Carillon Tower Advisers Inc. bought a new stake in shares of Westlake Chemical Co. (NYSE:WLK) in the first quarter, Holdings Channel reports. The fund bought 133,250 shares of the specialty chemicals company’s stock, valued at approximately $9,042,000.
Other hedge funds also recently bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Westlake Chemical during the first quarter worth about $25,000. Penserra Capital Management LLC purchased a new position in shares of Westlake Chemical during the fourth quarter worth about $37,000. Cerebellum GP LLC purchased a new position in shares of Westlake Chemical during the fourth quarter worth about $163,000. QS Investors LLC purchased a new position in shares of Westlake Chemical during the fourth quarter worth about $192,000. Finally, Advisor Group Inc. grew its holdings in shares of Westlake Chemical by 227.0% during the fourth quarter. Advisor Group Inc. now owns 3,165 shares of the specialty chemicals company’s stock worth $210,000 after purchasing an additional 2,197 shares in the last quarter. 28.23% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently commented on the company. Alembic Global Advisors set a $105.00 price objective on Westlake Chemical and gave the stock a “buy” rating in a report on Thursday, May 2nd. Barclays reaffirmed a “buy” rating and issued a $72.00 target price on shares of Westlake Chemical in a research note on Sunday, May 5th. Goldman Sachs Group raised Westlake Chemical from a “neutral” rating to a “buy” rating in a research note on Wednesday. BMO Capital Markets set a $75.00 target price on Westlake Chemical and gave the stock a “hold” rating in a research note on Friday, May 3rd. Finally, Zacks Investment Research raised Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Saturday, April 27th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Westlake Chemical presently has a consensus rating of “Hold” and an average price target of $94.88.
In related news, Director H John Riley, Jr. sold 3,327 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $69.92, for a total transaction of $232,623.84. Following the completion of the transaction, the director now owns 22,652 shares in the company, valued at $1,583,827.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 72.60% of the stock is owned by corporate insiders.
Shares of WLK stock opened at $59.82 on Wednesday. The company has a quick ratio of 1.31, a current ratio of 2.14 and a debt-to-equity ratio of 0.48. Westlake Chemical Co. has a fifty-two week low of $57.39 and a fifty-two week high of $124.29. The company has a market capitalization of $7.50 billion, a price-to-earnings ratio of 7.66, a P/E/G ratio of 1.26 and a beta of 1.44.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.94 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.38 by ($0.44). Westlake Chemical had a net margin of 9.18% and a return on equity of 14.57%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the previous year, the firm posted $2.20 EPS. The business’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, equities analysts predict that Westlake Chemical Co. will post 5.69 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 worldwide. 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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