Westlake Chemical Co. (WLK) Stake Lowered by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP lowered its holdings in Westlake Chemical Co. (NYSE:WLK) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,158,262 shares of the specialty chemicals company’s stock after selling 28,099 shares during the period. Dimensional Fund Advisors LP owned 0.90% of Westlake Chemical worth $96,243,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Advisors Asset Management Inc. grew its position in Westlake Chemical by 162.8% during the second quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after acquiring an additional 1,410 shares during the period. Verity Asset Management Inc. purchased a new stake in Westlake Chemical during the second quarter valued at about $204,000. Quantitative Systematic Strategies LLC purchased a new stake in Westlake Chemical during the third quarter valued at about $204,000. HL Financial Services LLC purchased a new stake in Westlake Chemical during the third quarter valued at about $210,000. Finally, Engineers Gate Manager LP purchased a new stake in Westlake Chemical during the second quarter valued at about $219,000. 30.41% of the stock is owned by institutional investors and hedge funds.
In other news, SVP George J. Mangieri sold 13,381 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $94.44, for a total value of $1,263,701.64. Following the completion of the sale, the senior vice president now owns 10,195 shares of the company’s stock, valued at $962,815.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert F. Buesinger sold 2,674 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $98.50, for a total value of $263,389.00. Following the completion of the sale, the executive vice president now directly owns 6,635 shares of the company’s stock, valued at approximately $653,547.50. The disclosure for this sale can be found here. Insiders sold 293,122 shares of company stock valued at $27,721,443 in the last ninety days. Company insiders own 71.70% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Monday, November 27th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.81%. The ex-dividend date was Friday, November 24th. Westlake Chemical’s payout ratio is 18.26%.
A number of equities research analysts have issued reports on WLK shares. Johnson Rice started coverage on Westlake Chemical in a research report on Monday, November 6th. They set an “accumulate” rating and a $100.00 price target for the company. ValuEngine raised Westlake Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. SunTrust Banks reissued a “buy” rating and set a $93.00 price target on shares of Westlake Chemical in a research report on Friday, November 3rd. Citigroup started coverage on Westlake Chemical in a research report on Tuesday, October 24th. They set a “buy” rating and a $97.00 price target for the company. Finally, Nomura raised Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 price target for the company in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Westlake Chemical presently has a consensus rating of “Buy” and a consensus price target of $100.42.
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Westlake Chemical 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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