Albert Chao Sells 25,000 Shares of Westlake Chemical Corporation (WLK) Stock
Westlake Chemical Corporation (NYSE:WLK) CEO Albert Chao sold 25,000 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $94.34, for a total value of $2,358,500.00. Following the sale, the chief executive officer now directly owns 299,018 shares in the company, valued at approximately $28,209,358.12. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Westlake Chemical Corporation (NYSE:WLK) traded up $0.11 during trading hours on Wednesday, reaching $94.41. The company’s stock had a trading volume of 734,700 shares, compared to its average volume of 857,051. Westlake Chemical Corporation has a twelve month low of $54.11 and a twelve month high of $96.14. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $12,180.00, a price-to-earnings ratio of 18.90, a PEG ratio of 1.78 and a beta of 1.67.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Monday, November 27th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, November 24th. Westlake Chemical Corporation’s dividend payout ratio is presently 18.22%.
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WLK has been the topic of several recent analyst reports. Johnson Rice initiated coverage on Westlake Chemical Corporation in a report on Monday, November 6th. They issued an “accumulate” rating and a $100.00 price target on the stock. Citigroup Inc. initiated coverage on Westlake Chemical Corporation in a report on Tuesday, October 24th. They issued a “buy” rating and a $97.00 price target on the stock. Zacks Investment Research upgraded Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research report on Friday, October 13th. Nomura upgraded Westlake Chemical Corporation from a “neutral” rating to a “buy” rating and set a $98.00 price target on the stock in a research report on Tuesday, September 26th. Finally, Instinet upgraded Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $93.55.
Several institutional investors have recently made changes to their positions in WLK. Tortoise Capital Advisors L.L.C. lifted its position in shares of Westlake Chemical Corporation by 6,376.2% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after acquiring an additional 1,339 shares in the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in Westlake Chemical Corporation during the third quarter valued at approximately $137,000. Advisors Asset Management Inc. raised its position in Westlake Chemical Corporation by 162.8% during the second quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after purchasing an additional 1,410 shares during the period. Verity Asset Management Inc. purchased a new stake in Westlake Chemical Corporation during the second quarter valued at approximately $204,000. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of Westlake Chemical Corporation during the third quarter valued at approximately $204,000. Institutional investors and hedge funds own 29.45% of the company’s stock.
Westlake Chemical Corporation Company 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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