Point72 Asset Management L.P. Invests $3.23 Million in Westlake Chemical Co. (NYSE:WLK) Stock

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Point72 Asset Management L.P. acquired a new position in Westlake Chemical Co. (NYSE:WLK) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 30,000 shares of the specialty chemicals company’s stock, valued at approximately $3,229,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC lifted its holdings in shares of Westlake Chemical by 21.2% in the 2nd quarter. FMR LLC now owns 7,372,944 shares of the specialty chemicals company’s stock worth $793,550,000 after acquiring an additional 1,291,053 shares during the last quarter. BlackRock Inc. raised its holdings in Westlake Chemical by 26.0% during the 2nd quarter. BlackRock Inc. now owns 1,933,430 shares of the specialty chemicals company’s stock valued at $208,094,000 after buying an additional 398,951 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Westlake Chemical by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,130,411 shares of the specialty chemicals company’s stock valued at $121,660,000 after buying an additional 3,499 shares during the last quarter. Royal Bank of Canada raised its holdings in Westlake Chemical by 18.2% during the 1st quarter. Royal Bank of Canada now owns 489,915 shares of the specialty chemicals company’s stock valued at $54,455,000 after buying an additional 75,530 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Westlake Chemical by 46.1% during the 2nd quarter. Renaissance Technologies LLC now owns 405,300 shares of the specialty chemicals company’s stock valued at $43,622,000 after buying an additional 127,800 shares during the last quarter. Hedge funds and other institutional investors own 30.81% of the company’s stock.

NYSE WLK traded up $1.29 during trading on Friday, hitting $80.83. The company had a trading volume of 957,500 shares, compared to its average volume of 838,549. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.46. Westlake Chemical Co. has a one year low of $79.08 and a one year high of $124.29. The firm has a market capitalization of $10.78 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 0.74 and a beta of 1.51.

Westlake Chemical (NYSE:WLK) last issued its quarterly earnings data on Thursday, August 2nd. The specialty chemicals company reported $2.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.52 by ($0.30). Westlake Chemical had a return on equity of 19.44% and a net margin of 18.55%. The company had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the company posted $1.21 earnings per share. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, sell-side analysts predict that Westlake Chemical Co. will post 8.76 earnings per share for the current year.

WLK has been the subject of a number of recent analyst reports. MED reiterated a “buy” rating and set a $135.00 price target on shares of Westlake Chemical in a report on Tuesday, September 4th. Citigroup lowered their price target on shares of Westlake Chemical from $133.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, July 11th. Deutsche Bank lowered their price target on shares of Westlake Chemical from $115.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, September 26th. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a report on Monday, August 27th. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $108.00 price target on shares of Westlake Chemical in a report on Monday, August 6th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $111.89.

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.

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

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