Westlake Chemical Co. (NYSE:WLK) EVP Robert F. Buesinger sold 5,214 shares of the stock in a transaction on Friday, November 17th. The stock was sold at an average price of $93.82, for a total value of $489,177.48. Following the completion of the sale, the executive vice president now owns 14,523 shares in the company, valued at approximately $1,362,547.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Westlake Chemical Co. (WLK) traded up $1.68 during midday trading on Thursday, reaching $99.37. The company’s stock had a trading volume of 620,225 shares, compared to its average volume of 858,899. The firm has a market capitalization of $12,705.46, a price-to-earnings ratio of 19.72, a P/E/G ratio of 1.78 and a beta of 1.71. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.31 and a quick ratio of 1.59. Westlake Chemical Co. has a one year low of $55.83 and a one year high of $99.71.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Monday, November 27th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is Friday, November 24th. Westlake Chemical’s dividend payout ratio (DPR) is currently 18.26%.
Several institutional investors have recently made changes to their positions in WLK. Tortoise Capital Advisors L.L.C. lifted its stake in shares of Westlake Chemical by 6,376.2% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after purchasing an additional 1,339 shares during the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Westlake Chemical in the 3rd quarter valued at $137,000. Advisors Asset Management Inc. lifted its stake in shares of Westlake Chemical by 162.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after purchasing an additional 1,410 shares during the last quarter. Verity Asset Management Inc. acquired a new position in shares of Westlake Chemical in the 2nd quarter valued at $204,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in Westlake Chemical during the 3rd quarter worth about $204,000. 30.42% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently commented on the company. Wells Fargo & Company restated a “buy” rating and set a $112.00 price target (up previously from $105.00) on shares of Westlake Chemical in a research note on Thursday. SunTrust Banks reissued a “buy” rating and issued a $86.00 price target on shares of Westlake Chemical in a report on Wednesday, September 6th. Johnson Rice started coverage on Westlake Chemical in a report on Monday, November 6th. They issued an “accumulate” rating and a $100.00 price target for the company. Cowen lifted their target price on Westlake Chemical from $78.00 to $92.00 and gave the stock an “outperform” rating in a report on Tuesday, October 10th. Finally, ValuEngine downgraded Westlake Chemical from a “buy” rating to a “hold” rating in a report on Tuesday, November 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $98.09.
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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.
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