Advisors Asset Management Inc. boosted its position in Westlake Chemical Co. (NYSE:WLK) by 129.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,225 shares of the specialty chemicals company’s stock after purchasing an additional 2,949 shares during the period. Advisors Asset Management Inc.’s holdings in Westlake Chemical were worth $434,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Verity Asset Management Inc. purchased a new position in Westlake Chemical during the second quarter worth $204,000. Quantitative Systematic Strategies LLC purchased a new stake in shares of Westlake Chemical in the third quarter valued at $204,000. HL Financial Services LLC purchased a new stake in shares of Westlake Chemical in the third quarter valued at $210,000. Engineers Gate Manager LP purchased a new stake in shares of Westlake Chemical in the second quarter valued at $219,000. Finally, Private Advisor Group LLC grew its position in shares of Westlake Chemical by 3.1% in the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after purchasing an additional 103 shares during the period. 30.42% of the stock is owned by hedge funds and other institutional investors.

Shares of Westlake Chemical Co. (NYSE WLK) traded up $1.22 during trading on Wednesday, reaching $98.41. The company had a trading volume of 723,800 shares, compared to its average volume of 859,308. Westlake Chemical Co. has a 52-week low of $55.83 and a 52-week high of $99.71. The firm has a market capitalization of $12,547.95, a PE ratio of 19.48, a P/E/G ratio of 1.76 and a beta of 1.71. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74.

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 dividend yield of 0.85%. The ex-dividend date is Friday, November 24th. Westlake Chemical’s dividend payout ratio is presently 18.26%.

In other Westlake Chemical news, CFO Mark Steven Bender sold 6,500 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $97.83, for a total transaction of $635,895.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Albert Chao sold 25,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $94.34, for a total value of $2,358,500.00. Following the transaction, the chief executive officer now owns 299,018 shares in the company, valued at approximately $28,209,358.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 293,122 shares of company stock worth $27,721,443. 72.50% of the stock is currently owned by insiders.

WLK has been the subject of a number of recent analyst reports. Johnson Rice initiated coverage on Westlake Chemical in a research report on Monday, November 6th. They issued an “accumulate” rating and a $100.00 price objective for the company. SunTrust Banks reaffirmed a “buy” rating and issued a $93.00 price objective on shares of Westlake Chemical in a research report on Thursday, September 28th. Zacks Investment Research raised Westlake Chemical from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Friday, October 13th. Nomura raised Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 price objective for the company in a research report on Tuesday, September 26th. Finally, Instinet raised Westlake Chemical from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Westlake Chemical has a consensus rating of “Buy” and a consensus target price of $96.45.

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About Westlake Chemical

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 (NYSE:WLK)

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