Walthausen & Co. LLC lowered its holdings in Westlake Chemical Co. (NYSE:WLK) by 2.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 91,360 shares of the specialty chemicals company’s stock after selling 1,980 shares during the quarter. Walthausen & Co. LLC owned 0.07% of Westlake Chemical worth $7,591,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cornerstone Capital Management Holdings LLC. bought a new stake in shares of Westlake Chemical in the 3rd quarter worth approximately $137,000. Advisors Asset Management Inc. lifted its position in shares of Westlake Chemical by 162.8% in 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 during the period. Verity Asset Management Inc. bought a new stake in shares of Westlake Chemical in the 2nd quarter worth approximately $204,000. Quantitative Systematic Strategies LLC bought a new stake in shares of Westlake Chemical in the 3rd quarter worth approximately $204,000. Finally, HL Financial Services LLC bought a new stake in shares of Westlake Chemical in the 3rd quarter worth approximately $210,000. 30.42% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Robert F. Buesinger sold 2,674 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $98.50, for a total value of $263,389.00. Following the sale, the executive vice president now directly owns 6,635 shares in the company, valued at $653,547.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Albert Chao sold 25,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total value of $2,358,500.00. Following the completion of the sale, the chief executive officer now owns 299,018 shares in the company, valued at $28,209,358.12. 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. Corporate insiders own 72.50% of the company’s stock.
Several research firms recently commented on WLK. Wells Fargo & Company restated a “buy” rating and set a $112.00 target price (up previously from $105.00) on shares of Westlake Chemical in a research report on Thursday, December 7th. Deutsche Bank began coverage on Westlake Chemical in a research report on Wednesday. They set a “buy” rating and a $115.00 target price for the company. SunTrust Banks restated a “buy” rating and set a $93.00 target price on shares of Westlake Chemical in a research report on Thursday, September 28th. Nomura raised Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 price target for the company in a report on Tuesday, September 26th. Finally, Cowen raised their price target on Westlake Chemical from $70.00 to $78.00 and gave the company an “outperform” rating in a report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Westlake Chemical has a consensus rating of “Buy” and a consensus price target of $99.50.
Westlake Chemical Co. (WLK) traded up $0.24 during mid-day trading on Wednesday, reaching $100.88. The company’s stock had a trading volume of 365,000 shares, compared to its average volume of 854,754. 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 company has a market capitalization of $12,993.37, a price-to-earnings ratio of 20.17, a PEG ratio of 1.82 and a beta of 1.71. Westlake Chemical Co. has a 52-week low of $55.83 and a 52-week high of $101.66.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Monday, November 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, November 24th. This represents a $0.84 annualized dividend and a yield of 0.83%. Westlake Chemical’s dividend payout ratio is presently 18.26%.
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Westlake Chemical 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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