Sprott Inc. increased its holdings in shares of Westlake Chemical Co. (NYSE:WLK) by 35.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,000 shares of the specialty chemicals company’s stock after purchasing an additional 35,000 shares during the period. Westlake Chemical makes up 2.2% of Sprott Inc.’s holdings, making the stock its 17th biggest position. Sprott Inc. owned approximately 0.11% of Westlake Chemical worth $9,377,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP grew its position in Westlake Chemical by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,172,825 shares of the specialty chemicals company’s stock valued at $77,597,000 after buying an additional 8,496 shares during the period. Federated Investors Inc. PA grew its position in Westlake Chemical by 45.1% during the first quarter. Federated Investors Inc. PA now owns 822,017 shares of the specialty chemicals company’s stock valued at $55,782,000 after buying an additional 255,544 shares during the period. Janus Henderson Group PLC grew its position in Westlake Chemical by 1,916.5% during the second quarter. Janus Henderson Group PLC now owns 661,881 shares of the specialty chemicals company’s stock valued at $45,974,000 after buying an additional 629,057 shares during the period. Fort Pitt Capital Group LLC grew its position in Westlake Chemical by 52.6% during the second quarter. Fort Pitt Capital Group LLC now owns 604,755 shares of the specialty chemicals company’s stock valued at $42,006,000 after buying an additional 208,349 shares during the period. Finally, Scout Investments Inc. grew its position in Westlake Chemical by 114.7% during the second quarter. Scout Investments Inc. now owns 429,052 shares of the specialty chemicals company’s stock valued at $29,802,000 after buying an additional 229,232 shares during the period. 30.65% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently commented on WLK. Barclays lowered shares of Westlake Chemical from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $72.00 to $71.00 in a research report on Tuesday, July 2nd. Bank of America lowered shares of Westlake Chemical from a “buy” rating to an “underperform” rating in a research report on Friday, August 16th. Macquarie set a $74.00 price target on shares of Westlake Chemical and gave the company a “hold” rating in a research report on Tuesday, July 2nd. Nomura dropped their price target on shares of Westlake Chemical from $57.00 to $53.00 and set a “reduce” rating on the stock in a research report on Wednesday, August 7th. Finally, Citigroup set a $79.00 price target on shares of Westlake Chemical and gave the company a “buy” rating in a research report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. Westlake Chemical currently has a consensus rating of “Hold” and an average price target of $77.05.
Shares of NYSE WLK traded up $3.42 during trading on Monday, hitting $69.32. The company had a trading volume of 47,218 shares, compared to its average volume of 557,522. The stock has a fifty day simple moving average of $61.85 and a two-hundred day simple moving average of $66.12. Westlake Chemical Co. has a fifty-two week low of $55.82 and a fifty-two week high of $87.67. The firm has a market capitalization of $8.94 billion, a price-to-earnings ratio of 8.89, a price-to-earnings-growth ratio of 2.64 and a beta of 1.62. The company has a quick ratio of 1.33, a current ratio of 2.07 and a debt-to-equity ratio of 0.47.
Westlake Chemical (NYSE:WLK) last announced its earnings results on Tuesday, August 6th. The specialty chemicals company reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.08. Westlake Chemical had a net margin of 7.39% and a return on equity of 11.05%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same quarter last year, the business earned $2.12 earnings per share. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. On average, analysts anticipate that Westlake Chemical Co. will post 3.75 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Tuesday, August 27th were given a $0.2625 dividend. The ex-dividend date was Monday, August 26th. This represents a $1.05 annualized dividend and a dividend yield of 1.51%. Westlake Chemical’s dividend payout ratio (DPR) is 13.44%.
Westlake Chemical Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. 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.
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