BP Capital Fund Advisors LLC lowered its stake in Westlake Chemical Corporation (NYSE:WLK) by 38.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,226 shares of the specialty chemicals company’s stock after selling 54,599 shares during the period. Westlake Chemical Corporation accounts for about 2.6% of BP Capital Fund Advisors LLC’s investment portfolio, making the stock its 12th largest position. BP Capital Fund Advisors LLC owned 0.07% of Westlake Chemical Corporation worth $5,695,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WLK. UBS Asset Management Americas Inc. raised its stake in Westlake Chemical Corporation by 25.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 13,479 shares of the specialty chemicals company’s stock valued at $756,000 after buying an additional 2,750 shares in the last quarter. Norges Bank acquired a new stake in shares of Westlake Chemical Corporation during the fourth quarter worth approximately $35,887,000. Luminus Management LLC acquired a new stake in shares of Westlake Chemical Corporation during the fourth quarter worth approximately $6,215,000. Castleark Management LLC acquired a new stake in shares of Westlake Chemical Corporation during the fourth quarter worth approximately $3,428,000. Finally, Guggenheim Capital LLC raised its stake in shares of Westlake Chemical Corporation by 16.1% in the fourth quarter. Guggenheim Capital LLC now owns 46,575 shares of the specialty chemicals company’s stock worth $2,608,000 after buying an additional 6,462 shares during the period. Hedge funds and other institutional investors own 30.18% of the company’s stock.
Westlake Chemical Corporation (NYSE:WLK) traded up 1.34% during mid-day trading on Friday, hitting $66.73. The stock had a trading volume of 690,228 shares. The stock has a market cap of $8.61 billion, a price-to-earnings ratio of 20.99 and a beta of 1.67. The stock’s 50-day moving average price is $63.09 and its 200-day moving average price is $62.75. Westlake Chemical Corporation has a 12 month low of $40.25 and a 12 month high of $68.08.
Westlake Chemical Corporation (NYSE:WLK) last released its earnings results on Tuesday, May 2nd. The specialty chemicals company reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.46. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.62 billion. Westlake Chemical Corporation had a return on equity of 14.09% and a net margin of 6.85%. The company’s revenue for the quarter was up 99.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. On average, analysts predict that Westlake Chemical Corporation will post $4.55 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 13th. Shareholders of record on Tuesday, May 30th were issued a $0.1906 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Thursday, May 25th. Westlake Chemical Corporation’s dividend payout ratio is 23.90%.
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A number of research firms have issued reports on WLK. BidaskClub raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Zacks Investment Research raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Friday, May 5th. Royal Bank Of Canada reissued a “buy” rating and issued a $75.00 price target on shares of Westlake Chemical Corporation in a report on Tuesday, April 25th. Citigroup Inc. dropped their price objective on shares of Westlake Chemical Corporation from $66.00 to $64.00 and set a “buy” rating on the stock in a report on Friday, April 14th. Finally, Bank of America Corporation reaffirmed a “neutral” rating and set a $68.00 price objective on shares of Westlake Chemical Corporation in a report on Monday, May 8th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Westlake Chemical Corporation has a consensus rating of “Buy” and an average price target of $63.50.
In other Westlake Chemical Corporation news, VP George J. Mangieri sold 6,578 shares of the company’s stock in a transaction on Wednesday, May 17th. The stock was 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 directly owns 6,577 shares in the company, valued at approximately $409,155.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 71.70% of the stock is currently owned by corporate 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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