Wafra Investment Advisory Group Inc. NY Reduces Stake in Westlake Chemical Corporation (WLK)

Wafra Investment Advisory Group Inc. NY lowered its stake in shares of Westlake Chemical Corporation (NYSE:WLK) by 10.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 58,066 shares of the specialty chemicals company’s stock after selling 6,635 shares during the period. Wafra Investment Advisory Group Inc. NY’s holdings in Westlake Chemical Corporation were worth $3,845,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Advisor Group LLC raised its holdings in shares of Westlake Chemical Corporation by 3.1% in the 2nd quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock worth $229,000 after acquiring an additional 103 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Westlake Chemical Corporation by 3.4% in the 1st quarter. Amalgamated Bank now owns 5,445 shares of the specialty chemicals company’s stock worth $360,000 after acquiring an additional 177 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Westlake Chemical Corporation by 5.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock worth $260,000 after acquiring an additional 211 shares during the last quarter. Voya Investment Management LLC raised its holdings in shares of Westlake Chemical Corporation by 2.5% in the 2nd quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock worth $785,000 after acquiring an additional 286 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Westlake Chemical Corporation by 4.5% in the 2nd quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after acquiring an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 31.97% of the company’s stock.

In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of Westlake Chemical Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total value of $968,614.68. Following the completion of the transaction, the vice president now directly owns 44,449 shares of the company’s stock, valued at $3,121,208.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 72.50% of the stock is currently owned by insiders.

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WLK has been the topic of a number of analyst reports. SunTrust Banks, Inc. restated a “buy” rating and issued a $93.00 target price on shares of Westlake Chemical Corporation in a report on Thursday, September 28th. Nomura upgraded shares of Westlake Chemical Corporation from a “neutral” rating to a “buy” rating and set a $98.00 target price on the stock in a report on Tuesday, September 26th. Instinet upgraded shares of Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a report on Tuesday, September 26th. Royal Bank Of Canada restated a “buy” rating on shares of Westlake Chemical Corporation in a report on Wednesday, September 6th. Finally, Cowen and Company restated a “buy” rating and issued a $70.00 target price on shares of Westlake Chemical Corporation in a report on Friday, July 14th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $78.78.

Westlake Chemical Corporation (NYSE:WLK) traded down 0.33% during midday trading on Tuesday, reaching $84.44. 180,595 shares of the company’s stock traded hands. The firm’s 50-day moving average is $79.14 and its 200 day moving average is $69.03. Westlake Chemical Corporation has a 52-week low of $48.92 and a 52-week high of $85.55. The firm has a market cap of $10.90 billion, a PE ratio of 24.13 and a beta of 1.63.

Westlake Chemical Corporation (NYSE:WLK) last issued its earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.02. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The business’s revenue for the quarter was up 82.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.85 earnings per share. Equities research analysts expect that Westlake Chemical Corporation will post $4.79 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, September 18th. Shareholders of record on Friday, September 1st were issued a $0.21 dividend. The ex-dividend date was Wednesday, August 30th. This is a boost from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. This represents a $0.84 annualized dividend and a yield of 0.99%. Westlake Chemical Corporation’s payout ratio is 24.00%.

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

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