Ellington Management Group LLC raised its stake in shares of Westlake Chemical Co. (NYSE:WLK) by 113.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,500 shares of the specialty chemicals company’s stock after buying an additional 6,100 shares during the quarter. Ellington Management Group LLC’s holdings in Westlake Chemical were worth $1,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. Systematic Financial Management LP bought a new position in shares of Westlake Chemical during the 3rd quarter valued at approximately $1,238,000. James Investment Research Inc. boosted its position in shares of Westlake Chemical by 6.6% during the 4th quarter. James Investment Research Inc. now owns 163,634 shares of the specialty chemicals company’s stock valued at $17,432,000 after acquiring an additional 10,074 shares during the last quarter. ARP Americas LP bought a new position in shares of Westlake Chemical during the 4th quarter valued at approximately $2,408,000. JPMorgan Chase & Co. boosted its position in shares of Westlake Chemical by 252.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 592,581 shares of the specialty chemicals company’s stock valued at $49,509,000 after acquiring an additional 424,655 shares during the last quarter. Finally, Royce & Associates LP boosted its position in shares of Westlake Chemical by 1.1% during the 3rd quarter. Royce & Associates LP now owns 748,884 shares of the specialty chemicals company’s stock valued at $62,225,000 after acquiring an additional 8,184 shares during the last quarter. 30.28% of the stock is owned by institutional investors and hedge funds.
Shares of Westlake Chemical Co. (NYSE:WLK) opened at $119.95 on Monday. The stock has a market capitalization of $15,523.90, a price-to-earnings ratio of 20.90, a P/E/G ratio of 1.22 and a beta of 1.59. Westlake Chemical Co. has a 52-week low of $59.58 and a 52-week high of $120.28. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.76 and a quick ratio of 1.30.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 13th. Investors of record on Tuesday, February 27th will be given a $0.21 dividend. The ex-dividend date is Monday, February 26th. This represents a $0.84 dividend on an annualized basis and a yield of 0.70%. Westlake Chemical’s dividend payout ratio is presently 8.41%.
In other Westlake Chemical news, SVP Andrew Kenner sold 24,318 shares of the stock in a transaction on Monday, March 5th. The stock was sold at an average price of $110.61, for a total value of $2,689,813.98. Following the sale, the senior vice president now owns 20,005 shares in the company, valued at $2,212,753.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Robert F. Buesinger sold 19,349 shares of the stock in a transaction on Monday, March 5th. The stock was sold at an average price of $113.04, for a total value of $2,187,210.96. Following the completion of the sale, the executive vice president now owns 14,731 shares in the company, valued at approximately $1,665,192.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,052 shares of company stock valued at $10,822,188. 72.50% of the stock is owned by corporate insiders.
A number of research analysts have recently commented on the company. Vertical Research downgraded Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. JPMorgan Chase & Co. reiterated a “buy” rating and set a $104.00 target price on shares of Westlake Chemical in a research report on Friday, November 24th. Wells Fargo & Co reiterated an “outperform” rating and set a $122.00 target price (up from $112.00) on shares of Westlake Chemical in a research report on Wednesday, January 17th. Bank of America downgraded Westlake Chemical from a “neutral” rating to an “underperform” rating and set a $105.00 target price for the company. in a research report on Tuesday, January 16th. They noted that the move was a valuation call. Finally, UBS Group reiterated a “sell” rating and set a $87.00 target price (up from $80.00) on shares of Westlake Chemical in a research report on Wednesday, February 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Westlake Chemical currently has a consensus rating of “Buy” and a consensus price target of $111.43.
ILLEGAL ACTIVITY WARNING: This piece was reported by American Banking News and is owned by of American Banking News. If you are viewing this piece on another website, it was illegally stolen and republished in violation of United States and international trademark & copyright laws. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2018/03/12/westlake-chemical-co-wlk-shares-bought-by-ellington-management-group-llc.html.
Westlake Chemical 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.
Receive News & Ratings for Westlake Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical and related companies with MarketBeat.com's FREE daily email newsletter.