Meeder Asset Management Inc. purchased a new stake in shares of Westlake Chemical Co. (NYSE:WLK) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 11,312 shares of the specialty chemicals company’s stock, valued at approximately $1,258,000.
A number of other large investors have also bought and sold shares of the business. BancorpSouth Bank raised its holdings in Westlake Chemical by 8.9% during the first quarter. BancorpSouth Bank now owns 7,522 shares of the specialty chemicals company’s stock valued at $836,000 after acquiring an additional 613 shares during the period. Hanseatic Management Services Inc. grew its position in shares of Westlake Chemical by 7.0% during the fourth quarter. Hanseatic Management Services Inc. now owns 10,216 shares of the specialty chemicals company’s stock valued at $1,088,000 after purchasing an additional 664 shares in the last quarter. Pettee Investors Inc. grew its position in shares of Westlake Chemical by 5.8% during the first quarter. Pettee Investors Inc. now owns 12,604 shares of the specialty chemicals company’s stock valued at $1,401,000 after purchasing an additional 690 shares in the last quarter. Advisor Group Inc. grew its position in shares of Westlake Chemical by 133.8% during the fourth quarter. Advisor Group Inc. now owns 1,501 shares of the specialty chemicals company’s stock valued at $159,000 after purchasing an additional 859 shares in the last quarter. Finally, Advisors Preferred LLC purchased a new position in shares of Westlake Chemical during the first quarter valued at about $101,000. 30.35% of the stock is currently owned by institutional investors and hedge funds.
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In other Westlake Chemical news, Director Max L. Lukens sold 17,558 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $110.93, for a total transaction of $1,947,708.94. Following the completion of the transaction, the director now owns 3,380 shares in the company, valued at $374,943.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Andrew Kenner sold 6,028 shares of the business’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $120.00, for a total value of $723,360.00. Following the transaction, the senior vice president now owns 17,465 shares of the company’s stock, valued at approximately $2,095,800. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,080 shares of company stock valued at $11,545,548. 72.00% of the stock is currently owned by company insiders.
A number of brokerages have recently weighed in on WLK. UBS restated a “sell” rating and set a $87.00 price objective (up previously from $80.00) on shares of Westlake Chemical in a research report on Wednesday, February 21st. Morgan Stanley began coverage on Westlake Chemical in a research report on Tuesday, January 9th. They set an “equal weight” rating and a $120.00 price objective for the company. Zacks Investment Research upgraded Westlake Chemical from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a research report on Wednesday, February 21st. SunTrust Banks restated a “buy” rating and set a $121.00 price objective on shares of Westlake Chemical in a research report on Friday, February 23rd. Finally, JPMorgan Chase lowered Westlake Chemical from an “overweight” rating to a “neutral” rating and set a $110.00 price objective for the company. in a research report on Monday, April 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Westlake Chemical has an average rating of “Hold” and an average price target of $113.80.
WLK opened at $106.85 on Tuesday. The stock has a market capitalization of $13.82 billion, a P/E ratio of 15.86, a P/E/G ratio of 1.01 and a beta of 1.56. Westlake Chemical Co. has a 12 month low of $59.58 and a 12 month high of $121.30. The company has a quick ratio of 1.22, a current ratio of 1.79 and a debt-to-equity ratio of 0.47.
Westlake Chemical (NYSE:WLK) last released its quarterly earnings results on Thursday, May 3rd. The specialty chemicals company reported $2.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.09 by $0.11. The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.14 billion. Westlake Chemical had a return on equity of 17.77% and a net margin of 17.61%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $1.06 earnings per share. analysts anticipate that Westlake Chemical Co. will post 8.61 earnings per share for the current year.
Westlake Chemical 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.