Pictet Asset Management Ltd. boosted its stake in Westlake Chemical Co. (NYSE:WLK) by 295.3% in the second quarter, HoldingsChannel reports. The firm owned 12,100 shares of the specialty chemicals company’s stock after buying an additional 9,039 shares during the period. Pictet Asset Management Ltd.’s holdings in Westlake Chemical were worth $840,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of WLK. SG Americas Securities LLC grew its holdings in Westlake Chemical by 30.2% in the first quarter. SG Americas Securities LLC now owns 8,103 shares of the specialty chemicals company’s stock worth $550,000 after purchasing an additional 1,878 shares during the period. Victory Capital Management Inc. grew its holdings in Westlake Chemical by 11.9% in the first quarter. Victory Capital Management Inc. now owns 35,616 shares of the specialty chemicals company’s stock worth $2,417,000 after purchasing an additional 3,790 shares during the period. First Mercantile Trust Co. acquired a new stake in Westlake Chemical in the first quarter worth $139,000. Toronto Dominion Bank grew its holdings in Westlake Chemical by 33.2% in the first quarter. Toronto Dominion Bank now owns 6,978 shares of the specialty chemicals company’s stock worth $473,000 after purchasing an additional 1,739 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in Westlake Chemical in the first quarter worth $352,000. Institutional investors and hedge funds own 30.65% of the company’s stock.
Shares of WLK traded up $1.61 during trading hours on Thursday, hitting $66.29. The company’s stock had a trading volume of 7,105 shares, compared to its average volume of 577,398. The company has a market cap of $8.41 billion, a price-to-earnings ratio of 8.49, a PEG ratio of 2.84 and a beta of 1.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.07 and a quick ratio of 1.33. The business has a 50 day simple moving average of $61.63 and a two-hundred day simple moving average of $65.96. Westlake Chemical Co. has a 52-week low of $55.82 and a 52-week high of $87.65.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Tuesday, August 27th were paid a $0.2625 dividend. The ex-dividend date was Monday, August 26th. This represents a $1.05 annualized dividend and a dividend yield of 1.58%. Westlake Chemical’s payout ratio is 13.44%.
A number of research firms have weighed in on WLK. Barclays lowered shares of Westlake Chemical from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $72.00 to $71.00 in a research note on Tuesday, July 2nd. Macquarie set a $74.00 price objective on shares of Westlake Chemical and gave the company a “hold” rating in a research note on Tuesday, July 2nd. Citigroup set a $79.00 price objective on shares of Westlake Chemical and gave the company a “buy” rating in a research note on Monday, July 15th. Bank of America lowered shares of Westlake Chemical from a “buy” rating to an “underperform” rating in a research note on Friday, August 16th. Finally, ValuEngine raised shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Three 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. The company has an average rating of “Hold” and an average price target of $76.93.
Westlake Chemical Company 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.
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 Co. (NYSE:WLK).
Receive News & Ratings for Westlake Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical and related companies with MarketBeat.com's FREE daily email newsletter.