Gargoyle Investment Advisor L.L.C. held its position in shares of Westlake Chemical Corp. (NYSE:WLK) during the second quarter, Holdings Channel reports. The institutional investor owned 10,261 shares of the company’s stock at the end of the second quarter. Gargoyle Investment Advisor L.L.C.’s holdings in Westlake Chemical Corp. were worth $440,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of WLK. Pacad Investment Ltd. boosted its position in Westlake Chemical Corp. by 6.1% in the first quarter. Pacad Investment Ltd. now owns 10,500 shares of the company’s stock valued at $486,000 after buying an additional 600 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Westlake Chemical Corp. during the first quarter valued at $2,292,000. BlackRock Inc. boosted its position in Westlake Chemical Corp. by 3.1% in the first quarter. BlackRock Inc. now owns 34,479 shares of the company’s stock valued at $1,596,000 after buying an additional 1,048 shares in the last quarter. BlackRock Group LTD boosted its position in Westlake Chemical Corp. by 0.9% in the first quarter. BlackRock Group LTD now owns 245,723 shares of the company’s stock valued at $11,377,000 after buying an additional 2,153 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Westlake Chemical Corp. by 343.6% in the first quarter. JPMorgan Chase & Co. now owns 484,282 shares of the company’s stock valued at $22,423,000 after buying an additional 375,108 shares in the last quarter. 30.29% of the stock is owned by institutional investors.
Westlake Chemical Corp. (NYSE:WLK) traded up 1.86% during midday trading on Thursday, hitting $54.84. The stock had a trading volume of 1,231,801 shares. The company has a 50-day moving average price of $51.08 and a 200-day moving average price of $47.08. The stock has a market cap of $7.06 billion, a P/E ratio of 13.68 and a beta of 1.88. Westlake Chemical Corp. has a 52 week low of $39.48 and a 52 week high of $63.56.
Westlake Chemical Corp. (NYSE:WLK) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by $0.11. The company earned $1.09 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Westlake Chemical Corp. had a net margin of 12.48% and a return on equity of 15.42%. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 earnings per share. Equities analysts expect that Westlake Chemical Corp. will post $3.69 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Friday, September 2nd were given a $0.1906 dividend. This is a positive change from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend was Wednesday, August 31st. Westlake Chemical Corp.’s dividend payout ratio is presently 18.91%.
Several research firms recently weighed in on WLK. Nomura set a $53.00 target price on shares of Westlake Chemical Corp. and gave the company a “hold” rating in a research note on Monday, August 1st. Vetr cut shares of Westlake Chemical Corp. from a “strong-buy” rating to a “buy” rating and set a $48.76 target price for the company. in a research note on Monday, July 11th. Cowen and Company reissued an “outperform” rating and issued a $60.00 target price (up from $53.00) on shares of Westlake Chemical Corp. in a research note on Monday, June 13th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $52.00 target price (up from $50.00) on shares of Westlake Chemical Corp. in a research note on Monday, June 13th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Westlake Chemical Corp. from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 16th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Westlake Chemical Corp. presently has a consensus rating of “Buy” and an average target price of $58.60.
In related news, VP George J. Mangieri sold 30,714 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $52.00, for a total value of $1,597,128.00. Following the completion of the sale, the vice president now directly owns 54,609 shares of the company’s stock, valued at approximately $2,839,668. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 71.70% of the stock is owned by corporate insiders.
Westlake Chemical Corp. Company Profile
Westlake Chemical Corporation is a vertically integrated 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 diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods.
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