Martingale Asset Management L P grew its position in shares of Westlake Chemical Co. (NYSE:WLK) by 33.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 7,802 shares of the specialty chemicals company’s stock after acquiring an additional 1,958 shares during the period. Martingale Asset Management L P’s holdings in Westlake Chemical were worth $517,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. State of Tennessee Treasury Department grew its holdings in Westlake Chemical by 2.0% in the fourth quarter. State of Tennessee Treasury Department now owns 57,102 shares of the specialty chemicals company’s stock worth $3,778,000 after purchasing an additional 1,135 shares during the last quarter. Advisor Group Inc. grew its holdings in Westlake Chemical by 227.0% in the fourth quarter. Advisor Group Inc. now owns 3,165 shares of the specialty chemicals company’s stock worth $210,000 after purchasing an additional 2,197 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Westlake Chemical by 18.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,376 shares of the specialty chemicals company’s stock worth $2,606,000 after purchasing an additional 6,021 shares during the last quarter. AGF Investments Inc. purchased a new position in Westlake Chemical in the fourth quarter worth $675,000. Finally, Unigestion Holding SA grew its holdings in Westlake Chemical by 148.5% in the fourth quarter. Unigestion Holding SA now owns 14,639 shares of the specialty chemicals company’s stock worth $969,000 after purchasing an additional 8,747 shares during the last quarter. 27.52% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE WLK opened at $68.71 on Friday. Westlake Chemical Co. has a 12-month low of $59.78 and a 12-month high of $124.29. The stock has a market cap of $8.92 billion, a P/E ratio of 8.80, a price-to-earnings-growth ratio of 0.80 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.40 and a quick ratio of 1.55.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Tuesday, February 19th. The specialty chemicals company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.70). Westlake Chemical had a net margin of 11.53% and a return on equity of 17.83%. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the prior year, the company posted $1.62 EPS. The firm’s revenue was down 2.7% on a year-over-year basis. As a group, equities analysts forecast that Westlake Chemical Co. will post 7.13 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, February 27th were paid a dividend of $0.25 per share. The ex-dividend date was Tuesday, February 26th. This represents a $1.00 annualized dividend and a yield of 1.46%. Westlake Chemical’s dividend payout ratio is presently 12.80%.
A number of research analysts recently issued reports on the stock. Barclays restated a “buy” rating on shares of Westlake Chemical in a research report on Wednesday, February 20th. Bank of America upgraded shares of Westlake Chemical from an “underperform” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Tuesday, January 8th. Alembic Global Advisors restated a “buy” rating on shares of Westlake Chemical in a research report on Monday, November 26th. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research report on Saturday, December 1st. Finally, Cowen restated a “market perform” rating and set a $82.00 target price on shares of Westlake Chemical in a research report on Wednesday, February 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $103.33.
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Westlake Chemical Profile
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.
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