Quantitative Systematic Strategies LLC acquired a new stake in shares of Westlake Chemical Co. (NYSE:WLK) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,729 shares of the specialty chemicals company’s stock, valued at approximately $321,000.
Several other large investors have also made changes to their positions in WLK. Scout Investments Inc. acquired a new stake in shares of Westlake Chemical during the first quarter valued at approximately $13,560,000. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Westlake Chemical during the first quarter valued at approximately $528,000. Hennessy Advisors Inc. acquired a new stake in shares of Westlake Chemical during the first quarter valued at approximately $2,273,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in shares of Westlake Chemical during the first quarter valued at approximately $25,000. Finally, Deutsche Bank AG raised its holdings in shares of Westlake Chemical by 34.2% during the fourth quarter. Deutsche Bank AG now owns 399,690 shares of the specialty chemicals company’s stock valued at $26,442,000 after acquiring an additional 101,848 shares during the period. 28.00% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on WLK shares. Cowen restated a “market perform” rating and set a $78.00 price target (down previously from $80.00) on shares of Westlake Chemical in a report on Monday, February 25th. Nomura lowered shares of Westlake Chemical from a “neutral” rating to a “reduce” rating and set a $72.00 price target on the stock. in a report on Wednesday, January 30th. ValuEngine lowered shares of Westlake Chemical from a “sell” rating to a “strong sell” rating in a report on Monday, February 4th. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a report on Saturday, January 19th. Finally, Barclays restated a “buy” rating on shares of Westlake Chemical in a report on Wednesday, February 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $102.06.
Westlake Chemical (NYSE:WLK) last released its quarterly earnings data on Tuesday, February 19th. The specialty chemicals company reported $1.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.72 by ($0.70). The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.10 billion. Westlake Chemical had a net margin of 11.53% and a return on equity of 17.83%. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.62 EPS. Equities research analysts forecast that Westlake Chemical Co. will post 7.09 earnings per share for the current year.
In other Westlake Chemical news, Director H John Riley, Jr. sold 3,327 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $69.92, for a total value of $232,623.84. Following the transaction, the director now owns 22,652 shares in the company, valued at approximately $1,583,827.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 72.00% of the stock is currently owned by corporate insiders.
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Westlake Chemical Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. 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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