Westlake Chemical Co. (WLK) Shares Bought by Allianz Asset Management GmbH
Allianz Asset Management GmbH boosted its stake in shares of Westlake Chemical Co. (NYSE:WLK) by 99.4% during the third quarter, Holdings Channel reports. The fund owned 236,349 shares of the specialty chemicals company’s stock after acquiring an additional 117,808 shares during the period. Allianz Asset Management GmbH’s holdings in Westlake Chemical were worth $19,643,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the business. FMR LLC lifted its position in Westlake Chemical by 21.2% during the 2nd quarter. FMR LLC now owns 7,372,944 shares of the specialty chemicals company’s stock valued at $793,550,000 after purchasing an additional 1,291,053 shares during the period. Advisors Asset Management Inc. lifted its position in Westlake Chemical by 2,586.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 599,012 shares of the specialty chemicals company’s stock valued at $3,714,000 after purchasing an additional 576,711 shares during the period. BlackRock Inc. lifted its position in Westlake Chemical by 26.0% during the 2nd quarter. BlackRock Inc. now owns 1,933,430 shares of the specialty chemicals company’s stock valued at $208,094,000 after purchasing an additional 398,951 shares during the period. Glenmede Trust Co. NA lifted its position in Westlake Chemical by 4,470.5% during the 2nd quarter. Glenmede Trust Co. NA now owns 199,733 shares of the specialty chemicals company’s stock valued at $21,497,000 after purchasing an additional 195,363 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Westlake Chemical by 7,265.8% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 134,795 shares of the specialty chemicals company’s stock valued at $14,508,000 after purchasing an additional 132,965 shares during the period. 29.72% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research report on Saturday, December 1st. Alembic Global Advisors restated a “buy” rating on shares of Westlake Chemical in a research report on Monday, November 26th. SunTrust Banks restated a “positive” rating and set a $81.00 target price on shares of Westlake Chemical in a research report on Thursday, November 15th. BMO Capital Markets set a $94.00 target price on shares of Westlake Chemical and gave the company a “hold” rating in a research report on Thursday, November 8th. Finally, Cowen downgraded shares of Westlake Chemical from an “outperform” rating to a “market perform” rating and cut their target price for the company from $120.00 to $100.00 in a research report on Friday, September 7th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $109.76.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings results on Tuesday, November 6th. The specialty chemicals company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.24 by $0.11. The business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.24 billion. Westlake Chemical had a net margin of 19.36% and a return on equity of 19.75%. Westlake Chemical’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the company posted $1.61 EPS. On average, analysts forecast that Westlake Chemical Co. will post 8.6 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Tuesday, November 27th will be given a $0.25 dividend. The ex-dividend date is Monday, November 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.42%. Westlake Chemical’s dividend payout ratio is 18.28%.
In related news, CEO Albert Chao sold 24,509 shares of the stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $71.20, for a total value of $1,745,040.80. Following the sale, the chief executive officer now directly owns 337,013 shares in the company, valued at approximately $23,995,325.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 72.00% of the company’s stock.
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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