Albert Chao Sells 20,000 Shares of Westlake Chemical Corp. (WLK) Stock
Westlake Chemical Corp. (NYSE:WLK) CEO Albert Chao sold 20,000 shares of the stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $54.15, for a total value of $1,083,000.00. Following the completion of the sale, the chief executive officer now directly owns 264,702 shares of the company’s stock, valued at $14,333,613.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Albert Chao also recently made the following trade(s):
- On Tuesday, November 15th, Albert Chao sold 20,000 shares of Westlake Chemical Corp. stock. The shares were sold at an average price of $52.95, for a total value of $1,059,000.00.
Westlake Chemical Corp. (NYSE:WLK) opened at 55.84 on Tuesday. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of 17.87 and a beta of 1.89. Westlake Chemical Corp. has a 12-month low of $39.48 and a 12-month high of $60.95. The stock has a 50 day moving average price of $52.80 and a 200-day moving average price of $48.29.
Westlake Chemical Corp. (NYSE:WLK) last announced its quarterly earnings data on Tuesday, November 8th. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by $0.39. Westlake Chemical Corp. had a return on equity of 13.56% and a net margin of 9.50%. The firm earned $1.28 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the firm earned $1.39 earnings per share. Westlake Chemical Corp.’s revenue was up 7.7% on a year-over-year basis. Equities analysts predict that Westlake Chemical Corp. will post $3.73 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Thursday, December 1st will be issued a $0.1906 dividend. The ex-dividend date is Tuesday, November 29th. This represents a $0.76 dividend on an annualized basis and a yield of 1.37%. Westlake Chemical Corp.’s payout ratio is currently 24.20%.
A number of institutional investors have recently made changes to their positions in WLK. Soroban Capital Partners LP purchased a new position in shares of Westlake Chemical Corp. during the third quarter worth $108,193,000. Shapiro Capital Management LLC raised its position in shares of Westlake Chemical Corp. by 29.4% in the third quarter. Shapiro Capital Management LLC now owns 1,596,937 shares of the company’s stock worth $85,436,000 after buying an additional 363,106 shares during the last quarter. FMR LLC purchased a new position in shares of Westlake Chemical Corp. during the second quarter worth $68,041,000. Perkins Investment Management LLC raised its position in shares of Westlake Chemical Corp. by 17.5% in the third quarter. Perkins Investment Management LLC now owns 1,330,644 shares of the company’s stock worth $71,189,000 after buying an additional 197,903 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Westlake Chemical Corp. by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,267,872 shares of the company’s stock worth $54,413,000 after buying an additional 51,107 shares during the last quarter. Institutional investors own 26.18% of the company’s stock.
A number of analysts recently commented on WLK shares. JPMorgan Chase & Co. set a $60.00 price target on Westlake Chemical Corp. and gave the company a “buy” rating in a research report on Friday, November 11th. TheStreet raised Westlake Chemical Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, August 23rd. Vetr raised Westlake Chemical Corp. from a “hold” rating to a “buy” rating and set a $54.51 price target for the company in a research report on Tuesday, August 23rd. Vertical Research raised Westlake Chemical Corp. from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Vertical Group raised Westlake Chemical Corp. to a “buy” rating in a research report on Monday. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Westlake Chemical Corp. presently has an average rating of “Buy” and an average price target of $56.80.
About Westlake Chemical Corp.
Westlake Chemical Corporation is a vertically integrated 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 diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods.
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