Royce & Associates LP boosted its stake in shares of Westlake Chemical Co. (NYSE:WLK) by 1.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 748,884 shares of the specialty chemicals company’s stock after buying an additional 8,184 shares during the quarter. Royce & Associates LP owned 0.58% of Westlake Chemical worth $62,225,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. Morgan Stanley boosted its stake in shares of Westlake Chemical by 15.1% in the first quarter. Morgan Stanley now owns 26,028 shares of the specialty chemicals company’s stock valued at $1,718,000 after purchasing an additional 3,413 shares during the period. Bank of Montreal Can boosted its stake in shares of Westlake Chemical by 34.1% in the second quarter. Bank of Montreal Can now owns 10,357 shares of the specialty chemicals company’s stock valued at $686,000 after purchasing an additional 2,634 shares during the period. Aperio Group LLC boosted its stake in shares of Westlake Chemical by 58.1% in the second quarter. Aperio Group LLC now owns 16,836 shares of the specialty chemicals company’s stock valued at $1,115,000 after purchasing an additional 6,186 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Westlake Chemical by 47.3% in the second quarter. Russell Investments Group Ltd. now owns 23,639 shares of the specialty chemicals company’s stock valued at $1,569,000 after purchasing an additional 7,593 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Westlake Chemical by 21.4% in the second quarter. Sei Investments Co. now owns 57,617 shares of the specialty chemicals company’s stock valued at $3,814,000 after purchasing an additional 10,148 shares during the period. 30.42% of the stock is owned by institutional investors.
Shares of Westlake Chemical Co. (NYSE WLK) traded down $0.72 during trading hours on Thursday, reaching $97.69. 1,001,800 shares of the company traded hands, compared to its average volume of 859,914. The firm has a market capitalization of $12,705.46, a PE ratio of 19.72, a price-to-earnings-growth ratio of 1.78 and a beta of 1.71. Westlake Chemical Co. has a 52-week low of $55.83 and a 52-week high of $99.71. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Monday, November 27th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, November 24th. This represents a $0.84 annualized dividend and a yield of 0.86%. Westlake Chemical’s dividend payout ratio (DPR) is 18.26%.
In other Westlake Chemical news, CEO Albert Chao sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total transaction of $2,358,500.00. Following the sale, the chief executive officer now owns 299,018 shares of the company’s stock, valued at $28,209,358.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP George J. Mangieri sold 13,381 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $94.44, for a total transaction of $1,263,701.64. Following the sale, the senior vice president now directly owns 10,195 shares in the company, valued at approximately $962,815.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 293,122 shares of company stock worth $27,721,443. 71.70% of the stock is owned by corporate insiders.
Several research analysts have recently commented on the stock. Wells Fargo & Company reissued a “buy” rating and issued a $112.00 price objective (up previously from $105.00) on shares of Westlake Chemical in a research note on Thursday. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $114.00 target price (up previously from $103.00) on shares of Westlake Chemical in a report on Thursday, November 9th. Alembic Global Advisors reaffirmed a “buy” rating on shares of Westlake Chemical in a report on Friday, November 24th. J P Morgan Chase & Co reaffirmed a “buy” rating and issued a $104.00 target price on shares of Westlake Chemical in a report on Friday, November 24th. Finally, ValuEngine cut shares of Westlake Chemical from a “buy” rating to a “hold” rating in a report on Tuesday, November 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Westlake Chemical has a consensus rating of “Buy” and an average price target of $98.09.
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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.
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