Highland Capital Management LLC purchased a new position in shares of Westlake Chemical Co. (NYSE:WLK) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 6,935 shares of the specialty chemicals company’s stock, valued at approximately $739,000.
Other hedge funds have also modified their holdings of the company. Janus Henderson Group PLC purchased a new position in shares of Westlake Chemical in the second quarter valued at approximately $90,442,000. Bank of New York Mellon Corp lifted its position in Westlake Chemical by 218.5% during the third quarter. Bank of New York Mellon Corp now owns 934,937 shares of the specialty chemicals company’s stock worth $77,683,000 after buying an additional 641,432 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Westlake Chemical by 252.9% during the third quarter. JPMorgan Chase & Co. now owns 592,581 shares of the specialty chemicals company’s stock worth $49,509,000 after buying an additional 424,655 shares in the last quarter. FMR LLC lifted its position in Westlake Chemical by 15.0% during the second quarter. FMR LLC now owns 2,808,967 shares of the specialty chemicals company’s stock worth $185,981,000 after buying an additional 366,537 shares in the last quarter. Finally, Gotham Asset Management LLC purchased a new position in Westlake Chemical during the second quarter worth approximately $17,385,000. Institutional investors own 30.57% of the company’s stock.
Several research firms have issued reports on WLK. Citigroup began coverage on Westlake Chemical in a research note on Tuesday, October 24th. They set a “buy” rating and a $97.00 target price for the company. SunTrust Banks reaffirmed a “buy” rating and issued a $93.00 price objective on shares of Westlake Chemical in a research note on Friday, November 3rd. Johnson Rice began coverage on Westlake Chemical in a research note on Monday, November 6th. They issued an “accumulate” rating and a $100.00 price objective for the company. ValuEngine raised Westlake Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Finally, Nomura boosted their target price on Westlake Chemical from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $104.00.
In related news, CFO Mark Steven Bender sold 6,500 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $97.83, for a total value of $635,895.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Albert Chao sold 25,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total value of $2,358,500.00. Following the completion of the transaction, the chief executive officer now owns 299,018 shares in the company, valued at approximately $28,209,358.12. The disclosure for this sale can be found here. Insiders have sold a total of 232,858 shares of company stock valued at $22,057,564 over the last ninety days. 72.50% of the stock is owned by company insiders.
Shares of Westlake Chemical Co. (WLK) opened at $106.23 on Tuesday. The stock has a market capitalization of $13,710.00, a PE ratio of 23.04, a price-to-earnings-growth ratio of 1.18 and a beta of 1.62. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. Westlake Chemical Co. has a fifty-two week low of $59.58 and a fifty-two week high of $115.19.
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Westlake Chemical 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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