Westlake Chemical Corporation (WLK) Shares Sold by BlackRock Inc.

BlackRock Inc. lowered its stake in shares of Westlake Chemical Corporation (NYSE:WLK) by 2.7% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,653,385 shares of the specialty chemicals company’s stock after selling 46,230 shares during the period. BlackRock Inc. owned approximately 1.28% of Westlake Chemical Corporation worth $109,468,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in WLK. Private Advisor Group LLC lifted its position in shares of Westlake Chemical Corporation by 3.1% during the 2nd quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock worth $229,000 after buying an additional 103 shares in the last quarter. Amalgamated Bank lifted its position in shares of Westlake Chemical Corporation by 3.4% during the 1st quarter. Amalgamated Bank now owns 5,445 shares of the specialty chemicals company’s stock worth $360,000 after buying an additional 177 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Westlake Chemical Corporation by 4.5% during the 2nd quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after buying an additional 296 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Westlake Chemical Corporation by 6.8% during the 2nd quarter. Principal Financial Group Inc. now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after buying an additional 435 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Westlake Chemical Corporation by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 139,952 shares of the specialty chemicals company’s stock worth $9,266,000 after purchasing an additional 492 shares during the period. Institutional investors and hedge funds own 31.92% of the company’s stock.

Shares of Westlake Chemical Corporation (NYSE WLK) opened at 84.57 on Friday. The firm has a 50-day moving average of $82.27 and a 200 day moving average of $70.61. The company has a market capitalization of $10.91 billion, a P/E ratio of 24.17 and a beta of 1.63. Westlake Chemical Corporation has a 1-year low of $48.92 and a 1-year high of $86.28.

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, topping the Zacks’ consensus estimate of $1.19 by $0.02. The company 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 firm’s revenue for the quarter was up 82.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.85 earnings per share. On average, analysts anticipate that Westlake Chemical Corporation will post $5.01 EPS for the current year.

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In other news, VP Mark Steven Bender sold 13,794 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total value of $968,614.68. Following the completion of the sale, the vice president now directly owns 44,449 shares in the company, valued at $3,121,208.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 71.70% of the stock is owned by corporate insiders.

A number of equities research analysts recently commented on the stock. Zacks Investment Research raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Friday, October 13th. Wells Fargo & Company reiterated a “positive” rating and issued a $94.00 price objective (up from $77.00) on shares of Westlake Chemical Corporation in a research note on Wednesday, September 27th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $93.00 price objective on shares of Westlake Chemical Corporation in a research note on Thursday, September 28th. BidaskClub upgraded shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Finally, Citigroup Inc. began coverage on shares of Westlake Chemical Corporation in a research note on Tuesday. They issued a “buy” rating and a $97.00 price objective for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Westlake Chemical Corporation has an average rating of “Buy” and an average price target of $84.50.

Westlake Chemical Corporation 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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