Man Group plc reduced its position in Westlake Chemical Co. (NYSE:WLK) by 25.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 45,619 shares of the specialty chemicals company’s stock after selling 15,293 shares during the period. Man Group plc’s holdings in Westlake Chemical were worth $3,791,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of WLK. Flagship Harbor Advisors LLC purchased a new position in shares of Westlake Chemical in the 2nd quarter worth $130,000. Korea Investment CORP purchased a new position in Westlake Chemical in the second quarter valued at about $194,000. Standard Life Aberdeen plc purchased a new position in Westlake Chemical in the second quarter valued at about $226,000. Twin Tree Management LP purchased a new position in Westlake Chemical in the third quarter valued at about $181,000. Finally, Metropolitan Life Insurance Co. NY raised its position in Westlake Chemical by 47.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 2,721 shares of the specialty chemicals company’s stock valued at $293,000 after purchasing an additional 876 shares during the period. 29.54% of the stock is owned by institutional investors and hedge funds.
NYSE WLK opened at $75.07 on Friday. The firm has a market capitalization of $9.73 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 0.69 and a beta of 1.47. Westlake Chemical Co. has a 1 year low of $59.78 and a 1 year high of $124.29. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.44.
Westlake Chemical (NYSE:WLK) last posted its quarterly earnings results on Tuesday, November 6th. The specialty chemicals company reported $2.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.24 by $0.11. Westlake Chemical had a return on equity of 19.75% and a net margin of 19.36%. The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the company earned $1.61 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, analysts anticipate that Westlake Chemical Co. will post 8.58 EPS for the current year.
In other Westlake Chemical news, CEO Albert Chao sold 24,509 shares of Westlake Chemical stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $71.20, for a total transaction of $1,745,040.80. Following the transaction, the chief executive officer now directly 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 at the SEC website. Insiders own 72.00% of the company’s stock.
WLK has been the topic of several research reports. Deutsche Bank cut their price objective on Westlake Chemical from $115.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, September 26th. Zacks Investment Research upgraded Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Saturday, December 1st. SunTrust Banks reiterated a “positive” rating and issued a $81.00 price target on shares of Westlake Chemical in a research note on Thursday, November 15th. BMO Capital Markets set a $94.00 price target on Westlake Chemical and gave the stock a “hold” rating in a research note on Thursday, November 8th. Finally, ValuEngine downgraded Westlake Chemical from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 3rd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $107.12.
ILLEGAL ACTIVITY WARNING: “Westlake Chemical Co. (NYSE:WLK) Stake Lessened by Man Group plc” was originally published by Fairfield Current and is owned by of Fairfield Current. If you are viewing this story on another domain, it was stolen and reposted in violation of US & international copyright and trademark law. The legal version of this story can be read at https://www.fairfieldcurrent.com/news/2019/01/13/man-group-plc-lowers-position-in-westlake-chemical-co-wlk.html.
About Westlake Chemical
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.
Featured Article: Moving Average (MA)
Receive News & Ratings for Westlake Chemical Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Westlake Chemical and related companies with MarketBeat.com’s FREE daily email newsletter.