Sei Investments Co. Grows Stake in Westlake Chemical Co. (NYSE:WLK)

Sei Investments Co. boosted its position in shares of Westlake Chemical Co. (NYSE:WLK) by 111.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 40,169 shares of the specialty chemicals company’s stock after buying an additional 21,137 shares during the period. Sei Investments Co.’s holdings in Westlake Chemical were worth $3,623,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of Montreal Can boosted its position in Westlake Chemical by 27.0% during the 1st quarter. Bank of Montreal Can now owns 484 shares of the specialty chemicals company’s stock valued at $42,000 after acquiring an additional 103 shares in the last quarter. IFP Advisors Inc bought a new stake in Westlake Chemical during the 1st quarter valued at $44,000. Eaton Vance Management bought a new stake in Westlake Chemical during the 1st quarter valued at $103,000. PNC Financial Services Group Inc. boosted its position in shares of Westlake Chemical by 18.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,485 shares of the specialty chemicals company’s stock worth $134,000 after purchasing an additional 228 shares in the last quarter. Finally, Captrust Financial Advisors boosted its position in shares of Westlake Chemical by 6,288.0% in the 1st quarter. Captrust Financial Advisors now owns 1,597 shares of the specialty chemicals company’s stock worth $142,000 after purchasing an additional 1,572 shares in the last quarter. 25.80% of the stock is currently owned by institutional investors and hedge funds.

Shares of Westlake Chemical stock opened at $86.67 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 2.99 and a debt-to-equity ratio of 0.48. Westlake Chemical Co. has a twelve month low of $59.74 and a twelve month high of $106.47. The business has a 50-day moving average price of $84.89 and a 200 day moving average price of $91.44. The firm has a market cap of $11.11 billion, a PE ratio of 11.99, a P/E/G ratio of 0.14 and a beta of 1.47.

Westlake Chemical (NYSE:WLK) last announced its quarterly earnings results on Tuesday, August 3rd. The specialty chemicals company reported $4.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.80 by $0.24. Westlake Chemical had a return on equity of 14.11% and a net margin of 10.29%. The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same quarter in the previous year, the business earned $0.11 EPS. Westlake Chemical’s revenue for the quarter was up 67.3% compared to the same quarter last year. On average, sell-side analysts expect that Westlake Chemical Co. will post 12.28 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 8th. Investors of record on Tuesday, August 24th were paid a $0.2975 dividend. This represents a $1.19 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend was Monday, August 23rd. This is a positive change from Westlake Chemical’s previous quarterly dividend of $0.27. Westlake Chemical’s payout ratio is currently 51.97%.

In other news, CEO Albert Chao acquired 3,000 shares of the stock in a transaction that occurred on Wednesday, August 11th. The shares were bought at an average cost of $86.21 per share, for a total transaction of $258,630.00. Following the acquisition, the chief executive officer now owns 441,939 shares in the company, valued at approximately $38,099,561.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 73.70% of the stock is owned by insiders.

A number of research firms have recently weighed in on WLK. JPMorgan Chase & Co. raised their price objective on Westlake Chemical from $98.00 to $134.00 and gave the stock an “overweight” rating in a research report on Friday, June 11th. Piper Sandler initiated coverage on Westlake Chemical in a research report on Monday. They set an “overweight” rating and a $109.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their price target on Westlake Chemical from $105.00 to $112.00 and gave the stock a “hold” rating in a research report on Friday, June 4th. Bank of America raised Westlake Chemical from an “underperform” rating to a “neutral” rating and set a $98.00 price target for the company in a research report on Friday, July 16th. Finally, Royal Bank of Canada raised Westlake Chemical from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $104.00 to $105.00 in a research report on Wednesday, July 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $97.69.

About Westlake Chemical

Westlake Chemical Corp. manufactures and markets petrochemicals, polymers and fabricated building products. It operates through the following segments: Olefins and Vinyls. The Olefins segment manufactures ethylene, polyethylene and styrene and associated co-products at the manufacturing facility in Lake Charles and polyethylene at the Longview facility.

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

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