AQR Capital Management LLC raised its holdings in Westlake Chemical Co. (NYSE:WLK) by 1,790.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 68,010 shares of the specialty chemicals company’s stock after purchasing an additional 64,412 shares during the period. AQR Capital Management LLC owned approximately 0.05% of Westlake Chemical worth $2,596,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Wells Fargo & Company MN boosted its holdings in Westlake Chemical by 161.2% in the 1st quarter. Wells Fargo & Company MN now owns 840,625 shares of the specialty chemicals company’s stock valued at $32,087,000 after purchasing an additional 518,844 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in Westlake Chemical by 62.8% in the 1st quarter. Parametric Portfolio Associates LLC now owns 122,679 shares of the specialty chemicals company’s stock valued at $4,683,000 after purchasing an additional 47,320 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Westlake Chemical by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 286,857 shares of the specialty chemicals company’s stock valued at $20,124,000 after purchasing an additional 10,716 shares during the period. Norges Bank bought a new stake in Westlake Chemical in the 4th quarter valued at about $34,237,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in Westlake Chemical by 14.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 15,284 shares of the specialty chemicals company’s stock valued at $583,000 after purchasing an additional 1,935 shares during the period. 27.66% of the stock is owned by hedge funds and other institutional investors.
NYSE:WLK opened at $54.07 on Wednesday. The company has a current ratio of 3.68, a quick ratio of 2.77 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 18.27 and a beta of 1.69. The firm has a fifty day simple moving average of $49.54 and a two-hundred day simple moving average of $53.33. Westlake Chemical Co. has a 12 month low of $28.99 and a 12 month high of $75.65.
Westlake Chemical (NYSE:WLK) last posted its quarterly earnings results on Monday, May 4th. The specialty chemicals company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.08. The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Westlake Chemical had a net margin of 6.16% and a return on equity of 6.41%. The business’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period last year, the company posted $0.55 earnings per share. Equities analysts predict that Westlake Chemical Co. will post 1.22 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Tuesday, May 26th were issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date was Friday, May 22nd. Westlake Chemical’s payout ratio is 32.21%.
A number of analysts have issued reports on the stock. Bank of America downgraded shares of Westlake Chemical from a “neutral” rating to an “underperform” rating in a report on Monday, March 23rd. Citigroup upped their price target on shares of Westlake Chemical from $42.00 to $46.00 and gave the stock a “neutral” rating in a report on Tuesday, May 5th. UBS Group upped their price target on shares of Westlake Chemical from $26.00 to $28.00 and gave the stock a “sell” rating in a report on Wednesday, May 6th. Royal Bank of Canada decreased their price target on shares of Westlake Chemical from $45.00 to $43.00 and set a “sector perform” rating for the company in a research report on Tuesday, May 5th. Finally, ValuEngine cut shares of Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Monday, March 9th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company’s stock. Westlake Chemical presently has a consensus rating of “Hold” and an average price target of $54.56.
Westlake Chemical Profile
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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