Fort Pitt Capital Group LLC cut its holdings in Westlake Chemical Co. (NYSE:WLK) by 18.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 315,518 shares of the specialty chemicals company’s stock after selling 71,825 shares during the period. Westlake Chemical comprises about 1.6% of Fort Pitt Capital Group LLC’s holdings, making the stock its 25th largest position. Fort Pitt Capital Group LLC owned 0.24% of Westlake Chemical worth $20,878,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. FMR LLC raised its stake in Westlake Chemical by 15.0% in the third quarter. FMR LLC now owns 8,481,032 shares of the specialty chemicals company’s stock valued at $704,859,000 after buying an additional 1,108,088 shares in the last quarter. Vanguard Group Inc. raised its stake in Westlake Chemical by 2.2% in the third quarter. Vanguard Group Inc. now owns 5,269,764 shares of the specialty chemicals company’s stock valued at $437,970,000 after buying an additional 112,200 shares in the last quarter. Vanguard Group Inc raised its stake in Westlake Chemical by 2.2% in the third quarter. Vanguard Group Inc now owns 5,269,764 shares of the specialty chemicals company’s stock valued at $437,970,000 after buying an additional 112,200 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Westlake Chemical by 7.6% during the third quarter. BlackRock Inc. now owns 2,081,307 shares of the specialty chemicals company’s stock worth $172,977,000 after purchasing an additional 147,877 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Westlake Chemical by 20.0% during the third quarter. AQR Capital Management LLC now owns 1,853,189 shares of the specialty chemicals company’s stock worth $154,018,000 after purchasing an additional 308,887 shares during the last quarter. Institutional investors own 29.62% of the company’s stock.

NYSE WLK opened at $80.88 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.59 and a current ratio of 2.31. Westlake Chemical Co. has a 52-week low of $59.78 and a 52-week high of $124.29. The stock has a market cap of $10.45 billion, a P/E ratio of 14.79, a P/E/G ratio of 0.71 and a beta of 1.51.

WLK has been the topic of several research reports. Bank of America raised Westlake Chemical from an “underperform” rating to a “buy” rating and set a $85.00 price objective on the stock in a report on Tuesday, January 8th. Alembic Global Advisors reaffirmed a “buy” rating on shares of Westlake Chemical in a report on Monday, November 26th. Zacks Investment Research raised Westlake Chemical from a “sell” rating to a “hold” rating in a report on Saturday, January 19th. BMO Capital Markets set a $94.00 price objective on Westlake Chemical and gave the stock a “hold” rating in a report on Thursday, November 8th. Finally, Cowen reaffirmed a “market perform” rating and set a $75.00 price objective (down previously from $100.00) on shares of Westlake Chemical in a report on Tuesday, December 11th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $105.38.

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Westlake Chemical Company 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.

Further Reading: How to find the components of the quick ratio

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

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