Treasurer of the State of North Carolina boosted its holdings in shares of Westlake Chemical Co. (NYSE:WLK) by 17.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,372 shares of the specialty chemicals company’s stock after buying an additional 2,610 shares during the period. Treasurer of the State of North Carolina’s holdings in Westlake Chemical were worth $1,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Westlake Chemical by 13,447.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,171,725 shares of the specialty chemicals company’s stock valued at $150,848,000 after purchasing an additional 2,155,695 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Westlake Chemical by 5,430.6% in the second quarter. Victory Capital Management Inc. now owns 1,969,781 shares of the specialty chemicals company’s stock worth $136,820,000 after buying an additional 1,934,165 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in shares of Westlake Chemical in the second quarter worth about $88,875,000. Janus Henderson Group PLC boosted its stake in shares of Westlake Chemical by 1,916.5% in the second quarter. Janus Henderson Group PLC now owns 661,881 shares of the specialty chemicals company’s stock worth $45,974,000 after buying an additional 629,057 shares during the last quarter. Finally, Balyasny Asset Management LLC boosted its stake in shares of Westlake Chemical by 422.9% in the second quarter. Balyasny Asset Management LLC now owns 576,440 shares of the specialty chemicals company’s stock worth $40,040,000 after buying an additional 466,210 shares during the last quarter. 30.65% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on WLK. Citigroup downgraded Westlake Chemical from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $79.00 to $61.00 in a research note on Wednesday. Nomura lowered their target price on Westlake Chemical from $53.00 to $51.00 and set a “reduce” rating on the stock in a research note on Wednesday, September 18th. UBS Group set a $54.00 target price on Westlake Chemical and gave the company a “sell” rating in a report on Tuesday, July 2nd. Bank of America lowered Westlake Chemical from a “buy” rating to an “underperform” rating in a research report on Friday, August 16th. Finally, ValuEngine raised Westlake Chemical from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. Westlake Chemical presently has an average rating of “Hold” and a consensus target price of $71.84.
Westlake Chemical (NYSE:WLK) last posted its quarterly earnings data on Tuesday, August 6th. The specialty chemicals company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.08. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.15 billion. Westlake Chemical had a net margin of 7.39% and a return on equity of 11.05%. The company’s revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the business posted $2.12 EPS. Research analysts anticipate that Westlake Chemical Co. will post 3.72 earnings per share for the current year.
Westlake Chemical Company 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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