HL Financial Services LLC Has $308,000 Stake in Westlake Chemical Co. (WLK)

Share on StockTwits

HL Financial Services LLC grew its stake in shares of Westlake Chemical Co. (NYSE:WLK) by 55.8% in the third quarter, HoldingsChannel.com reports. The firm owned 3,701 shares of the specialty chemicals company’s stock after buying an additional 1,326 shares during the quarter. HL Financial Services LLC’s holdings in Westlake Chemical were worth $308,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH lifted its holdings in Westlake Chemical by 119.3% in the first quarter. Allianz Asset Management GmbH now owns 193,783 shares of the specialty chemicals company’s stock worth $21,539,000 after acquiring an additional 105,418 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in Westlake Chemical by 43.8% in the second quarter. State of Alaska Department of Revenue now owns 4,370 shares of the specialty chemicals company’s stock worth $470,000 after acquiring an additional 1,330 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new position in Westlake Chemical in the second quarter worth about $1,952,000. Bank of Montreal Can bought a new position in Westlake Chemical in the second quarter worth about $3,653,000. Finally, Viking Fund Management LLC bought a new position in Westlake Chemical in the second quarter worth about $2,153,000. 30.24% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts have issued reports on WLK shares. Zacks Investment Research cut shares of Westlake Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. MED reissued a “buy” rating and issued a $140.00 target price on shares of Westlake Chemical in a report on Thursday, August 2nd. BMO Capital Markets reissued a “hold” rating and issued a $111.00 target price on shares of Westlake Chemical in a report on Friday, August 3rd. Royal Bank of Canada reissued a “hold” rating and issued a $108.00 target price on shares of Westlake Chemical in a report on Monday, August 6th. Finally, JPMorgan Chase & Co. cut their target price on shares of Westlake Chemical from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, August 29th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. Westlake Chemical currently has an average rating of “Hold” and a consensus price target of $112.12.

WLK opened at $71.10 on Wednesday. The company has a market cap of $9.80 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 0.70 and a beta of 1.59. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.44. Westlake Chemical Co. has a twelve month low of $68.40 and a twelve month high of $124.29.

Westlake Chemical (NYSE:WLK) last released its quarterly earnings results on Tuesday, November 6th. The specialty chemicals company reported $2.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.24 by $0.11. The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Westlake Chemical had a return on equity of 19.75% and a net margin of 19.36%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.61 earnings per share. As a group, analysts anticipate that Westlake Chemical Co. will post 8.66 earnings per share for the current year.

WARNING: This piece of content was originally reported by Macon Daily and is the sole property of of Macon Daily. If you are reading this piece of content on another site, it was illegally stolen and republished in violation of US and international copyright legislation. The correct version of this piece of content can be read at https://macondaily.com/2018/11/14/hl-financial-services-llc-has-308000-stake-in-westlake-chemical-co-wlk.html.

Westlake Chemical Company Profile

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.

Featured Story: Risk Tolerance and Your Investment Decisions

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).

Institutional Ownership by Quarter for Westlake Chemical (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.

Leave a Reply