State Board of Administration of Florida Retirement System cut its holdings in Westlake Chemical Co. (NYSE:WLK) by 3.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,285 shares of the specialty chemicals company’s stock after selling 1,420 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Westlake Chemical were worth $3,809,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Amundi Pioneer Asset Management Inc. increased its holdings in Westlake Chemical by 8.6% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 83,817 shares of the specialty chemicals company’s stock worth $5,688,000 after buying an additional 6,624 shares during the last quarter. Comerica Bank increased its holdings in shares of Westlake Chemical by 12.7% in the first quarter. Comerica Bank now owns 5,925 shares of the specialty chemicals company’s stock valued at $554,000 after purchasing an additional 670 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Westlake Chemical by 49.4% in the first quarter. Envestnet Asset Management Inc. now owns 28,972 shares of the specialty chemicals company’s stock valued at $2,572,000 after purchasing an additional 9,577 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Westlake Chemical in the first quarter valued at $466,000. Finally, Standard Life Aberdeen plc acquired a new position in shares of Westlake Chemical in the first quarter valued at $207,000. Institutional investors own 25.80% of the company’s stock.
In other news, CEO Albert Chao bought 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 11th. The shares were bought at an average cost of $86.21 per share, for a total transaction of $258,630.00. Following the acquisition, the chief executive officer now directly owns 441,939 shares in the company, valued at $38,099,561.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 73.70% of the stock is owned by company insiders.
Westlake Chemical stock opened at $84.19 on Thursday. The business has a 50 day moving average of $84.45 and a 200-day moving average of $91.32. Westlake Chemical Co. has a 1 year low of $59.74 and a 1 year high of $106.47. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.99 and a quick ratio of 2.34. The company has a market capitalization of $10.79 billion, a P/E ratio of 11.64, a P/E/G ratio of 0.14 and a beta of 1.47.
Westlake Chemical (NYSE:WLK) last released its earnings results on Tuesday, August 3rd. The specialty chemicals company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.80 by $0.24. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.65 billion. Westlake Chemical had a net margin of 10.29% and a return on equity of 14.11%. The company’s revenue for the quarter was up 67.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.11 EPS. Equities analysts anticipate that Westlake Chemical Co. will post 12.28 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 8th. Investors of record on Tuesday, August 24th were issued a $0.2975 dividend. This is a boost from Westlake Chemical’s previous quarterly dividend of $0.27. This represents a $1.19 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date was Monday, August 23rd. Westlake Chemical’s dividend payout ratio (DPR) is currently 51.97%.
Westlake Chemical Profile
Westlake Chemical Corp. manufactures and markets petrochemicals, polymers and fabricated building products. It operates through the following segments: Olefins and Vinyls. The Olefins segment manufactures ethylene, polyethylene and styrene and associated co-products at the manufacturing facility in Lake Charles and polyethylene at the Longview facility.
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