Great West Life Assurance Co. Can boosted its stake in Westlake Chemical Co. (NYSE:WLK) by 192.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,335 shares of the specialty chemicals company’s stock after buying an additional 16,018 shares during the period. Great West Life Assurance Co. Can’s holdings in Westlake Chemical were worth $2,619,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in WLK. BlackRock Inc. boosted its position in shares of 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 in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Westlake Chemical by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,130,411 shares of the specialty chemicals company’s stock valued at $121,660,000 after purchasing an additional 3,499 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Westlake Chemical by 18.2% during the 1st quarter. Royal Bank of Canada now owns 489,915 shares of the specialty chemicals company’s stock valued at $54,455,000 after purchasing an additional 75,530 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Westlake Chemical by 7.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 389,434 shares of the specialty chemicals company’s stock valued at $41,915,000 after purchasing an additional 27,350 shares in the last quarter. Finally, Capital Growth Management LP bought a new position in shares of Westlake Chemical during the 1st quarter valued at about $40,014,000. Hedge funds and other institutional investors own 31.07% of the company’s stock.
Shares of WLK opened at $86.93 on Friday. Westlake Chemical Co. has a one year low of $78.68 and a one year high of $124.29. The stock has a market capitalization of $11.15 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 0.74 and a beta of 1.49. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.46.
Westlake Chemical (NYSE:WLK) last announced its earnings results 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 return on equity of 19.44% and a net margin of 18.55%. The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the business earned $1.21 earnings per share. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. analysts anticipate that Westlake Chemical Co. will post 8.87 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 12th. Stockholders of record on Tuesday, August 28th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.15%. This is a positive change from Westlake Chemical’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Monday, August 27th. Westlake Chemical’s dividend payout ratio is 18.28%.
WLK has been the subject of several research reports. MED restated a “buy” rating and set a $140.00 price objective on shares of Westlake Chemical in a research report on Tuesday, June 5th. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Nomura lowered shares of Westlake Chemical from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $120.00 to $108.00 in a research report on Wednesday, July 11th. JPMorgan Chase & Co. raised their price objective on shares of Westlake Chemical from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, June 1st. Finally, Royal Bank of Canada lowered shares of Westlake Chemical from an “outperform” rating to a “sector perform” rating in a research report on Monday, June 11th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $115.12.
About Westlake Chemical
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.
Further Reading: Book Value Per Share – BVPS
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