Dimensional Fund Advisors LP boosted its stake in shares of Westlake Chemical Corp. (NYSE:WLK) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,267,872 shares of the company’s stock after buying an additional 51,107 shares during the period. Dimensional Fund Advisors LP owned about 0.97% of Westlake Chemical Corp. worth $54,413,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the stock. CIBC Asset Management Inc increased its stake in Westlake Chemical Corp. by 0.7% in the second quarter. CIBC Asset Management Inc now owns 5,510 shares of the company’s stock valued at $236,000 after buying an additional 38 shares in the last quarter. Menta Capital LLC increased its stake in Westlake Chemical Corp. by 1.9% in the first quarter. Menta Capital LLC now owns 16,080 shares of the company’s stock valued at $745,000 after buying an additional 300 shares in the last quarter. M&T Bank Corp increased its stake in Westlake Chemical Corp. by 10.3% in the first quarter. M&T Bank Corp now owns 6,178 shares of the company’s stock valued at $286,000 after buying an additional 576 shares in the last quarter. TrimTabs Asset Management LLC increased its stake in Westlake Chemical Corp. by 2.0% in the second quarter. TrimTabs Asset Management LLC now owns 30,284 shares of the company’s stock valued at $1,300,000 after buying an additional 590 shares in the last quarter. Finally, Pacad Investment Ltd. increased its stake in Westlake Chemical Corp. by 6.1% in the first quarter. Pacad Investment Ltd. now owns 10,500 shares of the company’s stock valued at $486,000 after buying an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 30.29% of the company’s stock.
Shares of Westlake Chemical Corp. (NYSE:WLK) traded down 0.88% during trading on Friday, reaching $54.36. 93,709 shares of the company were exchanged. The stock has a market capitalization of $7.00 billion, a P/E ratio of 13.56 and a beta of 1.88. Westlake Chemical Corp. has a 1-year low of $39.48 and a 1-year high of $63.56. The firm has a 50-day moving average price of $51.27 and a 200-day moving average price of $47.13.
Westlake Chemical Corp. (NYSE:WLK) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $0.96 by $0.11. The business earned $1.09 billion during the quarter, compared to analyst estimates of $1.06 billion. Westlake Chemical Corp. had a net margin of 12.48% and a return on equity of 15.42%. The firm’s revenue was down 8.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.41 EPS. Equities research analysts predict that Westlake Chemical Corp. will post $3.69 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Stockholders of record on Friday, September 2nd were issued a dividend of $0.1906 per share. The ex-dividend date was Wednesday, August 31st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.39%. This is an increase from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. Westlake Chemical Corp.’s dividend payout ratio (DPR) is currently 18.91%.
Several research analysts recently issued reports on the company. Nomura set a $53.00 target price on Westlake Chemical Corp. and gave the company a “hold” rating in a research report on Monday, August 1st. Vetr cut Westlake Chemical Corp. from a “strong-buy” rating to a “buy” rating and set a $48.76 target price on the stock. in a research report on Monday, July 11th. Cowen and Company reaffirmed an “outperform” rating and set a $60.00 target price (up previously from $53.00) on shares of Westlake Chemical Corp. in a research report on Monday, June 13th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $52.00 target price (up previously from $50.00) on shares of Westlake Chemical Corp. in a research report on Monday, June 13th. Finally, JPMorgan Chase & Co. lifted their target price on Westlake Chemical Corp. from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Westlake Chemical Corp. has a consensus rating of “Buy” and a consensus price target of $58.60.
In other news, VP George J. Mangieri sold 30,714 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $52.00, for a total transaction of $1,597,128.00. Following the completion of the sale, the vice president now owns 54,609 shares in the company, valued at approximately $2,839,668. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 71.70% of the company’s stock.
About Westlake Chemical Corp.
Westlake Chemical Corporation is a vertically integrated 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 diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods.
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