AQR Capital Management LLC raised its position in Westlake Chemical Co. (NYSE:WLK) by 20.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,853,189 shares of the specialty chemicals company’s stock after acquiring an additional 308,887 shares during the period. AQR Capital Management LLC owned approximately 1.43% of Westlake Chemical worth $154,018,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in WLK. Flagship Harbor Advisors LLC acquired a new stake in shares of Westlake Chemical during the 2nd quarter worth about $130,000. One Wealth Advisors LLC acquired a new position in Westlake Chemical during the third quarter valued at approximately $160,000. Twin Tree Management LP acquired a new position in Westlake Chemical during the third quarter valued at approximately $181,000. Korea Investment CORP acquired a new position in Westlake Chemical during the second quarter valued at approximately $194,000. Finally, Standard Life Aberdeen plc acquired a new position in Westlake Chemical during the second quarter valued at approximately $226,000. Institutional investors own 29.54% of the company’s stock.
WLK has been the topic of a number of recent research reports. Tudor Pickering cut shares of Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. Morgan Stanley dropped their price objective on shares of Westlake Chemical from $120.00 to $96.00 and set a “hold” rating on the stock in a research note on Wednesday, September 26th. Deutsche Bank dropped their price objective on shares of Westlake Chemical from $115.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, September 26th. ValuEngine lowered shares of Westlake Chemical from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 3rd. Finally, Barclays initiated coverage on shares of Westlake Chemical in a research note on Monday, October 8th. They set an “overweight” rating and a $100.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Westlake Chemical has a consensus rating of “Hold” and an average target price of $107.12.
In other Westlake Chemical news, CEO Albert Chao sold 24,509 shares of the business’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $71.20, for a total transaction of $1,745,040.80. Following the sale, the chief executive officer now owns 337,013 shares in the company, valued at approximately $23,995,325.60. The transaction was disclosed in a filing with the SEC, which is available through this link. 72.00% of the stock is currently owned by insiders.
WLK stock traded down $0.67 during trading on Friday, hitting $75.07. The company had a trading volume of 646,600 shares, compared to its average volume of 1,056,813. The company has a market capitalization of $9.73 billion, a P/E ratio of 13.72, a PEG ratio of 0.69 and a beta of 1.47. Westlake Chemical Co. has a fifty-two week low of $59.78 and a fifty-two week high of $124.29. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.44.
Westlake Chemical (NYSE:WLK) last posted its quarterly earnings data on Tuesday, November 6th. The specialty chemicals company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.11. Westlake Chemical had a net margin of 19.36% and a return on equity of 19.75%. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the prior year, the company posted $1.61 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities analysts anticipate that Westlake Chemical Co. will post 8.58 EPS for the current year.
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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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