Tortoise Capital Advisors L.L.C. raised its stake in Westlake Chemical Co. (NYSE:WLK) by 6,376.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,360 shares of the specialty chemicals company’s stock after buying an additional 1,339 shares during the period. Tortoise Capital Advisors L.L.C.’s holdings in Westlake Chemical were worth $113,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Private Advisor Group LLC boosted its position in Westlake Chemical by 3.1% in the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after buying an additional 103 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Westlake Chemical by 5.7% in the second quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock valued at $260,000 after buying an additional 211 shares in the last quarter. Voya Investment Management LLC boosted its position in Westlake Chemical by 2.5% in the second quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock valued at $785,000 after buying an additional 286 shares in the last quarter. SG Americas Securities LLC boosted its position in Westlake Chemical by 4.5% in the second quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock valued at $451,000 after buying an additional 296 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Westlake Chemical by 6.8% in the second quarter. Principal Financial Group Inc. now owns 6,805 shares of the specialty chemicals company’s stock valued at $451,000 after buying an additional 435 shares in the last quarter. Hedge funds and other institutional investors own 30.42% of the company’s stock.

A number of brokerages have weighed in on WLK. Deutsche Bank restated a “buy” rating and issued a $115.00 target price on shares of Westlake Chemical in a research report on Wednesday. Wells Fargo & Company restated a “buy” rating and issued a $112.00 target price (up previously from $105.00) on shares of Westlake Chemical in a research report on Thursday, December 7th. Royal Bank of Canada restated an “outperform” rating and issued a $114.00 target price (up previously from $103.00) on shares of Westlake Chemical in a research report on Thursday, November 9th. Alembic Global Advisors restated a “buy” rating on shares of Westlake Chemical in a research report on Friday, November 24th. Finally, J P Morgan Chase & Co reiterated a “buy” rating and set a $104.00 price target on shares of Westlake Chemical in a report on Friday, November 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Westlake Chemical currently has an average rating of “Buy” and an average target price of $99.50.

Shares of Westlake Chemical Co. (NYSE WLK) traded down $0.55 during trading hours on Friday, hitting $100.96. 1,042,800 shares of the stock were exchanged, compared to its average volume of 856,945. The firm has a market capitalization of $13,105.69, a price-to-earnings ratio of 20.34, a PEG ratio of 1.84 and a beta of 1.71. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. Westlake Chemical Co. has a 52 week low of $55.83 and a 52 week high of $102.58.

The firm also recently declared a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Monday, November 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, November 24th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.83%. Westlake Chemical’s dividend payout ratio (DPR) is presently 18.26%.

In other news, SVP George J. Mangieri sold 13,381 shares of Westlake Chemical stock in a transaction on Monday, November 13th. The shares were sold at an average price of $94.44, for a total transaction of $1,263,701.64. Following the transaction, the senior vice president now owns 10,195 shares in the company, valued at $962,815.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mark Steven Bender sold 6,500 shares of Westlake Chemical stock in a transaction on Monday, December 4th. The stock was sold at an average price of $97.83, for a total transaction of $635,895.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293,122 shares of company stock worth $27,721,443. 71.70% of the stock is owned by company insiders.

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About Westlake Chemical

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

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