Symphony Asset Management LLC Has $2.50 Million Stake in Westlake Chemical Corporation (WLK)

Symphony Asset Management LLC grew its holdings in shares of Westlake Chemical Corporation (NYSE:WLK) by 91.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 37,812 shares of the specialty chemicals company’s stock after buying an additional 18,045 shares during the quarter. Symphony Asset Management LLC’s holdings in Westlake Chemical Corporation were worth $2,504,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Private Advisor Group LLC grew its stake in shares of Westlake Chemical Corporation by 3.1% during the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after buying an additional 103 shares during the last quarter. Amalgamated Bank grew its stake in shares of Westlake Chemical Corporation by 3.4% during the first quarter. Amalgamated Bank now owns 5,445 shares of the specialty chemicals company’s stock valued at $360,000 after buying an additional 177 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Westlake Chemical Corporation by 4.5% during the second quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock valued at $451,000 after buying an additional 296 shares during the last quarter. ARGI Investment Services LLC grew its stake in shares of Westlake Chemical Corporation by 1.7% during the first quarter. ARGI Investment Services LLC now owns 19,971 shares of the specialty chemicals company’s stock valued at $1,320,000 after buying an additional 335 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of Westlake Chemical Corporation by 0.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 52,727 shares of the specialty chemicals company’s stock valued at $3,483,000 after buying an additional 358 shares during the last quarter. 31.98% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Westlake Chemical Corporation (WLK) traded up 0.947% during mid-day trading on Monday, hitting $77.305. The company had a trading volume of 224,304 shares. The firm has a 50-day moving average price of $72.18 and a 200 day moving average price of $66.49. The firm has a market capitalization of $9.98 billion, a price-to-earnings ratio of 22.093 and a beta of 1.62. Westlake Chemical Corporation has a 52-week low of $48.13 and a 52-week high of $79.13.

Westlake Chemical Corporation (NYSE:WLK) last posted its earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $2 billion. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 82.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.85 EPS. Analysts expect that Westlake Chemical Corporation will post $4.68 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 18th. Shareholders of record on Friday, September 1st will be paid a $0.21 dividend. This is an increase from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 1.10%. Westlake Chemical Corporation’s payout ratio is 24.00%.

COPYRIGHT VIOLATION NOTICE: This story was reported by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this story on another domain, it was illegally stolen and republished in violation of international trademark & copyright legislation. The original version of this story can be viewed at https://sportsperspectives.com/2017/09/11/symphony-asset-management-llc-has-2-50-million-stake-in-westlake-chemical-corporation-wlk.html.

In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total value of $968,614.68. Following the completion of the transaction, the vice president now owns 44,449 shares in the company, valued at $3,121,208.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 72.50% of the company’s stock.

A number of research analysts have recently commented on the company. Zacks Investment Research cut Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Royal Bank Of Canada reiterated a “buy” rating on shares of Westlake Chemical Corporation in a report on Friday, August 4th. Cowen and Company boosted their price target on Westlake Chemical Corporation from $70.00 to $78.00 and gave the company an “outperform” rating in a report on Tuesday, August 22nd. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $86.00 price target on shares of Westlake Chemical Corporation in a report on Wednesday, September 6th. Finally, J P Morgan Chase & Co boosted their price target on Westlake Chemical Corporation from $70.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, May 31st. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $68.56.

Westlake Chemical Corporation 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.

Want to see what other hedge funds are holding WLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westlake Chemical Corporation (NYSE:WLK).

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

Receive News & Ratings for Westlake Chemical Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply