Neuburgh Advisers LLC Acquires 578 Shares of Westlake Chemical Co. (NYSE:WLK)
Neuburgh Advisers LLC increased its holdings in Westlake Chemical Co. (NYSE:WLK) by 7.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,854 shares of the specialty chemicals company’s stock after acquiring an additional 578 shares during the period. Neuburgh Advisers LLC’s holdings in Westlake Chemical were worth $546,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Janus Henderson Group PLC lifted its holdings in shares of Westlake Chemical by 1,916.5% in the second quarter. Janus Henderson Group PLC now owns 661,881 shares of the specialty chemicals company’s stock valued at $45,974,000 after purchasing an additional 629,057 shares in the last quarter. Federated Investors Inc. PA grew its stake in shares of Westlake Chemical by 45.1% in the 1st quarter. Federated Investors Inc. PA now owns 822,017 shares of the specialty chemicals company’s stock worth $55,782,000 after acquiring an additional 255,544 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Westlake Chemical by 369.3% in the 2nd quarter. First Trust Advisors LP now owns 322,506 shares of the specialty chemicals company’s stock worth $22,401,000 after acquiring an additional 253,780 shares in the last quarter. Scout Investments Inc. raised its holdings in shares of Westlake Chemical by 114.7% in the second quarter. Scout Investments Inc. now owns 429,052 shares of the specialty chemicals company’s stock valued at $29,802,000 after purchasing an additional 229,232 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Westlake Chemical by 139.6% in the second quarter. Wells Fargo & Company MN now owns 366,349 shares of the specialty chemicals company’s stock valued at $25,446,000 after purchasing an additional 213,435 shares during the last quarter. Institutional investors own 30.64% of the company’s stock.
WLK traded up $1.43 during midday trading on Wednesday, reaching $66.77. The company had a trading volume of 35,836 shares, compared to its average volume of 532,838. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.33 and a current ratio of 2.07. The stock has a market cap of $8.17 billion, a PE ratio of 8.56, a P/E/G ratio of 2.62 and a beta of 1.62. Westlake Chemical Co. has a 12-month low of $55.82 and a 12-month high of $88.05. The business has a 50-day moving average price of $61.95 and a two-hundred day moving average price of $66.21.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Tuesday, August 27th will be paid a $0.2625 dividend. The ex-dividend date is Monday, August 26th. This represents a $1.05 annualized dividend and a yield of 1.57%. Westlake Chemical’s payout ratio is 13.44%.
Several research analysts recently weighed in on WLK shares. BMO Capital Markets cut their price target on shares of Westlake Chemical from $75.00 to $71.00 and set a “market perform” rating on the stock in a report on Friday, August 9th. Bank of America cut shares of Westlake Chemical from a “buy” rating to an “underperform” rating in a research report on Friday, August 16th. Citigroup set a $79.00 target price on Westlake Chemical and gave the stock a “buy” rating in a research note on Monday, July 15th. Goldman Sachs Group upgraded Westlake Chemical from a “neutral” rating to a “buy” rating and set a $59.82 target price on the stock in a research note on Wednesday, May 15th. Finally, UBS Group set a $54.00 target price on Westlake Chemical and gave the company a “sell” rating in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $77.05.
Westlake Chemical Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
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