Advisors Asset Management Inc. increased its position in Westlake Chemical Co. (NYSE:WLK) by 2,586.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 599,012 shares of the specialty chemicals company’s stock after purchasing an additional 576,711 shares during the quarter. Advisors Asset Management Inc. owned approximately 0.46% of Westlake Chemical worth $3,714,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Rhumbline Advisers lifted its holdings in Westlake Chemical by 11.8% during the second quarter. Rhumbline Advisers now owns 39,219 shares of the specialty chemicals company’s stock worth $4,221,000 after buying an additional 4,144 shares during the period. Victory Capital Management Inc. lifted its holdings in Westlake Chemical by 3.2% during the second quarter. Victory Capital Management Inc. now owns 123,917 shares of the specialty chemicals company’s stock worth $13,338,000 after buying an additional 3,814 shares during the period. Nissay Asset Management Corp Japan ADV purchased a new stake in Westlake Chemical during the second quarter worth $394,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in Westlake Chemical during the second quarter worth $480,000. Finally, Toronto Dominion Bank purchased a new stake in Westlake Chemical during the second quarter worth $417,000. 30.80% of the stock is currently owned by institutional investors.

Shares of WLK opened at $86.16 on Tuesday. Westlake Chemical Co. has a 12 month low of $79.98 and a 12 month high of $124.29. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.46. The firm has a market cap of $11.14 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 0.78 and a beta of 1.50.

Westlake Chemical (NYSE:WLK) last issued its quarterly earnings data on Thursday, August 2nd. The specialty chemicals company reported $2.22 EPS for the quarter, missing the consensus estimate of $2.52 by ($0.30). Westlake Chemical had a net margin of 18.55% and a return on equity of 19.44%. The business had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the company posted $1.21 EPS. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. analysts forecast that Westlake Chemical Co. will post 8.76 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 12th. Stockholders of record on Tuesday, August 28th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Monday, August 27th. This is a positive change from Westlake Chemical’s previous quarterly dividend of $0.21. Westlake Chemical’s dividend payout ratio is currently 18.28%.

WLK has been the subject of a number of analyst reports. MED restated a “buy” rating and set a $140.00 target price on shares of Westlake Chemical in a report on Tuesday, June 5th. Zacks Investment Research upgraded Westlake Chemical from a “sell” rating to a “hold” rating in a report on Tuesday, August 21st. Nomura lowered Westlake Chemical from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $120.00 to $108.00 in a report on Wednesday, July 11th. JPMorgan Chase & Co. lowered their target price on Westlake Chemical from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Wednesday, August 29th. Finally, ValuEngine lowered Westlake Chemical from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $115.12.

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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Institutional Ownership by Quarter for Westlake Chemical (NYSE:WLK)

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