Commonwealth Bank of Australia raised its position in shares of Westlake Chemical Co. (NYSE:WLK) by 66.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,300 shares of the specialty chemicals company’s stock after acquiring an additional 4,500 shares during the period. Commonwealth Bank of Australia’s holdings in Westlake Chemical were worth $744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of WLK. FMR LLC raised its holdings in shares of Westlake Chemical by 15.0% during the 3rd quarter. FMR LLC now owns 8,481,032 shares of the specialty chemicals company’s stock worth $704,859,000 after acquiring an additional 1,108,088 shares in the last quarter. Morgan Stanley raised its holdings in shares of Westlake Chemical by 223.3% during the 3rd quarter. Morgan Stanley now owns 544,346 shares of the specialty chemicals company’s stock worth $45,240,000 after acquiring an additional 375,952 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Westlake Chemical by 20.0% during the 3rd quarter. AQR Capital Management LLC now owns 1,853,189 shares of the specialty chemicals company’s stock worth $154,018,000 after acquiring an additional 308,887 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Westlake Chemical by 42.2% during the 3rd quarter. Renaissance Technologies LLC now owns 576,300 shares of the specialty chemicals company’s stock worth $47,896,000 after acquiring an additional 171,000 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Westlake Chemical by 7.6% during the 3rd quarter. BlackRock Inc. now owns 2,081,307 shares of the specialty chemicals company’s stock worth $172,977,000 after acquiring an additional 147,877 shares in the last quarter. 27.52% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have recently issued reports on WLK. Susquehanna Bancshares reaffirmed a “neutral” rating and set a $75.00 price objective (down from $88.00) on shares of Westlake Chemical in a report on Tuesday, February 26th. Cowen reaffirmed a “market perform” rating and set a $78.00 price objective (down from $80.00) on shares of Westlake Chemical in a report on Monday, February 25th. Barclays reaffirmed a “buy” rating on shares of Westlake Chemical in a report on Wednesday, February 20th. ValuEngine cut Westlake Chemical from a “sell” rating to a “strong sell” rating in a report on Monday, February 4th. Finally, Nomura downgraded Westlake Chemical from a “neutral” rating to a “reduce” rating and set a $72.00 target price on the stock. in a research report on Wednesday, January 30th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $103.33.

NYSE WLK opened at $69.22 on Friday. The company has a market cap of $8.92 billion, a PE ratio of 8.86, a P/E/G ratio of 0.80 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.55 and a current ratio of 2.40. Westlake Chemical Co. has a fifty-two week low of $59.78 and a fifty-two week high of $124.29.

Westlake Chemical (NYSE:WLK) last released its earnings results on Tuesday, February 19th. The specialty chemicals company reported $1.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.72 by ($0.70). The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.10 billion. Westlake Chemical had a net margin of 11.53% and a return on equity of 17.83%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.62 EPS. On average, equities analysts expect that Westlake Chemical Co. will post 7.13 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Shareholders of record on Wednesday, February 27th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Tuesday, February 26th. Westlake Chemical’s dividend payout ratio (DPR) is presently 12.80%.

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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.

See Also: Special Dividends

Institutional Ownership by Quarter for Westlake Chemical (NYSE:WLK)

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