Royce & Associates LP Has $22 Million Position in Westlake Chemical Co. (WLK)

Royce & Associates LP lessened its holdings in Westlake Chemical Co. (NYSE:WLK) by 28.2% in the 3rd quarter, Holdings Channel reports. The firm owned 264,727 shares of the specialty chemicals company’s stock after selling 104,006 shares during the quarter. Royce & Associates LP’s holdings in Westlake Chemical were worth $22,001,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in WLK. Flagship Harbor Advisors LLC bought a new position in Westlake Chemical in the 2nd quarter worth $130,000. Daiwa Securities Group Inc. bought a new position in Westlake Chemical in the 2nd quarter worth $157,000. Twin Tree Management LP bought a new position in Westlake Chemical in the 3rd quarter worth $181,000. Korea Investment CORP bought a new position in Westlake Chemical in the 2nd quarter worth $194,000. Finally, Standard Life Aberdeen plc bought a new position in Westlake Chemical in the 2nd quarter worth $226,000. 29.72% of the stock is owned by institutional investors and hedge funds.

Several research analysts recently commented on WLK shares. Cowen downgraded shares of Westlake Chemical from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $120.00 to $100.00 in a report on Friday, September 7th. Tudor Pickering downgraded shares of Westlake Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a report on Saturday. BMO Capital Markets set a $94.00 target price on shares of Westlake Chemical and gave the stock a “hold” rating in a report on Thursday, November 8th. Finally, Alembic Global Advisors reiterated a “buy” rating on shares of Westlake Chemical in a report on Monday, November 26th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $109.76.

In other news, CEO Albert Chao sold 24,509 shares of the business’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $71.20, for a total transaction of $1,745,040.80. Following the transaction, the chief executive officer now owns 337,013 shares in the company, valued at approximately $23,995,325.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 72.00% of the company’s stock.

NYSE:WLK opened at $72.49 on Monday. Westlake Chemical Co. has a 52-week low of $66.91 and a 52-week high of $124.29. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.44. The stock has a market cap of $9.36 billion, a PE ratio of 13.25, a P/E/G ratio of 0.68 and a beta of 1.59.

Westlake Chemical (NYSE:WLK) last posted its quarterly earnings data on Tuesday, November 6th. The specialty chemicals company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.11. Westlake Chemical had a net margin of 19.36% and a return on equity of 19.75%. The company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the previous year, the firm posted $1.61 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. On average, research analysts expect that Westlake Chemical Co. will post 8.6 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 11th. Stockholders of record on Tuesday, November 27th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, November 26th. This represents a $1.00 annualized dividend and a dividend yield of 1.38%. Westlake Chemical’s payout ratio is 18.28%.

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Westlake Chemical Profile

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products primarily in North America and Europe. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.

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

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