Westlake Chemical Corporation (WLK) Position Increased by Sei Investments Co.
Sei Investments Co. increased its position in shares of Westlake Chemical Corporation (NYSE:WLK) by 21.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,617 shares of the specialty chemicals company’s stock after buying an additional 10,148 shares during the period. Sei Investments Co.’s holdings in Westlake Chemical Corporation were worth $3,814,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its position in Westlake Chemical Corporation by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 281,586 shares of the specialty chemicals company’s stock worth $18,598,000 after buying an additional 12,961 shares during the last quarter. HPM Partners LLC bought a new position in Westlake Chemical Corporation during the first quarter worth $285,000. State Board of Administration of Florida Retirement System raised its position in Westlake Chemical Corporation by 0.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 52,727 shares of the specialty chemicals company’s stock worth $3,483,000 after buying an additional 358 shares during the last quarter. Usca Ria LLC bought a new position in Westlake Chemical Corporation during the first quarter worth $2,230,000. Finally, Canada Pension Plan Investment Board raised its position in Westlake Chemical Corporation by 51.3% in the first quarter. Canada Pension Plan Investment Board now owns 94,083 shares of the specialty chemicals company’s stock worth $6,214,000 after buying an additional 31,902 shares during the last quarter. 30.14% of the stock is owned by institutional investors and hedge funds.
Westlake Chemical Corporation (WLK) opened at 70.28 on Friday. Westlake Chemical Corporation has a one year low of $48.13 and a one year high of $72.00. The stock has a market cap of $9.07 billion, a price-to-earnings ratio of 20.09 and a beta of 1.67. The stock’s 50 day moving average price is $69.47 and its 200 day moving average price is $65.29.
Westlake Chemical Corporation (NYSE:WLK) last posted its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.02. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2 billion. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. The company’s revenue for the quarter was up 82.2% on a year-over-year basis. During the same period last year, the company earned $0.85 EPS. Equities analysts predict that Westlake Chemical Corporation will post $4.68 earnings per share for the current fiscal year.
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A number of research firms have weighed in on WLK. Cowen and Company reaffirmed a “buy” rating and set a $70.00 target price on shares of Westlake Chemical Corporation in a report on Friday, July 14th. BidaskClub raised Westlake Chemical Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 13th. Zacks Investment Research lowered Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Royal Bank Of Canada reissued a “buy” rating on shares of Westlake Chemical Corporation in a report on Friday, August 4th. Finally, Bank of America Corporation reissued a “neutral” rating and set a $68.00 price objective on shares of Westlake Chemical Corporation in a report on Monday, May 8th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Westlake Chemical Corporation presently has an average rating of “Buy” and a consensus price target of $64.67.
In other news, VP Mark Steven Bender sold 13,794 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total value of $968,614.68. Following the completion of the sale, the vice president now directly owns 44,449 shares of the company’s stock, valued at approximately $3,121,208.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 71.70% of the stock is owned by company insiders.
Westlake Chemical Corporation Company Profile
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.
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