Geode Capital Management LLC lowered its position in Westlake Chemical Co. (NYSE:WLK) by 0.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 372,120 shares of the specialty chemicals company’s stock after selling 1,309 shares during the quarter. Geode Capital Management LLC owned approximately 0.29% of Westlake Chemical worth $24,607,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Morgan Stanley lifted its stake in shares of Westlake Chemical by 223.3% during the 3rd quarter. Morgan Stanley now owns 544,346 shares of the specialty chemicals company’s stock worth $45,240,000 after buying an additional 375,952 shares during the last quarter. AQR Capital Management LLC increased its position in Westlake Chemical by 20.0% during the third quarter. AQR Capital Management LLC now owns 1,853,189 shares of the specialty chemicals company’s stock worth $154,018,000 after acquiring an additional 308,887 shares during the period. Renaissance Technologies LLC increased its position in Westlake Chemical by 42.2% during the third quarter. Renaissance Technologies LLC now owns 576,300 shares of the specialty chemicals company’s stock worth $47,896,000 after acquiring an additional 171,000 shares during the period. BlackRock Inc. increased its position in Westlake Chemical by 7.6% during the third quarter. BlackRock Inc. now owns 2,081,307 shares of the specialty chemicals company’s stock worth $172,977,000 after acquiring an additional 147,877 shares during the period. Finally, Luminus Management LLC bought a new position in Westlake Chemical during the third quarter worth about $11,270,000. Hedge funds and other institutional investors own 28.00% of the company’s stock.
WLK has been the topic of a number of recent research reports. Bank of America raised shares of Westlake Chemical from an “underperform” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Tuesday, January 8th. Nomura lowered shares of Westlake Chemical from a “neutral” rating to a “reduce” rating and set a $72.00 price target on the stock. in a research report on Wednesday, January 30th. Barclays reaffirmed a “buy” rating on shares of Westlake Chemical in a research report on Wednesday, February 20th. Cowen reaffirmed a “market perform” rating and set a $78.00 price target (down from $80.00) on shares of Westlake Chemical in a research report on Monday, February 25th. Finally, ValuEngine raised shares of Westlake Chemical from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Westlake Chemical has a consensus rating of “Hold” and a consensus target price of $102.06.
NYSE:WLK traded down $1.84 during mid-day trading on Wednesday, hitting $73.72. 734,200 shares of the company’s stock were exchanged, compared to its average volume of 945,674. The company has a market cap of $9.57 billion, a PE ratio of 9.44, a P/E/G ratio of 0.88 and a beta of 1.44. Westlake Chemical Co. has a fifty-two week low of $59.78 and a fifty-two week high of $124.29. 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 (NYSE:WLK) last issued its quarterly earnings results on Tuesday, February 19th. The specialty chemicals company reported $1.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.72 by ($0.70). The firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.10 billion. Westlake Chemical had a return on equity of 17.83% and a net margin of 11.53%. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 EPS. Equities research analysts expect that Westlake Chemical Co. will post 7.13 EPS for the current year.
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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