Globeflex Capital L P Decreases Holdings in Westlake Chemical Co. (WLK)
Globeflex Capital L P cut its stake in Westlake Chemical Co. (NYSE:WLK) by 26.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,837 shares of the specialty chemicals company’s stock after selling 1,002 shares during the quarter. Globeflex Capital L P’s holdings in Westlake Chemical were worth $193,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of WLK. Norges Bank bought a new position in Westlake Chemical in the 4th quarter worth $32,294,000. Millennium Management LLC raised its holdings in Westlake Chemical by 102.6% in the 4th quarter. Millennium Management LLC now owns 834,024 shares of the specialty chemicals company’s stock worth $55,187,000 after purchasing an additional 422,380 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Westlake Chemical by 129.9% in the 4th quarter. Nuveen Asset Management LLC now owns 429,443 shares of the specialty chemicals company’s stock worth $28,416,000 after purchasing an additional 242,654 shares in the last quarter. Gotham Asset Management LLC raised its holdings in Westlake Chemical by 461.4% in the 4th quarter. Gotham Asset Management LLC now owns 260,058 shares of the specialty chemicals company’s stock worth $17,208,000 after purchasing an additional 213,738 shares in the last quarter. Finally, Scout Investments Inc. bought a new position in Westlake Chemical in the 1st quarter worth $13,560,000. Institutional investors and hedge funds own 28.22% of the company’s stock.
In related news, Director H John Riley, Jr. sold 3,327 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $69.92, for a total transaction of $232,623.84. Following the sale, the director now directly owns 22,652 shares of the company’s stock, valued at approximately $1,583,827.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 72.60% of the company’s stock.
Shares of Westlake Chemical stock opened at $59.53 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.14 and a quick ratio of 1.31. The stock has a market capitalization of $7.37 billion, a P/E ratio of 7.62, a price-to-earnings-growth ratio of 1.36 and a beta of 1.49. Westlake Chemical Co. has a 1 year low of $57.20 and a 1 year high of $119.77.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.94 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.38 by ($0.44). Westlake Chemical had a net margin of 9.18% and a return on equity of 14.57%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same period last year, the company posted $2.20 earnings per share. The business’s revenue for the quarter was down 5.8% compared to the same quarter last year. Equities research analysts expect that Westlake Chemical Co. will post 5.18 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Wednesday, May 29th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.68%. The ex-dividend date is Tuesday, May 28th. Westlake Chemical’s dividend payout ratio (DPR) is 12.80%.
Westlake Chemical Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. 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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