Westlake Chemical (NYSE:WLK) released its earnings results on Tuesday, February 20th. The specialty chemicals company reported $1.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.69 by ($0.07), Morningstar.com reports. The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.06 billion. Westlake Chemical had a return on equity of 16.48% and a net margin of 16.22%. Westlake Chemical’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.87 EPS.
Shares of Westlake Chemical (WLK) traded down $1.79 during trading hours on Wednesday, hitting $116.35. 494,680 shares of the company were exchanged, compared to its average volume of 798,782. The company has a current ratio of 1.76, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58. Westlake Chemical has a twelve month low of $59.58 and a twelve month high of $121.30. The company has a market cap of $15,281.89, a P/E ratio of 11.65, a PEG ratio of 1.20 and a beta of 1.59.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 13th. Investors of record on Tuesday, February 27th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date was Monday, February 26th. Westlake Chemical’s dividend payout ratio is presently 8.41%.
In other Westlake Chemical news, CAO George J. Mangieri sold 2,161 shares of the company’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $113.41, for a total value of $245,079.01. Following the completion of the transaction, the chief accounting officer now owns 2,160 shares in the company, valued at approximately $244,965.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Andrew Kenner sold 24,318 shares of the company’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $110.61, for a total transaction of $2,689,813.98. Following the completion of the transaction, the senior vice president now owns 20,005 shares of the company’s stock, valued at approximately $2,212,753.05. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 103,080 shares of company stock valued at $11,545,548. Insiders own 72.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of WLK. Voya Investment Management LLC grew its position in Westlake Chemical by 2.5% in the 2nd quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock worth $785,000 after purchasing an additional 286 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Westlake Chemical by 223.4% in the 2nd quarter. Royal Bank of Canada now owns 64,898 shares of the specialty chemicals company’s stock worth $4,297,000 after acquiring an additional 44,833 shares during the period. State Street Corp lifted its stake in shares of Westlake Chemical by 6.0% in the 2nd quarter. State Street Corp now owns 575,374 shares of the specialty chemicals company’s stock worth $38,095,000 after acquiring an additional 32,736 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Westlake Chemical by 5.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock worth $260,000 after acquiring an additional 211 shares during the period. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of Westlake Chemical in the 3rd quarter worth approximately $204,000. Hedge funds and other institutional investors own 30.28% of the company’s stock.
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Westlake Chemical Company 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.
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