Westlake Chemical Co. (WLK) Shares Bought by Stone Ridge Asset Management LLC
Stone Ridge Asset Management LLC grew its position in Westlake Chemical Co. (NYSE:WLK) by 81.5% in the third quarter, Holdings Channel reports. The fund owned 6,023 shares of the specialty chemicals company’s stock after buying an additional 2,704 shares during the quarter. Stone Ridge Asset Management LLC’s holdings in Westlake Chemical were worth $501,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Fort Pitt Capital Group LLC boosted its stake in Westlake Chemical by 13.0% in the 3rd quarter. Fort Pitt Capital Group LLC now owns 387,343 shares of the specialty chemicals company’s stock worth $32,192,000 after purchasing an additional 44,619 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in Westlake Chemical by 106.4% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 17,443 shares of the specialty chemicals company’s stock worth $1,446,000 after purchasing an additional 8,992 shares during the period. Unigestion Holding SA acquired a new position in Westlake Chemical in the 3rd quarter worth $490,000. Dupont Capital Management Corp boosted its stake in Westlake Chemical by 40.0% in the 3rd quarter. Dupont Capital Management Corp now owns 9,652 shares of the specialty chemicals company’s stock worth $802,000 after purchasing an additional 2,758 shares during the period. Finally, WINTON GROUP Ltd acquired a new position in shares of Westlake Chemical during the 3rd quarter worth about $553,000. Institutional investors own 30.43% of the company’s stock.
A number of equities analysts have recently commented on WLK shares. Deutsche Bank reduced their price objective on shares of Westlake Chemical from $115.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, September 26th. MED reaffirmed a “buy” rating and issued a $135.00 target price on shares of Westlake Chemical in a report on Tuesday, September 4th. Alembic Global Advisors set a $135.00 target price on shares of Westlake Chemical and gave the company a “buy” rating in a report on Tuesday, November 6th. Morgan Stanley dropped their target price on shares of Westlake Chemical from $120.00 to $96.00 and set a “hold” rating on the stock in a report on Wednesday, September 26th. Finally, Zacks Investment Research raised shares of Westlake Chemical from a “sell” rating to a “hold” rating in a report on Monday, August 27th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $109.76.
Shares of Westlake Chemical stock opened at $67.50 on Wednesday. Westlake Chemical Co. has a fifty-two week low of $66.91 and a fifty-two week high of $124.29. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of 12.34, a P/E/G ratio of 0.65 and a beta of 1.59.
Westlake Chemical (NYSE:WLK) last issued its earnings results on Tuesday, November 6th. The specialty chemicals company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.24 by $0.11. Westlake Chemical had a net margin of 19.36% and a return on equity of 19.75%. The firm had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter last year, the business posted $1.61 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts anticipate that Westlake Chemical Co. will post 8.6 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 11th. Shareholders of record on Tuesday, November 27th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.48%. Westlake Chemical’s dividend payout ratio is currently 18.28%.
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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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