Wall Street analysts expect Westlake Chemical Co. (NYSE:WLK) to report $2.16 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Westlake Chemical’s earnings. The lowest sales estimate is $2.07 billion and the highest is $2.21 billion. Westlake Chemical reported sales of $2.01 billion during the same quarter last year, which indicates a positive year over year growth rate of 7.5%. The company is expected to issue its next earnings report on Tuesday, February 19th.
On average, analysts expect that Westlake Chemical will report full-year sales of $8.79 billion for the current year, with estimates ranging from $8.68 billion to $8.85 billion. For the next fiscal year, analysts expect that the business will post sales of $9.21 billion, with estimates ranging from $8.95 billion to $9.61 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Westlake Chemical.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Tuesday, November 6th. The specialty chemicals company reported $2.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.24 by $0.11. Westlake Chemical had a net margin of 19.36% and a return on equity of 19.75%. The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the company earned $1.61 EPS. The firm’s revenue was up 6.9% on a year-over-year basis.
Shares of Westlake Chemical stock traded down $0.98 during trading on Friday, reaching $68.41. The company’s stock had a trading volume of 405,601 shares, compared to its average volume of 762,728. Westlake Chemical has a 52-week low of $66.91 and a 52-week high of $124.29. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 0.65 and a beta of 1.59. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.59 and a current ratio of 2.31.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Tuesday, November 27th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.46%. Westlake Chemical’s dividend payout ratio is currently 18.28%.
In other Westlake Chemical news, CEO Albert Chao sold 24,509 shares of the company’s stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $71.20, for a total value of $1,745,040.80. Following the completion of the transaction, the chief executive officer now directly owns 337,013 shares in the company, valued at approximately $23,995,325.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 72.00% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. raised its holdings in Westlake Chemical by 2,645.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 19,576 shares of the specialty chemicals company’s stock worth $2,106,000 after purchasing an additional 18,863 shares in the last quarter. Rhumbline Advisers raised its holdings in Westlake Chemical by 11.8% in the 2nd quarter. Rhumbline Advisers now owns 39,219 shares of the specialty chemicals company’s stock worth $4,221,000 after purchasing an additional 4,144 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Westlake Chemical by 54.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 34,503 shares of the specialty chemicals company’s stock worth $3,714,000 after purchasing an additional 12,202 shares in the last quarter. Royal London Asset Management Ltd. bought a new position in Westlake Chemical in the 2nd quarter worth $1,559,000. Finally, BlackRock Inc. raised its holdings in Westlake Chemical by 26.0% in the 2nd quarter. BlackRock Inc. now owns 1,933,430 shares of the specialty chemicals company’s stock worth $208,094,000 after purchasing an additional 398,951 shares in the last quarter. Institutional investors and hedge funds own 30.43% of the company’s stock.
Westlake Chemical Company Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products primarily in North America and Europe. 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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