Acadian Asset Management LLC Takes $357,000 Position in Westlake Chemical Co. (WLK)
Acadian Asset Management LLC purchased a new position in Westlake Chemical Co. (NYSE:WLK) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,317 shares of the specialty chemicals company’s stock, valued at approximately $357,000.
A number of other hedge funds have also made changes to their positions in the stock. Prudential Financial Inc. lifted its stake in Westlake Chemical by 95.7% in the first quarter. Prudential Financial Inc. now owns 763,942 shares of the specialty chemicals company’s stock worth $84,913,000 after acquiring an additional 373,510 shares during the period. Royal Bank of Canada lifted its stake in Westlake Chemical by 18.2% in the first quarter. Royal Bank of Canada now owns 489,915 shares of the specialty chemicals company’s stock worth $54,455,000 after acquiring an additional 75,530 shares during the period. Capital Growth Management LP purchased a new stake in Westlake Chemical in the first quarter worth $40,014,000. Wells Fargo & Company MN lifted its stake in Westlake Chemical by 21.9% in the first quarter. Wells Fargo & Company MN now owns 321,339 shares of the specialty chemicals company’s stock worth $35,716,000 after acquiring an additional 57,758 shares during the period. Finally, Mackay Shields LLC purchased a new stake in Westlake Chemical in the first quarter worth $22,351,000. 29.97% of the stock is owned by institutional investors.
In other Westlake Chemical news, CFO Mark Steven Bender sold 12,066 shares of the firm’s stock in a transaction on Monday, May 21st. The stock was sold at an average price of $122.83, for a total transaction of $1,482,066.78. Following the completion of the transaction, the chief financial officer now owns 27,876 shares of the company’s stock, valued at $3,424,009.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman James Chao sold 33,305 shares of the firm’s stock in a transaction on Thursday, May 24th. The shares were sold at an average price of $120.69, for a total value of $4,019,580.45. Following the transaction, the chairman now directly owns 51,492 shares of the company’s stock, valued at approximately $6,214,569.48. The disclosure for this sale can be found here. Company insiders own 72.00% of the company’s stock.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Thursday, August 2nd. The specialty chemicals company reported $2.22 EPS for the quarter, missing the consensus estimate of $2.52 by ($0.30). The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Westlake Chemical had a net margin of 18.55% and a return on equity of 19.44%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.21 EPS. sell-side analysts anticipate that Westlake Chemical Co. will post 9.03 EPS for the current year.
WLK has been the subject of a number of research analyst reports. Citigroup dropped their price target on Westlake Chemical from $133.00 to $131.00 and set a “buy” rating for the company in a research note on Wednesday, July 11th. Zacks Investment Research lowered Westlake Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. ValuEngine lowered Westlake Chemical from a “buy” rating to a “hold” rating in a research note on Monday, June 18th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $130.00 price target on shares of Westlake Chemical in a research note on Tuesday, April 17th. Finally, MED reaffirmed a “buy” rating and issued a $140.00 price target on shares of Westlake Chemical in a research note on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. Westlake Chemical presently has an average rating of “Hold” and a consensus price target of $117.71.
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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