Wolverine Asset Management LLC lessened its stake in Westlake Chemical Co. (NYSE:WLK) by 50.0% in the 4th quarter, HoldingsChannel reports. The fund owned 20,000 shares of the specialty chemicals company’s stock after selling 20,000 shares during the quarter. Wolverine Asset Management LLC’s holdings in Westlake Chemical were worth $2,130,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of WLK. The Manufacturers Life Insurance Company increased its position in Westlake Chemical by 5.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock valued at $260,000 after acquiring an additional 211 shares in the last quarter. Aperio Group LLC grew its position in shares of Westlake Chemical by 4.8% during the 3rd quarter. Aperio Group LLC now owns 17,650 shares of the specialty chemicals company’s stock worth $1,467,000 after buying an additional 814 shares during the period. Chicago Equity Partners LLC grew its position in shares of Westlake Chemical by 108.3% during the 3rd quarter. Chicago Equity Partners LLC now owns 7,395 shares of the specialty chemicals company’s stock worth $614,000 after buying an additional 3,845 shares during the period. Jennison Associates LLC acquired a new stake in shares of Westlake Chemical during the 3rd quarter worth approximately $3,362,000. Finally, Global X MANAGEMENT CO LLC grew its position in shares of Westlake Chemical by 11.8% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 9,952 shares of the specialty chemicals company’s stock worth $827,000 after buying an additional 1,052 shares during the period. Hedge funds and other institutional investors own 29.79% of the company’s stock.
Westlake Chemical Co. (WLK) opened at $119.95 on Friday. The stock has a market cap of $15,523.93, a P/E ratio of 20.90, a P/E/G ratio of 1.22 and a beta of 1.59. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.30 and a current ratio of 1.76. Westlake Chemical Co. has a 1-year low of $59.58 and a 1-year high of $120.28.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 13th. Investors of record on Tuesday, February 27th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend is Monday, February 26th. Westlake Chemical’s dividend payout ratio is currently 8.41%.
In other Westlake Chemical news, SVP George J. Mangieri sold 4,335 shares of Westlake Chemical stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $111.22, for a total value of $482,138.70. Following the transaction, the senior vice president now owns 5,810 shares of the company’s stock, valued at $646,188.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO L. Benjamin Ederington sold 6,942 shares of Westlake Chemical stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $111.45, for a total transaction of $773,685.90. Following the completion of the transaction, the chief accounting officer now directly owns 13,111 shares in the company, valued at approximately $1,461,220.95. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,052 shares of company stock worth $10,822,188. Insiders own 71.70% of the company’s stock.
Several brokerages have recently commented on WLK. Deutsche Bank lifted their price target on shares of Westlake Chemical from $115.00 to $124.00 and gave the stock a “hold” rating in a research report on Thursday, February 22nd. Zacks Investment Research upgraded shares of Westlake Chemical from a “hold” rating to a “buy” rating and set a $120.00 price target for the company in a research report on Wednesday, February 21st. UBS Group reiterated a “sell” rating and set a $87.00 price target (up previously from $80.00) on shares of Westlake Chemical in a research report on Wednesday, February 21st. SunTrust Banks reiterated a “buy” rating and set a $121.00 price target on shares of Westlake Chemical in a research report on Friday, February 23rd. Finally, Alembic Global Advisors reiterated a “buy” rating on shares of Westlake Chemical in a research report on Friday, November 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $111.43.
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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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