Miller Howard Investments Inc. NY cut its stake in Westlake Chemical Corporation (NYSE:WLK) by 8.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,544 shares of the specialty chemicals company’s stock after selling 5,503 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Westlake Chemical Corporation were worth $4,698,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Advisors Asset Management Inc. increased its stake in shares of Westlake Chemical Corporation by 162.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after acquiring an additional 1,410 shares during the last quarter. Verity Asset Management Inc. bought a new stake in shares of Westlake Chemical Corporation in the 2nd quarter valued at about $204,000. Quantitative Systematic Strategies LLC bought a new stake in shares of Westlake Chemical Corporation in the 3rd quarter valued at about $204,000. OppenheimerFunds Inc. bought a new stake in shares of Westlake Chemical Corporation in the 1st quarter valued at about $205,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Westlake Chemical Corporation in the 2nd quarter valued at about $219,000. 32.04% of the stock is owned by institutional investors.
A number of analysts have recently commented on WLK shares. Cowen and Company reaffirmed a “buy” rating and issued a $70.00 price target on shares of Westlake Chemical Corporation in a research note on Friday, July 14th. Nomura raised Westlake Chemical Corporation from a “neutral” rating to a “buy” rating and set a $98.00 price target for the company in a research note on Tuesday, September 26th. Zacks Investment Research cut Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. BidaskClub raised Westlake Chemical Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Finally, UBS Group AG (USA) boosted their price objective on Westlake Chemical Corporation from $56.00 to $61.00 and gave the company a “sell” rating in a research report on Friday, October 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $84.50.
In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of the company’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 transaction of $968,614.68. Following the completion of the transaction, the vice president now owns 44,449 shares of the company’s stock, valued at approximately $3,121,208.78. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 71.70% of the company’s stock.
Shares of Westlake Chemical Corporation (NYSE WLK) traded down $0.16 on Friday, hitting $85.77. The company had a trading volume of 954,483 shares, compared to its average volume of 643,181. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.50 and a current ratio of 2.31. The firm has a market capitalization of $11,049.72, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 2.11 and a beta of 1.67.
Westlake Chemical Corporation (NYSE:WLK) last issued its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2 billion. During the same period in the previous year, the firm earned $0.85 EPS. Westlake Chemical Corporation’s quarterly revenue was up 82.2% compared to the same quarter last year. analysts anticipate that Westlake Chemical Corporation will post 4.84 EPS for the current fiscal year.
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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