Barings LLC Maintains Stake in Westlake Chemical Corporation (WLK)

Barings LLC held its stake in shares of Westlake Chemical Corporation (NYSE:WLK) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,460 shares of the specialty chemicals company’s stock at the end of the first quarter. Barings LLC’s holdings in Westlake Chemical Corporation were worth $295,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Strs Ohio purchased a new position in shares of Westlake Chemical Corporation during the first quarter worth approximately $16,314,000. Polaris Greystone Financial Group LLC raised its position in shares of Westlake Chemical Corporation by 3.5% in the first quarter. Polaris Greystone Financial Group LLC now owns 15,718 shares of the specialty chemicals company’s stock worth $1,038,000 after buying an additional 537 shares in the last quarter. GW Henssler & Associates Ltd. purchased a new position in shares of Westlake Chemical Corporation during the first quarter worth approximately $239,000. Farmers & Merchants Investments Inc. raised its position in shares of Westlake Chemical Corporation by 43.8% in the first quarter. Farmers & Merchants Investments Inc. now owns 23,000 shares of the specialty chemicals company’s stock worth $1,519,000 after buying an additional 7,000 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of Westlake Chemical Corporation during the first quarter worth about $410,000. 29.86% of the stock is owned by hedge funds and other institutional investors.

Westlake Chemical Corporation (NYSE:WLK) traded down 1.19% on Tuesday, hitting $69.57. 523,395 shares of the stock traded hands. Westlake Chemical Corporation has a 12-month low of $46.35 and a 12-month high of $72.00. The stock has a 50-day moving average price of $67.65 and a 200 day moving average price of $64.70. The stock has a market cap of $8.98 billion, a P/E ratio of 21.88 and a beta of 1.67.

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 for the quarter, beating the consensus estimate of $1.19 by $0.02. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The company’s quarterly revenue was up 82.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.85 EPS. On average, equities analysts expect that Westlake Chemical Corporation will post $4.64 EPS for the current fiscal year.

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A number of brokerages have recently issued reports on WLK. BidaskClub upgraded shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Citigroup Inc. cut their target price on shares of Westlake Chemical Corporation from $66.00 to $64.00 and set a “buy” rating on the stock in a research note on Friday, April 14th. Royal Bank Of Canada restated a “buy” rating and issued a $75.00 target price on shares of Westlake Chemical Corporation in a research note on Tuesday, April 25th. Zacks Investment Research upgraded shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Friday, May 5th. Finally, Cowen and Company boosted their price objective on shares of Westlake Chemical Corporation from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, May 23rd. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $64.67.

In other Westlake Chemical Corporation news, VP George J. Mangieri sold 6,578 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $62.21, for a total value of $409,217.38. Following the completion of the sale, the vice president now owns 6,577 shares in the company, valued at approximately $409,155.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 72.50% of the company’s stock.

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.

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

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