Cornerstone Capital Management Holdings LLC. Acquires Shares of 1,657 Westlake Chemical Co. (WLK)

Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Westlake Chemical Co. (NYSE:WLK) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,657 shares of the specialty chemicals company’s stock, valued at approximately $137,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. California Public Employees Retirement System grew its stake in shares of Westlake Chemical by 1.8% during the second quarter. California Public Employees Retirement System now owns 113,600 shares of the specialty chemicals company’s stock valued at $7,521,000 after buying an additional 2,000 shares during the last quarter. Morgan Stanley grew its stake in shares of Westlake Chemical by 15.1% during the first quarter. Morgan Stanley now owns 26,028 shares of the specialty chemicals company’s stock valued at $1,718,000 after buying an additional 3,413 shares during the last quarter. Polaris Greystone Financial Group LLC grew its stake in shares of Westlake Chemical by 9.9% during the second quarter. Polaris Greystone Financial Group LLC now owns 17,272 shares of the specialty chemicals company’s stock valued at $1,144,000 after buying an additional 1,554 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Westlake Chemical by 165.2% during the second quarter. Alliancebernstein L.P. now owns 45,411 shares of the specialty chemicals company’s stock valued at $3,007,000 after buying an additional 28,285 shares during the last quarter. Finally, Systematic Financial Management LP bought a new position in shares of Westlake Chemical during the third quarter valued at approximately $1,238,000. 30.41% of the stock is currently owned by institutional investors.

In other Westlake Chemical news, CEO Albert Chao sold 25,000 shares of the company’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $94.34, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP George J. Mangieri sold 13,381 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $94.44, for a total value of $1,263,701.64. Following the sale, the senior vice president now owns 10,195 shares of the company’s stock, valued at approximately $962,815.80. The disclosure for this sale can be found here. In the last three months, insiders sold 293,122 shares of company stock worth $27,721,443. 72.50% of the stock is owned by insiders.

Westlake Chemical Co. (NYSE WLK) opened at $106.44 on Friday. Westlake Chemical Co. has a 52 week low of $55.83 and a 52 week high of $106.47. The stock has a market capitalization of $13,540.00, a P/E ratio of 23.09, a P/E/G ratio of 1.80 and a beta of 1.72. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74.

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Investors of record on Monday, November 27th were paid a $0.21 dividend. The ex-dividend date of this dividend was Friday, November 24th. This represents a $0.84 annualized dividend and a yield of 0.79%. Westlake Chemical’s dividend payout ratio (DPR) is currently 18.22%.

A number of research firms have recently commented on WLK. Alembic Global Advisors reaffirmed a “buy” rating and set a $110.00 target price on shares of Westlake Chemical in a research note on Wednesday, December 20th. SunTrust Banks upped their target price on Westlake Chemical from $102.00 to $113.00 and gave the company a “buy” rating in a research note on Tuesday, December 19th. They noted that the move was a valuation call. Deutsche Bank reissued a “buy” rating and issued a $115.00 price objective on shares of Westlake Chemical in a research note on Wednesday, December 13th. Wells Fargo & Co reissued a “buy” rating and issued a $112.00 price objective (up previously from $105.00) on shares of Westlake Chemical in a research note on Thursday, December 7th. Finally, JPMorgan Chase & Co. reissued a “buy” rating and issued a $104.00 price objective on shares of Westlake Chemical in a research note on Friday, November 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Westlake Chemical currently has a consensus rating of “Buy” and an average target price of $101.15.

TRADEMARK VIOLATION NOTICE: This story was originally reported by Community Financial News and is the property of of Community Financial News. If you are viewing this story on another website, it was illegally stolen and republished in violation of United States & international copyright law. The correct version of this story can be accessed at https://www.com-unik.info/2017/12/29/cornerstone-capital-management-holdings-llc-acquires-shares-of-1657-westlake-chemical-co-wlk.html.

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.

Want to see what other hedge funds are holding WLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westlake Chemical Co. (NYSE:WLK).

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

What are top analysts saying about Westlake Chemical? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Westlake Chemical and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit