Verity Asset Management Inc. bought a new stake in shares of Westlake Chemical Corporation (NYSE:WLK) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 3,086 shares of the specialty chemicals company’s stock, valued at approximately $204,000.

A number of other institutional investors have also recently bought and sold shares of WLK. BlackRock Inc. boosted its stake in Westlake Chemical Corporation by 14,246.4% during the 1st quarter. BlackRock Inc. now owns 1,699,615 shares of the specialty chemicals company’s stock valued at $112,260,000 after purchasing an additional 1,687,768 shares during the period. TIAA CREF Investment Management LLC boosted its stake in Westlake Chemical Corporation by 215.3% during the 1st quarter. TIAA CREF Investment Management LLC now owns 1,368,155 shares of the specialty chemicals company’s stock valued at $90,367,000 after purchasing an additional 934,281 shares during the period. Vanguard Group Inc. boosted its stake in Westlake Chemical Corporation by 8.4% during the 1st quarter. Vanguard Group Inc. now owns 4,201,948 shares of the specialty chemicals company’s stock valued at $277,538,000 after purchasing an additional 326,298 shares during the period. Teachers Advisors LLC boosted its stake in Westlake Chemical Corporation by 61.4% during the 1st quarter. Teachers Advisors LLC now owns 826,768 shares of the specialty chemicals company’s stock valued at $54,608,000 after purchasing an additional 314,578 shares during the period. Finally, Scopus Asset Management L.P. boosted its stake in Westlake Chemical Corporation by 186.8% during the 1st quarter. Scopus Asset Management L.P. now owns 376,000 shares of the specialty chemicals company’s stock valued at $24,835,000 after purchasing an additional 244,883 shares during the period. 31.97% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have issued reports on WLK. Royal Bank Of Canada reissued a “buy” rating on shares of Westlake Chemical Corporation in a research note on Wednesday, September 6th. SunTrust Banks, Inc. reissued a “buy” rating and set a $86.00 target price on shares of Westlake Chemical Corporation in a research note on Wednesday, September 6th. Cowen and Company boosted their target price on shares of Westlake Chemical Corporation from $70.00 to $78.00 and gave the company an “outperform” rating in a research note on Tuesday, August 22nd. BidaskClub raised shares of Westlake Chemical Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Finally, Zacks Investment Research lowered shares of Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Westlake Chemical Corporation presently has an average rating of “Buy” and a consensus target price of $68.56.

Shares of Westlake Chemical Corporation (WLK) traded up 1.26% during mid-day trading on Monday, hitting $80.46. 413,760 shares of the stock were exchanged. The firm has a market cap of $10.38 billion, a price-to-earnings ratio of 23.00 and a beta of 1.62. The company’s 50-day moving average is $73.34 and its 200-day moving average is $67.00. Westlake Chemical Corporation has a 1-year low of $48.92 and a 1-year high of $80.84.

Westlake Chemical Corporation (NYSE:WLK) last issued its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The firm had revenue of $1.98 billion for the quarter, compared to analyst estimates of $2 billion. During the same quarter in the prior year, the firm earned $0.85 EPS. The company’s revenue was up 82.2% on a year-over-year basis. Equities research analysts anticipate that Westlake Chemical Corporation will post $4.68 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 18th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.84 dividend on an annualized basis and a yield of 1.04%. This is a positive change from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. Westlake Chemical Corporation’s dividend payout ratio is currently 24.00%.

In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total transaction of $968,614.68. Following the sale, the vice president now owns 44,449 shares of the company’s stock, valued at approximately $3,121,208.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 72.50% of the stock is owned by corporate insiders.

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Westlake Chemical Corporation 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.

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

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