Westlake Chemical Co. (NYSE:WLK) – Research analysts at SunTrust Banks decreased their Q4 2019 earnings estimates for shares of Westlake Chemical in a research note issued on Monday, December 2nd. SunTrust Banks analyst J. Sheehan now forecasts that the specialty chemicals company will post earnings per share of $0.99 for the quarter, down from their prior forecast of $1.02. SunTrust Banks has a “Hold” rating and a $75.00 price target on the stock.
Westlake Chemical (NYSE:WLK) last issued its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.03 by $0.22. Westlake Chemical had a net margin of 5.74% and a return on equity of 8.52%. The firm had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the firm posted $2.35 EPS. The company’s revenue for the quarter was down 8.4% on a year-over-year basis.
Shares of NYSE WLK opened at $66.36 on Wednesday. The stock has a market capitalization of $8.81 billion, a price-to-earnings ratio of 8.50, a PEG ratio of 2.74 and a beta of 1.70. The business has a 50-day moving average of $67.55 and a 200-day moving average of $64.67. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.81 and a quick ratio of 2.08. Westlake Chemical has a fifty-two week low of $55.82 and a fifty-two week high of $81.04.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 26th will be paid a dividend of $0.2625 per share. The ex-dividend date of this dividend is Monday, November 25th. This represents a $1.05 annualized dividend and a dividend yield of 1.58%. Westlake Chemical’s dividend payout ratio is currently 13.44%.
In related news, CAO George J. Mangieri sold 1,583 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $75.05, for a total transaction of $118,804.15. Following the transaction, the chief accounting officer now directly owns 1,582 shares of the company’s stock, valued at approximately $118,729.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 72.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. CSat Investment Advisory L.P. bought a new position in Westlake Chemical in the 2nd quarter valued at about $25,000. NumerixS Investment Technologies Inc acquired a new stake in Westlake Chemical during the second quarter worth approximately $28,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Westlake Chemical during the second quarter worth approximately $104,000. Macquarie Group Ltd. boosted its holdings in shares of Westlake Chemical by 219.3% during the second quarter. Macquarie Group Ltd. now owns 1,916 shares of the specialty chemicals company’s stock worth $133,000 after acquiring an additional 1,316 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Westlake Chemical by 379.9% during the third quarter. Tower Research Capital LLC TRC now owns 2,625 shares of the specialty chemicals company’s stock worth $172,000 after acquiring an additional 2,078 shares during the period. 30.53% of the stock is owned by institutional investors and hedge funds.
About Westlake Chemical
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. 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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