Hanseatic Management Services Inc. lifted its position in shares of Westlake Chemical Co. (NYSE:WLK) by 7.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,216 shares of the specialty chemicals company’s stock after acquiring an additional 664 shares during the quarter. Westlake Chemical accounts for approximately 1.1% of Hanseatic Management Services Inc.’s portfolio, making the stock its 22nd largest holding. Hanseatic Management Services Inc.’s holdings in Westlake Chemical were worth $1,088,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Tortoise Capital Advisors L.L.C. grew its position in Westlake Chemical by 6,376.2% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock worth $113,000 after buying an additional 1,339 shares during the period. Cornerstone Capital Management Holdings LLC. acquired a new position in Westlake Chemical during the third quarter worth about $137,000. Advisor Group Inc. grew its position in Westlake Chemical by 133.8% during the fourth quarter. Advisor Group Inc. now owns 1,501 shares of the specialty chemicals company’s stock worth $159,000 after buying an additional 859 shares during the period. MHI Funds LLC acquired a new position in Westlake Chemical during the fourth quarter worth about $163,000. Finally, HL Financial Services LLC acquired a new position in Westlake Chemical during the third quarter worth about $210,000. Institutional investors and hedge funds own 30.28% of the company’s stock.
Shares of Westlake Chemical Co. (WLK) opened at $119.95 on Monday. Westlake Chemical Co. has a fifty-two week low of $59.58 and a fifty-two week high of $120.28. The stock has a market cap of $15,523.90, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.22 and a beta of 1.59. 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 firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 13th. Shareholders of record on Tuesday, February 27th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend is Monday, February 26th. Westlake Chemical’s dividend payout ratio (DPR) is presently 8.41%.
Several brokerages have weighed in on WLK. Deutsche Bank upped their target price on shares of Westlake Chemical from $115.00 to $124.00 and gave the stock a “hold” rating in a research report on Thursday, February 22nd. UBS Group restated 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. Alembic Global Advisors restated a “buy” rating on shares of Westlake Chemical in a research report on Friday, November 24th. Zacks Investment Research upgraded shares of Westlake Chemical from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a research report on Wednesday, February 21st. Finally, ValuEngine lowered shares of Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, November 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $111.43.
In related news, SVP George J. Mangieri sold 4,335 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $111.22, for a total transaction of $482,138.70. Following the transaction, the senior vice president now owns 5,810 shares of the company’s stock, valued at $646,188.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Andrew Kenner sold 24,318 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $110.61, for a total transaction of $2,689,813.98. Following the transaction, the senior vice president now directly owns 20,005 shares in the company, valued at approximately $2,212,753.05. The disclosure for this sale can be found here. Insiders sold 97,052 shares of company stock worth $10,822,188 in the last ninety days. Insiders own 72.50% of the company’s stock.
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About Westlake Chemical
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.
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