Robotti Robert decreased its holdings in Westlake Chemical Co. (NYSE:WLK) by 0.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 267,235 shares of the specialty chemicals company’s stock after selling 1,668 shares during the period. Westlake Chemical comprises approximately 7.4% of Robotti Robert’s portfolio, making the stock its 3rd largest position. Robotti Robert owned 0.21% of Westlake Chemical worth $28,468,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the business. Systematic Financial Management LP acquired a new position in Westlake Chemical in the third quarter valued at $1,238,000. JPMorgan Chase & Co. boosted its stake in Westlake Chemical by 252.9% in the third quarter. JPMorgan Chase & Co. now owns 592,581 shares of the specialty chemicals company’s stock valued at $49,509,000 after acquiring an additional 424,655 shares in the last quarter. Royce & Associates LP boosted its stake in Westlake Chemical by 1.1% in the third quarter. Royce & Associates LP now owns 748,884 shares of the specialty chemicals company’s stock valued at $62,225,000 after acquiring an additional 8,184 shares in the last quarter. California Public Employees Retirement System boosted its stake in Westlake Chemical by 1.6% in the third quarter. California Public Employees Retirement System now owns 115,384 shares of the specialty chemicals company’s stock valued at $9,587,000 after acquiring an additional 1,784 shares in the last quarter. Finally, James Investment Research Inc. boosted its stake in Westlake Chemical by 6.6% in the fourth quarter. James Investment Research Inc. now owns 163,634 shares of the specialty chemicals company’s stock valued at $17,432,000 after acquiring an additional 10,074 shares in the last quarter. Institutional investors and hedge funds own 30.57% of the company’s stock.
Westlake Chemical Co. (NYSE:WLK) opened at $107.58 on Wednesday. The stock has a market cap of $13,715.08, a PE ratio of 23.39, a P/E/G ratio of 1.22 and a beta of 1.62. Westlake Chemical Co. has a 1-year low of $59.58 and a 1-year high of $115.19. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74.
In other Westlake Chemical news, EVP Robert F. Buesinger sold 5,214 shares of the company’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $93.82, for a total transaction of $489,177.48. Following the transaction, the executive vice president now directly owns 14,523 shares in the company, valued at $1,362,547.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Steven Bender sold 6,500 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $97.83, for a total transaction of $635,895.00. The disclosure for this sale can be found here. Insiders have sold 232,858 shares of company stock valued at $22,057,564 over the last three months. 72.50% of the stock is currently owned by corporate insiders.
WLK has been the subject of a number of research reports. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $122.00 target price (up from $112.00) on shares of Westlake Chemical in a report on Wednesday, January 17th. Deutsche Bank reaffirmed a “buy” rating and issued a $115.00 target price on shares of Westlake Chemical in a report on Wednesday, December 13th. Bank of America cut shares of Westlake Chemical from a “neutral” rating to an “underperform” rating and set a $105.00 target price for the company. in a report on Tuesday, January 16th. They noted that the move was a valuation call. ValuEngine raised shares of Westlake Chemical from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Finally, SunTrust Banks upped their target price on shares of Westlake Chemical from $102.00 to $113.00 and gave the company a “buy” rating in a report on Tuesday, December 19th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $104.00.
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About Westlake Chemical
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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