New York State Common Retirement Fund Has $10 Million Stake in Westlake Chemical Corporation (WLK)
New York State Common Retirement Fund decreased its position in Westlake Chemical Corporation (NYSE:WLK) by 34.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 151,079 shares of the specialty chemicals company’s stock after selling 79,101 shares during the period. New York State Common Retirement Fund owned 0.12% of Westlake Chemical Corporation worth $10,003,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Advisors Asset Management Inc. grew its stake in shares of Westlake Chemical Corporation by 162.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after buying an additional 1,410 shares during the period. Verity Asset Management Inc. purchased a new stake in shares of Westlake Chemical Corporation in the 2nd quarter valued at approximately $204,000. OppenheimerFunds Inc. purchased a new stake in shares of Westlake Chemical Corporation in the 1st quarter valued at approximately $205,000. Engineers Gate Manager LP purchased a new stake in shares of Westlake Chemical Corporation in the 2nd quarter valued at approximately $219,000. Finally, Private Advisor Group LLC grew its stake in shares of Westlake Chemical Corporation by 3.1% in the 2nd quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after buying an additional 103 shares during the period. 31.97% of the stock is owned by institutional investors and hedge funds.
In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total transaction of $968,614.68. Following the completion of the sale, the vice president now directly owns 44,449 shares in the company, valued at $3,121,208.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 71.70% of the stock is owned by insiders.
Several analysts have recently weighed in on WLK shares. BidaskClub raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Cowen and Company reissued a “buy” rating and issued a $70.00 price target on shares of Westlake Chemical Corporation in a research note on Friday, July 14th. Royal Bank Of Canada reissued a “buy” rating on shares of Westlake Chemical Corporation in a research note on Friday, August 4th. Zacks Investment Research cut shares of Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Finally, SunTrust Banks, Inc. reissued a “buy” rating and issued a $86.00 price target on shares of Westlake Chemical Corporation in a research note on Wednesday, September 6th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $77.22.
Westlake Chemical Corporation (NYSE WLK) opened at 84.53 on Friday. Westlake Chemical Corporation has a 52-week low of $48.92 and a 52-week high of $85.36. The company’s 50 day moving average is $78.73 and its 200-day moving average is $68.84. The stock has a market cap of $10.91 billion, a PE ratio of 24.16 and a beta of 1.63.
Westlake Chemical Corporation (NYSE:WLK) last released its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The company had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $2 billion. During the same period in the previous year, the firm earned $0.85 earnings per share. Westlake Chemical Corporation’s revenue for the quarter was up 82.2% on a year-over-year basis. On average, equities analysts anticipate that Westlake Chemical Corporation will post $4.79 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 18th. Shareholders of record on Friday, September 1st were paid a dividend of $0.21 per share. This is an increase from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. This represents a $0.84 annualized dividend and a yield of 0.99%. The ex-dividend date was Wednesday, August 30th. Westlake Chemical Corporation’s payout ratio is currently 24.00%.
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Westlake Chemical Corporation Profile
Westlake Chemical Corporation is a 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 consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.
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