Soroban Capital Partners LP reduced its stake in shares of Westlake Chemical Co. (NYSE:WLK) by 37.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,398,431 shares of the specialty chemicals company’s stock after selling 851,569 shares during the period. Westlake Chemical makes up about 0.4% of Soroban Capital Partners LP’s holdings, making the stock its 24th largest position. Soroban Capital Partners LP owned about 1.08% of Westlake Chemical worth $116,196,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Advisors Asset Management Inc. raised its stake in shares of Westlake Chemical by 162.8% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock worth $151,000 after buying an additional 1,410 shares during the last quarter. Verity Asset Management Inc. acquired a new position in shares of Westlake Chemical during the 2nd quarter worth $204,000. Quantitative Systematic Strategies LLC acquired a new position in shares of Westlake Chemical during the 3rd quarter worth $204,000. HL Financial Services LLC acquired a new position in shares of Westlake Chemical during the 3rd quarter worth $210,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Westlake Chemical during the 2nd quarter worth $219,000. Institutional investors own 30.42% of the company’s stock.
In related news, CEO Albert Chao sold 25,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total value of $2,358,500.00. Following the completion of the transaction, the chief executive officer now owns 299,018 shares of the company’s stock, valued at approximately $28,209,358.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert T. Blakely sold 4,367 shares of the business’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $92.33, for a total transaction of $403,205.11. Following the completion of the transaction, the director now directly owns 11,700 shares of the company’s stock, valued at approximately $1,080,261. The disclosure for this sale can be found here. Insiders sold a total of 293,122 shares of company stock valued at $27,721,443 in the last three months. 71.70% of the stock is currently owned by corporate insiders.
Several research analysts have recently issued reports on WLK shares. Wells Fargo & Company reaffirmed a “positive” rating and set a $94.00 price target (up previously from $77.00) on shares of Westlake Chemical in a research note on Wednesday, September 27th. Nomura raised Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 price target for the company in a research note on Tuesday, September 26th. SunTrust Banks reaffirmed a “buy” rating and set a $93.00 price target on shares of Westlake Chemical in a research note on Thursday, September 28th. ValuEngine raised Westlake Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating on shares of Westlake Chemical in a research note on Wednesday, September 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Westlake Chemical has an average rating of “Buy” and a consensus target price of $98.09.
Shares of Westlake Chemical Co. (NYSE:WLK) traded down $0.72 during mid-day trading on Thursday, reaching $97.69. 1,001,800 shares of the company traded hands, compared to its average volume of 859,914. Westlake Chemical Co. has a 12-month low of $55.83 and a 12-month high of $99.71. The firm has a market cap of $12,705.46, a P/E ratio of 19.72, a price-to-earnings-growth ratio of 1.78 and a beta of 1.71. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Monday, November 27th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend is Friday, November 24th. Westlake Chemical’s payout ratio is 18.26%.
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Westlake Chemical Profile
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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