Allianz Asset Management GmbH grew its position in Westlake Chemical Co. (NYSE:WLK) by 833.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 88,365 shares of the specialty chemicals company’s stock after purchasing an additional 78,901 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.07% of Westlake Chemical worth $9,414,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of WLK. BlackRock Inc. lifted its position in shares of Westlake Chemical by 7.5% during the 4th quarter. BlackRock Inc. now owns 1,555,400 shares of the specialty chemicals company’s stock valued at $165,696,000 after acquiring an additional 108,434 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Westlake Chemical by 14.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,074,502 shares of the specialty chemicals company’s stock valued at $114,466,000 after acquiring an additional 139,565 shares during the period. Royce & Associates LP lifted 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 period. Ameriprise Financial Inc. lifted its position in shares of Westlake Chemical by 6.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 708,449 shares of the specialty chemicals company’s stock valued at $58,874,000 after acquiring an additional 43,282 shares during the period. Finally, JPMorgan Chase & Co. lifted 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 period. 30.28% of the stock is currently owned by institutional investors.
A number of research firms recently issued reports on WLK. SunTrust Banks reiterated a “buy” rating and set a $121.00 target price on shares of Westlake Chemical in a research report on Friday, February 23rd. Deutsche Bank boosted their target price on shares of Westlake Chemical from $115.00 to $124.00 and gave the company a “hold” rating in a research report on Thursday, February 22nd. 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. UBS Group reiterated a “sell” rating and set a $87.00 target price (up previously from $80.00) on shares of Westlake Chemical in a research report on Wednesday, February 21st. Finally, Citigroup reiterated a “buy” rating and set a $133.00 target price 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 assigned a strong buy rating to the stock. Westlake Chemical currently has a consensus rating of “Buy” and a consensus price target of $111.43.
Westlake Chemical (NYSE:WLK) last released its quarterly earnings data on Tuesday, February 20th. The specialty chemicals company reported $1.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.69 by ($0.07). Westlake Chemical had a return on equity of 16.48% and a net margin of 16.22%. The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the previous year, the company posted $0.87 EPS. The business’s quarterly revenue was up 15.9% on a year-over-year basis. equities analysts forecast that Westlake Chemical Co. will post 8.07 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 13th. Shareholders of record on Tuesday, February 27th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, February 26th. This represents a $0.84 annualized dividend and a yield of 0.71%. Westlake Chemical’s payout ratio is 15.44%.
In other news, CAO L. Benjamin Ederington sold 6,942 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $111.45, for a total value of $773,685.90. Following the completion of the sale, the chief accounting officer now owns 13,111 shares in the company, valued at $1,461,220.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP George J. Mangieri sold 4,335 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $111.22, for a total transaction of $482,138.70. Following the completion of the sale, the senior vice president now owns 5,810 shares of the company’s stock, valued at approximately $646,188.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,080 shares of company stock worth $11,545,548. Corporate insiders own 72.50% of the company’s stock.
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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.
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