Highbridge Capital Management LLC boosted its stake in Westlake Chemical Co. (NYSE:WLK) by 60.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 198,511 shares of the specialty chemicals company’s stock after acquiring an additional 75,000 shares during the period. Highbridge Capital Management LLC owned about 0.15% of Westlake Chemical worth $16,494,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in WLK. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Westlake Chemical in the third quarter valued at about $137,000. Advisors Asset Management Inc. raised its holdings in shares of Westlake Chemical by 162.8% in the second quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after buying an additional 1,410 shares during the last quarter. Verity Asset Management Inc. purchased a new stake in shares of Westlake Chemical in the second quarter valued at about $204,000. Quantitative Systematic Strategies LLC purchased a new stake in shares of Westlake Chemical in the third quarter valued at about $204,000. Finally, HL Financial Services LLC purchased a new stake in shares of Westlake Chemical in the third quarter valued at about $210,000. 30.42% of the stock is owned by hedge funds and other institutional investors.
Shares of Westlake Chemical Co. (WLK) traded up $0.41 during trading on Monday, hitting $99.78. 590,300 shares of the stock were exchanged, compared to its average volume of 857,765. Westlake Chemical Co. has a twelve month low of $55.83 and a twelve month high of $100.70. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $12,880.00, a price-to-earnings ratio of 20.00, a price-to-earnings-growth ratio of 1.81 and a beta of 1.72.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Monday, November 27th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, November 24th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.84%. Westlake Chemical’s dividend payout ratio (DPR) is 18.22%.
In other Westlake Chemical news, SVP George J. Mangieri sold 13,381 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $94.44, for a total transaction of $1,263,701.64. Following the transaction, the senior vice president now directly owns 10,195 shares in the company, valued at $962,815.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert T. Blakely sold 4,367 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $92.33, for a total transaction of $403,205.11. Following the transaction, the director now owns 11,700 shares in the company, valued at $1,080,261. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293,122 shares of company stock worth $27,721,443. Company insiders own 72.50% of the company’s stock.
WLK has been the subject of a number of research reports. Johnson Rice initiated coverage on shares of Westlake Chemical in a report on Monday, November 6th. They issued an “accumulate” rating and a $100.00 target price for the company. SunTrust Banks reaffirmed a “buy” rating and issued a $93.00 target price on shares of Westlake Chemical in a report on Friday, November 3rd. Citigroup assumed coverage on shares of Westlake Chemical in a report on Tuesday, October 24th. They issued a “buy” rating and a $97.00 target price for the company. Zacks Investment Research upgraded shares of Westlake Chemical from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research note on Friday, October 13th. Finally, Nomura upgraded shares of Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 price target on the stock in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $98.09.
Westlake Chemical 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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