Todays Report: The Algert Global LLC decides to keep it stake in Westlake Chemical Corp. (WLK) to the level of $1,303,000

The Algert Global LLC decides to keep it stake in Westlake Chemical Corp. (WLK) to the level of $1,303,000

Algert Global LLC raised its position in shares of Westlake Chemical Corp. (NYSE:WLK) by 3.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,357 shares of the company’s stock after buying an additional 816 shares during the period. Algert Global LLC’s holdings in Westlake Chemical Corp. were worth $1,303,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Westlake Chemical Corp. by 3.1% in the first quarter. BlackRock Inc. now owns 34,479 shares of the company’s stock worth $1,596,000 after buying an additional 1,048 shares in the last quarter. BlackRock Group LTD increased its position in shares of Westlake Chemical Corp. by 0.9% in the first quarter. BlackRock Group LTD now owns 245,723 shares of the company’s stock worth $11,377,000 after buying an additional 2,153 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Westlake Chemical Corp. by 343.6% in the first quarter. JPMorgan Chase & Co. now owns 484,282 shares of the company’s stock worth $22,423,000 after buying an additional 375,108 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new position in shares of Westlake Chemical Corp. during the first quarter worth $1,427,000. Finally, Menta Capital LLC increased its position in shares of Westlake Chemical Corp. by 1.9% in the first quarter. Menta Capital LLC now owns 16,080 shares of the company’s stock worth $745,000 after buying an additional 300 shares in the last quarter. 30.29% of the stock is owned by institutional investors and hedge funds.

Westlake Chemical Corp. (NYSE:WLK) opened at 53.22 on Friday. The stock’s 50 day moving average is $51.74 and its 200 day moving average is $47.38. The stock has a market cap of $6.85 billion, a PE ratio of 13.28 and a beta of 1.88. Westlake Chemical Corp. has a 52 week low of $39.48 and a 52 week high of $63.56.

Westlake Chemical Corp. (NYSE:WLK) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing the consensus estimate of $0.96 by $0.11. Westlake Chemical Corp. had a net margin of 12.48% and a return on equity of 15.42%. The business earned $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the firm posted $1.41 EPS. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. Analysts predict that Westlake Chemical Corp. will post $3.69 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Friday, September 2nd were paid a dividend of $0.1906 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.43%. The ex-dividend date was Wednesday, August 31st. This is a positive change from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. Westlake Chemical Corp.’s payout ratio is 18.91%.

A number of equities research analysts have recently commented on WLK shares. Vetr cut shares of Westlake Chemical Corp. from a “strong-buy” rating to a “buy” rating and set a $48.76 price target on the stock. in a report on Monday, July 11th. Nomura reiterated a “hold” rating on shares of Westlake Chemical Corp. in a report on Tuesday, July 12th. JPMorgan Chase & Co. increased their price target on shares of Westlake Chemical Corp. from $55.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, August 16th. Royal Bank Of Canada upgraded shares of Westlake Chemical Corp. from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $47.00 to $59.00 in a report on Tuesday, August 23rd. Finally, RBC Capital Markets upgraded shares of Westlake Chemical Corp. from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $47.00 to $59.00 in a report on Tuesday, August 23rd. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Westlake Chemical Corp. currently has an average rating of “Buy” and a consensus price target of $58.60.

In related news, VP George J. Mangieri sold 30,714 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $52.00, for a total transaction of $1,597,128.00. Following the completion of the transaction, the vice president now owns 54,609 shares in the company, valued at approximately $2,839,668. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 71.70% of the company’s stock.

About Westlake Chemical Corp.

Westlake Chemical Corporation is a vertically integrated 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 diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods.

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