Lucus Advisors LLC reduced its position in Westlake Chemical Corp. (NYSE:WLK) by 27.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,146 shares of the company’s stock after selling 3,022 shares during the period. Lucus Advisors LLC’s holdings in Westlake Chemical Corp. were worth $350,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the company. Bancorpsouth Inc. acquired a new stake in Westlake Chemical Corp. during the first quarter worth $272,000. 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 worth $286,000 after buying an additional 576 shares in the last quarter. 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 worth $486,000 after buying an additional 600 shares in the last quarter. Credit Agricole S A increased its stake in Westlake Chemical Corp. by 12.3% in the first quarter. Credit Agricole S A now owns 11,106 shares of the company’s stock worth $515,000 after buying an additional 1,217 shares in the last quarter. Finally, Cue Financial Group Inc. increased its stake in Westlake Chemical Corp. by 21.2% in the second quarter. Cue Financial Group Inc. now owns 15,825 shares of the company’s stock worth $679,000 after buying an additional 2,770 shares in the last quarter. 30.29% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Westlake Chemical Corp. (NYSE:WLK) traded up 1.44% during trading on Friday, hitting $53.50. 1,630,754 shares of the stock traded hands. The stock has a 50 day moving average of $50.72 and a 200 day moving average of $46.95. The firm has a market cap of $6.89 billion, a price-to-earnings ratio of 13.34 and a beta of 2.04. Westlake Chemical Corp. has a 52-week low of $39.48 and a 52-week high of $63.56.
Westlake Chemical Corp. (NYSE:WLK) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.96 by $0.11. The firm earned $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. Westlake Chemical Corp. had a net margin of 12.48% and a return on equity of 15.42%. The business’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.41 earnings per share. Analysts expect that Westlake Chemical Corp. will post $3.64 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Friday, September 2nd were issued a $0.1906 dividend. This is an increase from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend was Wednesday, August 31st. Westlake Chemical Corp.’s payout ratio is presently 18.91%.
A number of analysts have recently weighed in on the stock. Cowen and Company reaffirmed an “outperform” rating and issued a $60.00 target price (up from $53.00) on shares of Westlake Chemical Corp. in a research report on Monday, June 13th. Vetr downgraded shares of Westlake Chemical Corp. from a “strong-buy” rating to a “buy” rating and set a $48.76 price objective on the stock. in a research report on Monday, July 11th. RBC Capital Markets raised shares of Westlake Chemical Corp. from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $47.00 to $59.00 in a research report on Tuesday, August 23rd. Goldman Sachs Group Inc. assumed coverage on shares of Westlake Chemical Corp. in a research report on Friday. They set a “neutral” rating and a $51.00 price objective on the stock. Finally, SunTrust Banks Inc. raised shares of Westlake Chemical Corp. from a “neutral” rating to a “buy” rating and increased their price objective for the company from $44.00 to $52.00 in a research report on Wednesday, June 15th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $58.60.
In related news, VP George J. Mangieri sold 30,714 shares of Westlake Chemical Corp. stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $52.00, for a total value of $1,597,128.00. Following the completion of the sale, the vice president now directly owns 54,609 shares in the company, valued at $2,839,668. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 71.70% of the stock is owned by corporate insiders.
Westlake Chemical Corp. Company Profile
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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