Westlake Chemical Co. (WLK) Shares Bought by Fort Pitt Capital Group LLC

Fort Pitt Capital Group LLC raised its stake in Westlake Chemical Co. (NYSE:WLK) by 13.0% in the 3rd quarter, Holdings Channel reports. The firm owned 387,343 shares of the specialty chemicals company’s stock after acquiring an additional 44,619 shares during the period. Westlake Chemical makes up 2.3% of Fort Pitt Capital Group LLC’s holdings, making the stock its 24th biggest holding. Fort Pitt Capital Group LLC’s holdings in Westlake Chemical were worth $32,192,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Westlake Chemical by 21.2% in the 2nd quarter. FMR LLC now owns 7,372,944 shares of the specialty chemicals company’s stock worth $793,550,000 after purchasing an additional 1,291,053 shares during the last quarter. BlackRock Inc. increased its position in shares of Westlake Chemical by 26.0% in the 2nd quarter. BlackRock Inc. now owns 1,933,430 shares of the specialty chemicals company’s stock worth $208,094,000 after purchasing an additional 398,951 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Westlake Chemical by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,130,411 shares of the specialty chemicals company’s stock valued at $121,660,000 after buying an additional 3,499 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Westlake Chemical by 2,586.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 599,012 shares of the specialty chemicals company’s stock valued at $3,714,000 after buying an additional 576,711 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Westlake Chemical by 46.1% in the 2nd quarter. Renaissance Technologies LLC now owns 405,300 shares of the specialty chemicals company’s stock valued at $43,622,000 after buying an additional 127,800 shares during the period. 30.35% of the stock is owned by institutional investors.

Westlake Chemical stock opened at $77.46 on Friday. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.46. The stock has a market cap of $10.25 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.70 and a beta of 1.59. Westlake Chemical Co. has a 52-week low of $68.40 and a 52-week high of $124.29.

Westlake Chemical (NYSE:WLK) last posted its earnings results on Tuesday, November 6th. The specialty chemicals company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.11. The firm had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.24 billion. Westlake Chemical had a net margin of 19.36% and a return on equity of 20.17%. Westlake Chemical’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.61 EPS. Equities analysts forecast that Westlake Chemical Co. will post 8.79 EPS for the current fiscal year.

Several research analysts have recently commented on WLK shares. MED reaffirmed a “buy” rating and issued a $135.00 price target on shares of Westlake Chemical in a report on Tuesday, September 4th. Deutsche Bank decreased their price target on shares of Westlake Chemical from $115.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, September 26th. Cowen lowered shares of Westlake Chemical from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $120.00 to $100.00 in a report on Friday, September 7th. Zacks Investment Research lowered shares of Westlake Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Westlake Chemical from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Wednesday, August 29th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $112.12.

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Westlake Chemical Company Profile

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products primarily in North America and Europe. 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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