Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Westlake Chemical Corporation (NYSE:WLK) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 6,000 shares of the specialty chemicals company’s stock, valued at approximately $397,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ruggie Capital Group bought a new position in shares of Westlake Chemical Corporation during the 1st quarter worth approximately $117,000. Advisors Asset Management Inc. raised its stake in shares of Westlake Chemical Corporation by 162.8% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock worth $151,000 after acquiring an additional 1,410 shares in the last quarter. OppenheimerFunds Inc. bought a new position in shares of Westlake Chemical Corporation during the 1st quarter worth approximately $205,000. Private Advisor Group LLC bought a new position in shares of Westlake Chemical Corporation during the 1st quarter worth approximately $215,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Westlake Chemical Corporation during the 1st quarter worth approximately $273,000. Hedge funds and other institutional investors own 31.98% of the company’s stock.

In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total transaction of $968,614.68. Following the sale, the vice president now owns 44,449 shares of the company’s stock, valued at $3,121,208.78. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 71.70% of the stock is currently owned by company insiders.

WLK has been the subject of several recent analyst reports. Cowen and Company reiterated a “buy” rating and set a $70.00 price objective on shares of Westlake Chemical Corporation in a research note on Friday, July 14th. J P Morgan Chase & Co boosted their price objective on shares of Westlake Chemical Corporation from $70.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 31st. Zacks Investment Research downgraded shares of Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. BidaskClub raised shares of Westlake Chemical Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Finally, Royal Bank Of Canada reissued a “buy” rating on shares of Westlake Chemical Corporation in a research report on Friday, August 4th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $68.56.

Shares of Westlake Chemical Corporation (WLK) opened at 79.29 on Thursday. The stock has a 50 day moving average of $72.59 and a 200 day moving average of $66.71. The stock has a market capitalization of $10.23 billion, a P/E ratio of 22.66 and a beta of 1.62. Westlake Chemical Corporation has a 12-month low of $48.13 and a 12-month high of $79.70.

Westlake Chemical Corporation (NYSE:WLK) last released its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $2 billion. During the same quarter last year, the company earned $0.85 earnings per share. The firm’s revenue for the quarter was up 82.2% on a year-over-year basis. Equities research analysts anticipate that Westlake Chemical Corporation will post $4.68 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 18th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.84 dividend on an annualized basis and a yield of 1.06%. This is a boost from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. Westlake Chemical Corporation’s dividend payout ratio (DPR) is presently 24.00%.

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Westlake Chemical Corporation 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.

Institutional Ownership by Quarter for Westlake Chemical Corporation (NYSE:WLK)

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