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

Virginia Retirement Systems ET AL decreased its holdings in Westlake Chemical Co. (NYSE:WLK) by 10.2% in the 3rd quarter, according to the company in its most recent Form 13F 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 owned 0.06% of Westlake Chemical worth $6,915,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in shares of Westlake Chemical by 2,645.6% in the second quarter. PNC Financial Services Group Inc. now owns 19,576 shares of the specialty chemicals company’s stock valued at $2,106,000 after purchasing an additional 18,863 shares during the period. Rhumbline Advisers boosted its stake in shares of Westlake Chemical by 11.8% in the second quarter. Rhumbline Advisers now owns 39,219 shares of the specialty chemicals company’s stock valued at $4,221,000 after purchasing an additional 4,144 shares during the period. Royal London Asset Management Ltd. purchased a new position in shares of Westlake Chemical in the second quarter valued at approximately $1,559,000. BlueMountain Capital Management LLC boosted its stake in shares of Westlake Chemical by 112.5% in the second quarter. BlueMountain Capital Management LLC now owns 96,139 shares of the specialty chemicals company’s stock valued at $10,347,000 after purchasing an additional 50,893 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Westlake Chemical by 26.0% in the second quarter. BlackRock Inc. now owns 1,933,430 shares of the specialty chemicals company’s stock valued at $208,094,000 after purchasing an additional 398,951 shares during the period. 30.35% of the stock is owned by institutional investors and hedge funds.

WLK has been the subject of several recent research reports. Deutsche Bank lowered their price objective on shares of Westlake Chemical from $115.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, September 26th. MED reiterated a “buy” rating and issued a $135.00 price target on shares of Westlake Chemical in a research note on Tuesday, September 4th. Alembic Global Advisors set a $135.00 price target on shares of Westlake Chemical and gave the stock a “buy” rating in a research note on Tuesday. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Monday, August 27th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $108.00 price target on shares of Westlake Chemical in a research note on Monday, August 6th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $112.12.

Shares of Westlake Chemical stock opened at $75.90 on Friday. Westlake Chemical Co. has a 52-week low of $68.40 and a 52-week high of $124.29. The company has a quick ratio of 1.51, a current ratio of 2.31 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $10.32 billion, a P/E ratio of 9.19, a PEG ratio of 0.71 and a beta of 1.59.

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

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

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