Westlake Chemical Corporation (WLK) Holdings Increased by California Public Employees Retirement System

California Public Employees Retirement System boosted its position in Westlake Chemical Corporation (NYSE:WLK) by 1.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 113,600 shares of the specialty chemicals company’s stock after acquiring an additional 2,000 shares during the period. California Public Employees Retirement System owned about 0.09% of Westlake Chemical Corporation worth $7,521,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Westlake Chemical Corporation by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 4,277,676 shares of the specialty chemicals company’s stock valued at $283,225,000 after buying an additional 75,728 shares during the period. FMR LLC grew its stake in shares of Westlake Chemical Corporation by 15.0% during the 2nd quarter. FMR LLC now owns 2,808,967 shares of the specialty chemicals company’s stock valued at $185,981,000 after buying an additional 366,537 shares during the period. BlackRock Inc. grew its stake in shares of Westlake Chemical Corporation by 14,246.4% during the 1st quarter. BlackRock Inc. now owns 1,699,615 shares of the specialty chemicals company’s stock valued at $112,260,000 after buying an additional 1,687,768 shares during the period. TIAA CREF Investment Management LLC grew its stake in shares of Westlake Chemical Corporation by 14.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,570,608 shares of the specialty chemicals company’s stock valued at $103,990,000 after buying an additional 202,453 shares during the period. Finally, Teachers Advisors LLC grew its stake in shares of Westlake Chemical Corporation by 61.4% during the 1st quarter. Teachers Advisors LLC now owns 826,768 shares of the specialty chemicals company’s stock valued at $54,608,000 after buying an additional 314,578 shares during the period. 31.97% of the stock is owned by hedge funds and other institutional investors.

Shares of Westlake Chemical Corporation (NYSE WLK) opened at 84.49 on Friday. Westlake Chemical Corporation has a 52 week low of $48.92 and a 52 week high of $85.55. The stock has a market capitalization of $10.90 billion, a PE ratio of 24.15 and a beta of 1.63. The stock’s 50 day moving average is $80.24 and its 200 day moving average is $69.40.

Westlake Chemical Corporation (NYSE:WLK) last announced its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $2 billion. During the same quarter in the prior year, the business posted $0.85 EPS. Westlake Chemical Corporation’s quarterly revenue was up 82.2% on a year-over-year basis. Analysts anticipate that Westlake Chemical Corporation will post $4.85 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 18th. Stockholders of record on Friday, September 1st were paid a dividend of $0.21 per share. This is a positive change from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 0.99%. Westlake Chemical Corporation’s dividend payout ratio is 24.00%.

Several analysts have recently issued reports on WLK shares. BidaskClub raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. SunTrust Banks, Inc. reissued a “buy” rating and set a $86.00 price objective on shares of Westlake Chemical Corporation in a research note on Wednesday, September 6th. Royal Bank Of Canada reissued a “buy” rating on shares of Westlake Chemical Corporation in a research note on Wednesday, September 6th. Cowen and Company reissued a “buy” rating and set a $70.00 price objective on shares of Westlake Chemical Corporation in a research note on Friday, July 14th. Finally, Instinet raised shares of Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 26th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $78.78.

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In other news, VP Mark Steven Bender sold 13,794 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total transaction of $968,614.68. Following the transaction, the vice president now owns 44,449 shares in the company, valued at approximately $3,121,208.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 71.70% of the company’s stock.

About Westlake Chemical Corporation

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.

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

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