Parametrica Management Ltd Purchases New Stake in Westlake Chemical Co. (WLK)
Parametrica Management Ltd purchased a new stake in Westlake Chemical Co. (NYSE:WLK) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 3,458 shares of the specialty chemicals company’s stock, valued at approximately $287,000.
Other hedge funds also recently bought and sold shares of the company. LS Investment Advisors LLC acquired a new stake in shares of Westlake Chemical during the 2nd quarter worth about $116,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Westlake Chemical during the 2nd quarter worth about $130,000. Daiwa Securities Group Inc. acquired a new stake in shares of Westlake Chemical during the 2nd quarter worth about $157,000. Korea Investment CORP acquired a new stake in shares of Westlake Chemical during the 2nd quarter worth about $194,000. Finally, Standard Life Aberdeen plc acquired a new stake in shares of Westlake Chemical during the 2nd quarter worth about $226,000. 30.24% of the stock is currently owned by institutional investors.
WLK has been the topic of several research analyst reports. MED reissued a “buy” rating and set a $135.00 target price on shares of Westlake Chemical in a research report on Tuesday, September 4th. Deutsche Bank cut their target price on Westlake Chemical from $115.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, September 26th. Cowen lowered Westlake Chemical from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $120.00 to $100.00 in a research report on Friday, September 7th. Zacks Investment Research lowered Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. Finally, JPMorgan Chase & Co. cut their target price on Westlake Chemical from $120.00 to $105.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 29th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. Westlake Chemical presently has an average rating of “Hold” and an average price target of $112.12.
Westlake Chemical (NYSE:WLK) last released 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 firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.24 billion. Westlake Chemical had a return on equity of 19.75% and a net margin of 19.36%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.61 EPS. On average, research analysts expect 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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