Raymond James & Associates trimmed its stake in Westlake Chemical Partners LP (NYSE:WLKP – Free Report) by 47.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,059 shares of the basic materials company’s stock after selling 18,076 shares during the quarter. Raymond James & Associates owned about 0.06% of Westlake Chemical Partners worth $435,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of the stock. Gilman Hill Asset Management LLC purchased a new stake in Westlake Chemical Partners during the second quarter worth approximately $660,000. Advisory Services Network LLC raised its holdings in Westlake Chemical Partners by 27.9% in the first quarter. Advisory Services Network LLC now owns 29,800 shares of the basic materials company’s stock valued at $656,000 after acquiring an additional 6,500 shares in the last quarter. State of Tennessee Treasury Department acquired a new stake in Westlake Chemical Partners in the first quarter valued at $176,000. Pinnacle Holdings LLC raised its holdings in Westlake Chemical Partners by 1.5% in the first quarter. Pinnacle Holdings LLC now owns 35,836 shares of the basic materials company’s stock valued at $789,000 after acquiring an additional 537 shares in the last quarter. Finally, BNP Paribas Arbitrage SNC raised its holdings in Westlake Chemical Partners by 127.6% in the first quarter. BNP Paribas Arbitrage SNC now owns 35,545 shares of the basic materials company’s stock valued at $782,000 after acquiring an additional 19,925 shares in the last quarter. 30.04% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Westlake Chemical Partners
In related news, SVP Andrew Kenner bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The stock was purchased at an average price of $22.02 per share, for a total transaction of $220,200.00. Following the transaction, the senior vice president now directly owns 121,609 shares of the company’s stock, valued at approximately $2,677,830.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased 16,498 shares of company stock worth $363,627 in the last 90 days.
Westlake Chemical Partners Stock Down 0.7 %
Westlake Chemical Partners Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, November 27th. Investors of record on Friday, November 10th will be given a $0.4714 dividend. The ex-dividend date is Thursday, November 9th. This represents a $1.89 dividend on an annualized basis and a yield of 8.87%. Westlake Chemical Partners’s dividend payout ratio is presently 113.86%.
Analyst Ratings Changes
Separately, StockNews.com began coverage on shares of Westlake Chemical Partners in a report on Thursday, October 5th. They set a “strong-buy” rating on the stock.
Westlake Chemical Partners Company Profile
Westlake Chemical Partners LP acquires, develops, and operates ethylene production facilities and related assets in the United States. The company's ethylene production facilities primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.
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