Virginia Retirement Systems ET AL Sells 9,400 Shares of Westlake Chemical Co. (WLK)

Virginia Retirement Systems ET AL reduced its position in Westlake Chemical Co. (NYSE:WLK) by 10.2% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 83,200 shares of the specialty chemicals company’s stock after selling 9,400 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Westlake Chemical were worth $6,915,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. FMR LLC increased its stake in Westlake Chemical by 21.2% in the 2nd quarter. FMR LLC now owns 7,372,944 shares of the specialty chemicals company’s stock valued at $793,550,000 after buying an additional 1,291,053 shares during the period. BlackRock Inc. increased its stake in Westlake Chemical by 26.0% in the 2nd quarter. BlackRock Inc. now owns 1,933,430 shares of the specialty chemicals company’s stock valued at $208,094,000 after buying an additional 398,951 shares during the period. Dimensional Fund Advisors LP increased its stake in Westlake Chemical by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,130,411 shares of the specialty chemicals company’s stock valued at $121,660,000 after buying an additional 3,499 shares during the period. Advisors Asset Management Inc. increased its stake in Westlake Chemical by 2,586.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 599,012 shares of the specialty chemicals company’s stock valued at $3,714,000 after buying an additional 576,711 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Westlake Chemical by 46.1% in the 2nd quarter. Renaissance Technologies LLC now owns 405,300 shares of the specialty chemicals company’s stock valued at $43,622,000 after buying an additional 127,800 shares during the period. 30.35% of the stock is currently owned by institutional investors.

Several brokerages have issued reports on WLK. MED reissued a “buy” rating and issued a $135.00 price objective on shares of Westlake Chemical in a research note on Tuesday, September 4th. JPMorgan Chase & Co. dropped their price objective on shares of Westlake Chemical from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 29th. BMO Capital Markets reissued a “hold” rating and issued a $111.00 price objective on shares of Westlake Chemical in a research note on Friday, August 3rd. Nomura dropped their price objective on shares of Westlake Chemical from $100.00 to $92.00 and set a “neutral” rating on the stock in a research note on Monday, October 15th. Finally, Zacks Investment Research raised shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Monday, August 27th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $112.12.

Shares of NYSE WLK opened at $75.90 on Friday. The firm has a market cap of $10.32 billion, a price-to-earnings ratio of 9.19, a P/E/G ratio of 0.71 and a beta of 1.59. Westlake Chemical Co. has a one year low of $68.40 and a one year high of $124.29. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.51 and a current ratio of 2.31.

Westlake Chemical (NYSE:WLK) last issued its earnings results on Tuesday, November 6th. The specialty chemicals company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.24 by $0.11. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.24 billion. Westlake Chemical had a net margin of 19.36% and a return on equity of 19.75%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.61 EPS. Analysts forecast that Westlake Chemical Co. will post 8.66 EPS for the current year.

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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.

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Institutional Ownership by Quarter for Westlake Chemical (NYSE:WLK)

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