Wells Fargo & Company MN lowered its stake in shares of Westlake Chemical Corp. (NYSE:WLK) by 1.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 235,891 shares of the company’s stock after selling 4,521 shares during the period. Wells Fargo & Company MN owned approximately 0.18% of Westlake Chemical Corp. worth $12,620,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Virginia Retirement Systems ET AL increased its position in shares of Westlake Chemical Corp. by 46.6% in the third quarter. Virginia Retirement Systems ET AL now owns 123,900 shares of the company’s stock worth $6,629,000 after buying an additional 39,400 shares during the last quarter. James Investment Research Inc. increased its position in shares of Westlake Chemical Corp. by 20,591.7% in the third quarter. James Investment Research Inc. now owns 62,075 shares of the company’s stock worth $3,321,000 after buying an additional 61,775 shares during the last quarter. Nationwide Fund Advisors increased its position in shares of Westlake Chemical Corp. by 507.9% in the third quarter. Nationwide Fund Advisors now owns 42,130 shares of the company’s stock worth $2,254,000 after buying an additional 35,200 shares during the last quarter. Farmers & Merchants Investments Inc. increased its position in shares of Westlake Chemical Corp. by 29,900.0% in the third quarter. Farmers & Merchants Investments Inc. now owns 12,000 shares of the company’s stock worth $642,000 after buying an additional 11,960 shares during the last quarter. Finally, Smith Graham & Co. Investment Advisors LP increased its position in shares of Westlake Chemical Corp. by 15.5% in the third quarter. Smith Graham & Co. Investment Advisors LP now owns 81,226 shares of the company’s stock worth $4,346,000 after buying an additional 10,930 shares during the last quarter. 29.12% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Westlake Chemical Corp. (NYSE:WLK)

Shares of Westlake Chemical Corp. (NYSE:WLK) traded down 1.18% during trading on Tuesday, hitting $54.38. 277,993 shares of the stock were exchanged. The stock’s 50 day moving average price is $53.00 and its 200-day moving average price is $48.58. Westlake Chemical Corp. has a one year low of $39.48 and a one year high of $60.65. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 17.40 and a beta of 1.89.

Westlake Chemical Corp. (NYSE:WLK) last posted its quarterly earnings results 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. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.52 billion. Westlake Chemical Corp. had a return on equity of 13.56% and a net margin of 9.50%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.39 earnings per share. On average, analysts predict that Westlake Chemical Corp. will post $3.73 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders 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 annualized dividend and a yield of 1.39%. Westlake Chemical Corp.’s payout ratio is 24.20%.

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WLK has been the subject of a number of analyst reports. TheStreet raised shares of Westlake Chemical Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, August 23rd. Vetr downgraded shares of Westlake Chemical Corp. from a “buy” rating to a “hold” rating and set a $48.76 price target for the company. in a report on Monday, August 8th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $51.00 price target on shares of Westlake Chemical Corp. in a report on Friday, September 30th. JPMorgan Chase & Co. set a $60.00 price target on shares of Westlake Chemical Corp. and gave the company a “buy” rating in a report on Friday, November 11th. Finally, Royal Bank Of Canada raised shares of Westlake Chemical Corp. from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $47.00 to $59.00 in a report on Tuesday, August 23rd. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Westlake Chemical Corp. currently has an average rating of “Buy” and an average target price of $56.80.

In other Westlake Chemical Corp. news, insider Robert F. Buesinger sold 2,880 shares of the business’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $54.42, for a total value of $156,729.60. Following the transaction, the insider now directly owns 11,035 shares in the company, valued at approximately $600,524.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Albert Chao sold 20,000 shares of the business’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $52.95, for a total transaction of $1,059,000.00. Following the completion of the transaction, the chief executive officer now owns 264,702 shares in the company, valued at $14,015,970.90. The disclosure for this sale can be found here. 71.70% of the stock is currently owned by company insiders.

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.

5 Day Chart for NYSE:WLK

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