Engineers Gate Manager LP bought a new position in Westlake Chemical Co. (NYSE:WLK) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 27,855 shares of the specialty chemicals company’s stock, valued at approximately $2,315,000.
A number of other large investors also recently made changes to their positions in the stock. FMR LLC grew its position in Westlake Chemical by 21.2% in the second quarter. FMR LLC now owns 7,372,944 shares of the specialty chemicals company’s stock worth $793,550,000 after acquiring an additional 1,291,053 shares in the last quarter. BlackRock Inc. lifted its stake in Westlake Chemical by 26.0% in the second 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 during the last quarter. Dimensional Fund Advisors LP lifted its stake in Westlake Chemical by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,130,411 shares of the specialty chemicals company’s stock worth $121,660,000 after purchasing an additional 3,499 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Westlake Chemical by 2,586.0% in the second quarter. Advisors Asset Management Inc. now owns 599,012 shares of the specialty chemicals company’s stock worth $3,714,000 after purchasing an additional 576,711 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Westlake Chemical by 46.1% in the second quarter. Renaissance Technologies LLC now owns 405,300 shares of the specialty chemicals company’s stock worth $43,622,000 after purchasing an additional 127,800 shares during the last quarter. Institutional investors own 30.35% of the company’s stock.
Several analysts have weighed in on the stock. Alembic Global Advisors set a $135.00 price target on shares of Westlake Chemical and gave the stock a “buy” rating in a research note on Tuesday. Nomura lowered their price target on shares of Westlake Chemical from $100.00 to $92.00 and set a “neutral” rating for the company in a research note on Monday, October 15th. Barclays assumed coverage on shares of Westlake Chemical in a research note on Monday, October 8th. They issued an “overweight” rating and a $100.00 price target for the company. ValuEngine downgraded shares of Westlake Chemical from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 3rd. Finally, Deutsche Bank lowered their price target on shares of Westlake Chemical from $115.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, September 26th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Westlake Chemical has a consensus rating of “Hold” and a consensus target price of $113.12.
Shares of NYSE:WLK opened at $79.07 on Wednesday. The stock has a market cap of $9.63 billion, a PE ratio of 14.46, a PEG ratio of 0.66 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.46. Westlake Chemical Co. has a 12 month low of $68.40 and a 12 month high of $124.29.
Westlake Chemical (NYSE:WLK) last issued its quarterly earnings data on Tuesday, November 6th. The specialty chemicals company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.24 by $0.11. The firm had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.24 billion. Westlake Chemical had a net margin of 18.55% and a return on equity of 19.44%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.61 earnings per share. On average, equities analysts anticipate that Westlake Chemical Co. will post 8.79 earnings per share for the current year.
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About Westlake Chemical
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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