State of Wisconsin Investment Board Has $499,000 Position in Westlake Chemical Corporation (WLK)
State of Wisconsin Investment Board lowered its position in shares of Westlake Chemical Corporation (NYSE:WLK) by 63.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,549 shares of the specialty chemicals company’s stock after selling 13,228 shares during the period. State of Wisconsin Investment Board’s holdings in Westlake Chemical Corporation were worth $499,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Russell Investments Group Ltd. acquired a new position in Westlake Chemical Corporation during the fourth quarter worth about $771,000. Cadence Capital Management LLC acquired a new position in Westlake Chemical Corporation during the fourth quarter worth about $447,000. State Board of Administration of Florida Retirement System increased its position in Westlake Chemical Corporation by 0.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 52,369 shares of the specialty chemicals company’s stock worth $2,932,000 after buying an additional 460 shares in the last quarter. Keybank National Association OH increased its position in Westlake Chemical Corporation by 19.9% in the fourth quarter. Keybank National Association OH now owns 17,625 shares of the specialty chemicals company’s stock worth $987,000 after buying an additional 2,928 shares in the last quarter. Finally, Aviva PLC increased its position in Westlake Chemical Corporation by 4.6% in the fourth quarter. Aviva PLC now owns 25,974 shares of the specialty chemicals company’s stock worth $1,455,000 after buying an additional 1,153 shares in the last quarter. Institutional investors own 30.25% of the company’s stock.
Westlake Chemical Corporation (NYSE WLK) opened at 63.65 on Friday. The firm has a 50-day moving average of $62.61 and a 200-day moving average of $62.34. Westlake Chemical Corporation has a 12-month low of $39.48 and a 12-month high of $68.08. The stock has a market cap of $8.21 billion, a PE ratio of 20.02 and a beta of 1.61.
Westlake Chemical Corporation (NYSE:WLK) last released its earnings results on Tuesday, May 2nd. The specialty chemicals company reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.46. Westlake Chemical Corporation had a net margin of 6.85% and a return on equity of 14.09%. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter last year, the business earned $0.94 EPS. The business’s revenue was up 99.2% on a year-over-year basis. Equities analysts predict that Westlake Chemical Corporation will post $4.56 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 13th. Stockholders of record on Tuesday, May 30th were paid a $0.1906 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Thursday, May 25th. Westlake Chemical Corporation’s dividend payout ratio (DPR) is presently 23.90%.
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WLK has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Westlake Chemical Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, February 25th. Citigroup Inc. decreased their target price on shares of Westlake Chemical Corporation from $66.00 to $64.00 and set a “buy” rating for the company in a research report on Friday, April 14th. Royal Bank Of Canada restated a “buy” rating and set a $75.00 target price on shares of Westlake Chemical Corporation in a research report on Tuesday, April 25th. Bank of America Corporation restated a “neutral” rating and set a $68.00 target price on shares of Westlake Chemical Corporation in a research report on Monday, May 8th. Finally, Cowen and Company boosted their target price on shares of Westlake Chemical Corporation from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, May 23rd. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $63.50.
In other news, VP George J. Mangieri sold 6,578 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $62.21, for a total value of $409,217.38. Following the completion of the sale, the vice president now owns 6,577 shares in the company, valued at approximately $409,155.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 71.70% of the stock is currently owned by company insiders.
About Westlake Chemical Corporation
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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