Westlake Chemical Corporation (WLK) Stake Decreased by Point72 Asset Management L.P.

Point72 Asset Management L.P. decreased its stake in shares of Westlake Chemical Corporation (NYSE:WLK) by 93.5% during the first quarter, Holdings Channel reports. The fund owned 36,100 shares of the specialty chemicals company’s stock after selling 519,300 shares during the period. Point72 Asset Management L.P.’s holdings in Westlake Chemical Corporation were worth $2,384,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Westlake Chemical Corporation by 8.4% in the first quarter. Vanguard Group Inc. now owns 4,201,948 shares of the specialty chemicals company’s stock worth $277,538,000 after buying an additional 326,298 shares in the last quarter. FMR LLC increased its position in shares of Westlake Chemical Corporation by 7.5% in the first quarter. FMR LLC now owns 2,442,430 shares of the specialty chemicals company’s stock worth $161,323,000 after buying an additional 171,342 shares in the last quarter. BlackRock Inc. increased its position in shares of Westlake Chemical Corporation by 14,246.4% in the first quarter. BlackRock Inc. now owns 1,699,615 shares of the specialty chemicals company’s stock worth $112,260,000 after buying an additional 1,687,768 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Westlake Chemical Corporation by 215.3% in the first quarter. TIAA CREF Investment Management LLC now owns 1,368,155 shares of the specialty chemicals company’s stock worth $90,367,000 after buying an additional 934,281 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Westlake Chemical Corporation by 12.1% in the first quarter. Wellington Management Group LLP now owns 1,308,381 shares of the specialty chemicals company’s stock worth $86,420,000 after buying an additional 141,114 shares in the last quarter. 30.18% of the stock is owned by hedge funds and other institutional investors.

Westlake Chemical Corporation (NYSE WLK) opened at 66.73 on Monday. Westlake Chemical Corporation has a one year low of $42.56 and a one year high of $68.08. The firm has a market capitalization of $8.61 billion, a PE ratio of 20.99 and a beta of 1.67. The stock’s 50 day moving average is $63.09 and its 200-day moving average is $62.75.

Westlake Chemical Corporation (NYSE:WLK) last issued its quarterly earnings results on Tuesday, May 2nd. The specialty chemicals company reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.46. The company had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.62 billion. Westlake Chemical Corporation had a net margin of 6.85% and a return on equity of 14.09%. Westlake Chemical Corporation’s quarterly revenue was up 99.2% compared to the same quarter last year. During the same period last year, the business earned $0.94 EPS. On average, analysts anticipate that Westlake Chemical Corporation will post $4.55 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 13th. Investors of record on Tuesday, May 30th were paid a $0.1906 dividend. The ex-dividend date of this dividend was Thursday, May 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.14%. Westlake Chemical Corporation’s payout ratio is 23.90%.

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A number of brokerages recently weighed in on WLK. BidaskClub raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Citigroup Inc. lowered their target price on shares of Westlake Chemical Corporation from $66.00 to $64.00 and set a “buy” rating for the company in a research note on Friday, April 14th. Royal Bank of Canada reissued a “buy” rating and set a $75.00 target price on shares of Westlake Chemical Corporation in a research note on Tuesday, April 25th. Zacks Investment Research raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Friday, May 5th. Finally, Cowen and Company lifted their target price on shares of Westlake Chemical Corporation from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 23rd. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $63.50.

In related news, VP George J. Mangieri sold 6,578 shares of the 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 transaction, the vice president now directly owns 6,577 shares in the company, valued at approximately $409,155.17. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 71.70% of the stock is owned by company insiders.

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

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