (NYSE:WLK) by 15.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,768 shares of the specialty chemicals company’s stock after selling 2,324 shares during the quarter. Flinton Capital Management LLC’s holdings in Westlake Chemical Corporation were worth $845,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of WLK. Advisors Asset Management Inc. increased its holdings in shares of Westlake Chemical Corporation by 162.8% during the second quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after acquiring an additional 1,410 shares in the last quarter. Verity Asset Management Inc. acquired a new position in shares of Westlake Chemical Corporation during the second quarter valued at about $204,000. OppenheimerFunds Inc. acquired a new position in shares of Westlake Chemical Corporation during the first quarter valued at about $205,000. Engineers Gate Manager LP acquired a new position in shares of Westlake Chemical Corporation during the second quarter valued at about $219,000. Finally, Private Advisor Group LLC increased its holdings in shares of Westlake Chemical Corporation by 3.1% during the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after acquiring an additional 103 shares in the last quarter. Hedge funds and other institutional investors own 31.97% of the company’s stock.
Shares of Westlake Chemical Corporation (NYSE:WLK) opened at 84.53 on Friday. Westlake Chemical Corporation has a 12 month low of $48.92 and a 12 month high of $85.36. The company has a 50-day moving average price of $78.73 and a 200-day moving average price of $68.84. The stock has a market cap of $10.91 billion, a price-to-earnings ratio of 24.16 and a beta of 1.63.
Westlake Chemical Corporation (NYSE:WLK) last released its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.19 by $0.02. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $2 billion. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. The firm’s revenue was up 82.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.85 earnings per share. On average, analysts expect that Westlake Chemical Corporation will post $4.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 18th. Shareholders of record on Friday, September 1st were given a dividend of $0.21 per share. This is a positive change from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. The ex-dividend date was Wednesday, August 30th. This represents a $0.84 annualized dividend and a yield of 0.99%. Westlake Chemical Corporation’s payout ratio is 24.00%.
A number of brokerages recently commented on WLK. Zacks Investment Research lowered Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Royal Bank Of Canada reiterated a “buy” rating on shares of Westlake Chemical Corporation in a research report on Friday, August 4th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $93.00 target price on shares of Westlake Chemical Corporation in a research report on Thursday, September 28th. Nomura upgraded Westlake Chemical Corporation from a “neutral” rating to a “buy” rating and set a $98.00 target price on the stock in a research report on Tuesday, September 26th. Finally, Wells Fargo & Company reiterated a “positive” rating and issued a $94.00 target price (up previously from $77.00) on shares of Westlake Chemical Corporation in a research report on Wednesday, September 27th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $77.22.
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In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of Westlake Chemical Corporation stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total value of $968,614.68. Following the transaction, the vice president now directly owns 44,449 shares in the company, valued at approximately $3,121,208.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 71.70% of the company’s stock.
Westlake Chemical Corporation 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.
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