Westlake Chemical Corporation (WLK) Position Lessened by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board decreased its stake in shares of Westlake Chemical Corporation (NYSE:WLK) by 8.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 97,983 shares of the specialty chemicals company’s stock after selling 8,900 shares during the period. Canada Pension Plan Investment Board owned 0.08% of Westlake Chemical Corporation worth $8,141,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Advisors Asset Management Inc. increased its position in Westlake Chemical Corporation by 162.8% during the second quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock worth $151,000 after purchasing an additional 1,410 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new position in Westlake Chemical Corporation during the third quarter worth approximately $204,000. Verity Asset Management Inc. acquired a new position in Westlake Chemical Corporation during the second quarter worth approximately $204,000. OppenheimerFunds Inc. acquired a new position in Westlake Chemical Corporation during the first quarter worth approximately $205,000. Finally, Engineers Gate Manager LP acquired a new position in Westlake Chemical Corporation during the second quarter worth approximately $219,000. 32.01% of the stock is owned by hedge funds and other institutional investors.

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Shares of Westlake Chemical Corporation (NYSE:WLK) opened at $92.99 on Monday. The stock has a market cap of $12,000.00, a price-to-earnings ratio of 18.64, a PEG ratio of 2.29 and a beta of 1.67. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74. Westlake Chemical Corporation has a 52-week low of $52.45 and a 52-week high of $96.14.

In other news, VP Mark Steven Bender sold 13,794 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total value of $968,614.68. Following the completion of the transaction, the vice president now directly owns 44,449 shares in the company, valued at $3,121,208.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 72.50% of the stock is currently owned by corporate insiders.

WLK has been the subject of several research analyst reports. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Westlake Chemical Corporation in a research report on Wednesday, September 6th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $86.00 price target on shares of Westlake Chemical Corporation in a research report on Wednesday, September 6th. UBS AG upped their price target on shares of Westlake Chemical Corporation from $56.00 to $61.00 and gave the stock a “sell” rating in a research report on Friday, October 13th. Zacks Investment Research raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Friday, October 13th. Finally, Citigroup Inc. initiated coverage on shares of Westlake Chemical Corporation in a research report on Tuesday, October 24th. They issued a “buy” rating and a $97.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $92.73.

About Westlake Chemical Corporation

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.

Institutional Ownership by Quarter for Westlake Chemical Corporation (NYSE:WLK)

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