Squarepoint Ops LLC Has $6.98 Million Position in Westlake Chemical Co. (NYSE:WLK)

Squarepoint Ops LLC trimmed its position in shares of Westlake Chemical Co. (NYSE:WLK) by 33.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 105,471 shares of the specialty chemicals company’s stock after selling 53,003 shares during the quarter. Squarepoint Ops LLC owned approximately 0.08% of Westlake Chemical worth $6,979,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Westlake Chemical by 18.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,376 shares of the specialty chemicals company’s stock valued at $2,606,000 after acquiring an additional 6,021 shares in the last quarter. Cambiar Investors LLC bought a new stake in Westlake Chemical during the fourth quarter worth $3,823,000. Assenagon Asset Management S.A. bought a new stake in Westlake Chemical during the fourth quarter worth $3,258,000. Verition Fund Management LLC grew its holdings in Westlake Chemical by 38.1% during the third quarter. Verition Fund Management LLC now owns 12,862 shares of the specialty chemicals company’s stock worth $1,069,000 after buying an additional 3,548 shares in the last quarter. Finally, Robotti Robert grew its holdings in Westlake Chemical by 0.5% during the third quarter. Robotti Robert now owns 261,970 shares of the specialty chemicals company’s stock worth $21,772,000 after buying an additional 1,348 shares in the last quarter. 28.00% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on WLK. Cascend Securities began coverage on Westlake Chemical in a report on Friday, April 5th. They set a “buy” rating and a $94.00 price target for the company. Bank of America upgraded Westlake Chemical from an “underperform” rating to a “buy” rating and set a $85.00 price target for the company in a report on Tuesday, January 8th. Zacks Investment Research cut Westlake Chemical from a “hold” rating to a “sell” rating in a research report on Saturday, January 12th. Susquehanna Bancshares reissued a “neutral” rating and issued a $75.00 price objective (down previously from $88.00) on shares of Westlake Chemical in a research report on Tuesday, February 26th. Finally, Barclays cut their price objective on Westlake Chemical from $90.00 to $82.00 and set an “overweight” rating on the stock in a research report on Thursday, March 21st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. Westlake Chemical has a consensus rating of “Hold” and an average target price of $102.06.

Shares of NYSE WLK traded up $1.16 during trading on Monday, reaching $77.56. 835,235 shares of the stock traded hands, compared to its average volume of 971,524. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.40 and a quick ratio of 1.55. Westlake Chemical Co. has a 52-week low of $59.78 and a 52-week high of $124.29. The stock has a market capitalization of $9.60 billion, a PE ratio of 9.93, a P/E/G ratio of 0.87 and a beta of 1.44.

Westlake Chemical (NYSE:WLK) last released its quarterly earnings data on Tuesday, February 19th. The specialty chemicals company reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.70). Westlake Chemical had a net margin of 11.53% and a return on equity of 17.83%. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, equities analysts expect that Westlake Chemical Co. will post 7.13 EPS for the current fiscal year.

In other Westlake Chemical news, Director H John Riley, Jr. sold 3,327 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $69.92, for a total value of $232,623.84. Following the transaction, the director now directly owns 22,652 shares in the company, valued at approximately $1,583,827.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 72.00% of the company’s stock.

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About Westlake Chemical

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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Institutional Ownership by Quarter for Westlake Chemical (NYSE:WLK)

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