Victory Capital Management Inc. lessened its holdings in Westlake Chemical Co. (NYSE:WLK) by 6.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 31,826 shares of the specialty chemicals company’s stock after selling 2,045 shares during the period. Victory Capital Management Inc.’s holdings in Westlake Chemical were worth $2,106,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. One Wealth Advisors LLC purchased a new position in shares of Westlake Chemical during the third quarter valued at about $160,000. Cerebellum GP LLC purchased a new position in shares of Westlake Chemical during the fourth quarter valued at about $163,000. Twin Tree Management LP purchased a new position in shares of Westlake Chemical during the third quarter valued at about $181,000. Creative Planning grew its position in shares of Westlake Chemical by 36.8% during the third quarter. Creative Planning now owns 2,739 shares of the specialty chemicals company’s stock valued at $228,000 after purchasing an additional 737 shares in the last quarter. Finally, M&T Bank Corp purchased a new position in shares of Westlake Chemical during the fourth quarter valued at about $232,000. Institutional investors and hedge funds own 28.57% of the company’s stock.
Shares of NYSE:WLK opened at $69.87 on Friday. The company has a quick ratio of 1.59, a current ratio of 2.40 and a debt-to-equity ratio of 0.44. Westlake Chemical Co. has a 12 month low of $59.78 and a 12 month high of $124.29. The stock has a market capitalization of $9.71 billion, a P/E ratio of 8.95, a price-to-earnings-growth ratio of 0.81 and a beta of 1.51.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings results on Tuesday, February 19th. The specialty chemicals company reported $1.02 EPS for the quarter, missing the Zacks’ consensus estimate of $1.72 by ($0.70). Westlake Chemical had a net margin of 11.53% and a return on equity of 17.83%. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the previous year, the business posted $1.62 EPS. The firm’s revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts forecast that Westlake Chemical Co. will post 7.43 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 13th. Investors of record on Wednesday, February 27th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Tuesday, February 26th. Westlake Chemical’s payout ratio is 12.80%.
A number of brokerages have recently weighed in on WLK. Susquehanna Bancshares restated a “neutral” rating and set a $75.00 price objective (down previously from $88.00) on shares of Westlake Chemical in a research report on Tuesday. Cowen restated a “market perform” rating and set a $78.00 price objective (down previously from $80.00) on shares of Westlake Chemical in a research report on Monday. Barclays restated a “buy” rating on shares of Westlake Chemical in a research report on Wednesday, February 20th. ValuEngine lowered Westlake Chemical from a “sell” rating to a “strong sell” rating in a research report on Monday, February 4th. Finally, Nomura lowered Westlake Chemical from a “neutral” rating to a “reduce” rating and set a $72.00 price objective for the company. in a research report on Wednesday, January 30th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Westlake Chemical has a consensus rating of “Hold” and an average target price of $103.33.
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About Westlake Chemical
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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