Private Advisor Group LLC Acquires 1,249 Shares of Westlake Chemical Co. (WLK)
Private Advisor Group LLC increased its holdings in Westlake Chemical Co. (NYSE:WLK) by 66.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,134 shares of the specialty chemicals company’s stock after acquiring an additional 1,249 shares during the quarter. Private Advisor Group LLC’s holdings in Westlake Chemical were worth $339,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Westlake Chemical in the 2nd quarter valued at $480,000. GSA Capital Partners LLP acquired a new position in shares of Westlake Chemical in the 2nd quarter valued at $2,546,000. Swiss National Bank acquired a new position in shares of Westlake Chemical in the 2nd quarter valued at $13,820,000. Paradigm Capital Management Inc. NY acquired a new position in shares of Westlake Chemical in the 2nd quarter valued at $2,411,000. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of Westlake Chemical by 7.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 389,434 shares of the specialty chemicals company’s stock valued at $41,915,000 after acquiring an additional 27,350 shares during the period. 31.50% of the stock is currently owned by institutional investors and hedge funds.
WLK has been the topic of a number of recent research reports. MED reaffirmed a “buy” rating and issued a $130.00 target price on shares of Westlake Chemical in a report on Thursday, May 17th. JPMorgan Chase & Co. lifted their target price on shares of Westlake Chemical from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, June 1st. Royal Bank of Canada cut shares of Westlake Chemical from an “outperform” rating to a “sector perform” rating in a report on Monday, June 11th. ValuEngine cut shares of Westlake Chemical from a “buy” rating to a “hold” rating in a report on Monday, June 18th. Finally, Sanford C. Bernstein assumed coverage on shares of Westlake Chemical in a research note on Wednesday, June 20th. They issued an “outperform” rating and a $150.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company’s stock. Westlake Chemical has an average rating of “Hold” and an average price target of $115.12.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Thursday, August 2nd. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.52 by ($0.30). The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.19 billion. Westlake Chemical had a net margin of 18.55% and a return on equity of 19.44%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.21 earnings per share. equities research analysts expect that Westlake Chemical Co. will post 8.93 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Shareholders of record on Tuesday, August 28th will be given a dividend of $0.25 per share. This is a positive change from Westlake Chemical’s previous quarterly dividend of $0.21. This represents a $1.00 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Monday, August 27th. Westlake Chemical’s payout ratio is presently 18.28%.
Westlake Chemical Profile
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.
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