Westlake Chemical Co. (NYSE:WLK) Shares Sold by Bank of New York Mellon Corp
Bank of New York Mellon Corp decreased its stake in shares of Westlake Chemical Co. (NYSE:WLK) by 4.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 237,598 shares of the specialty chemicals company’s stock after selling 11,100 shares during the quarter. Bank of New York Mellon Corp owned about 0.19% of Westlake Chemical worth $12,748,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Advisor Group Holdings Inc. purchased a new stake in shares of Westlake Chemical in the 1st quarter valued at $36,000. Macquarie Group Ltd. lifted its stake in Westlake Chemical by 102.0% in the 2nd quarter. Macquarie Group Ltd. now owns 1,212 shares of the specialty chemicals company’s stock valued at $65,000 after buying an additional 612 shares in the last quarter. US Bancorp DE lifted its stake in Westlake Chemical by 48.3% in the 1st quarter. US Bancorp DE now owns 2,189 shares of the specialty chemicals company’s stock valued at $83,000 after buying an additional 713 shares in the last quarter. M&T Bank Corp purchased a new position in Westlake Chemical in the 2nd quarter valued at about $212,000. Finally, BP PLC purchased a new position in Westlake Chemical in the 2nd quarter valued at about $215,000. 28.19% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on the stock. Bank of America raised their price target on shares of Westlake Chemical from $45.00 to $50.00 and gave the company an “underweight” rating in a research note on Thursday, September 10th. Deutsche Bank raised their target price on shares of Westlake Chemical from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. They noted that the move was a valuation call. UBS Group raised their target price on shares of Westlake Chemical from $28.00 to $30.00 and gave the stock a “sell” rating in a research note on Thursday, July 9th. BMO Capital Markets raised their target price on shares of Westlake Chemical from $54.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, August 10th. Finally, Barclays raised their target price on shares of Westlake Chemical from $47.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 1st. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $54.00.
Westlake Chemical (NYSE:WLK) last released its quarterly earnings data on Thursday, August 6th. The specialty chemicals company reported $0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.12. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.69 billion. Westlake Chemical had a net margin of 5.14% and a return on equity of 4.74%. The company’s revenue for the quarter was down 20.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.92 EPS. On average, analysts expect that Westlake Chemical Co. will post 1.85 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 9th. Investors of record on Tuesday, August 25th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Monday, August 24th. This is an increase from Westlake Chemical’s previous quarterly dividend of $0.26. Westlake Chemical’s dividend payout ratio (DPR) is currently 33.13%.
About Westlake Chemical
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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