International Assets Investment Management LLC Buys 31,301 Shares of Westlake Chemical Partners LP (NYSE:WLKP)

International Assets Investment Management LLC grew its stake in shares of Westlake Chemical Partners LP (NYSE:WLKP) by 2,141.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 32,763 shares of the basic materials company’s stock after purchasing an additional 31,301 shares during the period. International Assets Investment Management LLC owned about 0.09% of Westlake Chemical Partners worth $734,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of WLKP. GSA Capital Partners LLP lifted its stake in Westlake Chemical Partners by 10.7% in the first quarter. GSA Capital Partners LLP now owns 38,427 shares of the basic materials company’s stock valued at $853,000 after purchasing an additional 3,713 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in Westlake Chemical Partners in the first quarter valued at approximately $2,169,000. Rothschild Investment LLC purchased a new position in Westlake Chemical Partners in the second quarter valued at approximately $181,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Westlake Chemical Partners in the third quarter valued at approximately $78,000. 78.28% of the stock is owned by institutional investors.

Westlake Chemical Partners Price Performance

NYSE:WLKP opened at $22.46 on Wednesday. The stock has a fifty day moving average of $22.41 and a 200 day moving average of $22.54. Westlake Chemical Partners LP has a 52-week low of $21.16 and a 52-week high of $23.68. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.59 and a current ratio of 4.68. The firm has a market capitalization of $791.11 million, a price-to-earnings ratio of 13.95 and a beta of 1.10.

Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.03). Westlake Chemical Partners had a return on equity of 6.68% and a net margin of 4.78%. The company had revenue of $284.17 million during the quarter, compared to analysts’ expectations of $270.28 million. During the same quarter in the prior year, the firm posted $0.34 EPS. On average, research analysts expect that Westlake Chemical Partners LP will post 1.55 EPS for the current fiscal year.

Westlake Chemical Partners Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.471 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.88 annualized dividend and a yield of 8.39%. Westlake Chemical Partners’s payout ratio is 116.77%.

Insider Buying and Selling at Westlake Chemical Partners

In related news, SVP Andrew Kenner purchased 12,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were purchased at an average cost of $22.99 per share, with a total value of $275,880.00. Following the transaction, the senior vice president now directly owns 182,308 shares in the company, valued at $4,191,260.92. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have bought 16,119 shares of company stock valued at $369,340. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Barclays raised Westlake Chemical Partners to a “strong-buy” rating in a report on Monday, August 12th.

About Westlake Chemical Partners

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, such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.