Geode Capital Management LLC Has $19.06 Million Position in Westlake Chemical Corporation (WLK)
Geode Capital Management LLC boosted its position in shares of Westlake Chemical Corporation (NYSE:WLK) by 6.4% during the first quarter, Holdings Channel reports. The institutional investor owned 288,643 shares of the specialty chemicals company’s stock after buying an additional 17,439 shares during the period. Geode Capital Management LLC owned 0.22% of Westlake Chemical Corporation worth $19,064,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of WLK. TIAA CREF Investment Management LLC raised its position in Westlake Chemical Corporation by 215.3% in the first quarter. TIAA CREF Investment Management LLC now owns 1,368,155 shares of the specialty chemicals company’s stock worth $90,367,000 after buying an additional 934,281 shares in the last quarter. Norges Bank purchased a new position in Westlake Chemical Corporation during the fourth quarter worth $35,887,000. Vanguard Group Inc. raised its position in Westlake Chemical Corporation by 8.4% in the first quarter. Vanguard Group Inc. now owns 4,201,948 shares of the specialty chemicals company’s stock worth $277,538,000 after buying an additional 326,298 shares in the last quarter. Teachers Advisors LLC raised its position in Westlake Chemical Corporation by 61.4% in the first quarter. Teachers Advisors LLC now owns 826,768 shares of the specialty chemicals company’s stock worth $54,608,000 after buying an additional 314,578 shares in the last quarter. Finally, Strs Ohio purchased a new position in Westlake Chemical Corporation during the first quarter worth $16,314,000. 30.16% of the stock is owned by institutional investors and hedge funds.
Shares of Westlake Chemical Corporation (NYSE:WLK) opened at 70.24 on Friday. The stock has a 50 day moving average of $63.09 and a 200 day moving average of $62.75. The firm has a market cap of $9.06 billion, a price-to-earnings ratio of 22.09 and a beta of 1.67. Westlake Chemical Corporation has a 52-week low of $42.56 and a 52-week high of $70.59.
Westlake Chemical Corporation (NYSE:WLK) last announced its earnings results on Tuesday, May 2nd. The specialty chemicals company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.46. Westlake Chemical Corporation had a net margin of 6.85% and a return on equity of 14.09%. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. Westlake Chemical Corporation’s revenue was up 99.2% compared to the same quarter last year. Equities analysts predict that Westlake Chemical Corporation will post $4.53 EPS for the current fiscal year.
A number of equities analysts have recently weighed in on WLK shares. Bank of America Corporation reissued a “neutral” rating and issued a $68.00 price objective on shares of Westlake Chemical Corporation in a research report on Monday, May 8th. Citigroup Inc. cut their price objective on shares of Westlake Chemical Corporation from $66.00 to $64.00 and set a “buy” rating for the company in a research report on Friday, April 14th. Cowen and Company upped their price target on shares of Westlake Chemical Corporation from $66.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 23rd. Zacks Investment Research raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Friday, May 5th. Finally, J P Morgan Chase & Co upped their price target on shares of Westlake Chemical Corporation from $70.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 31st. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $63.50.
In related news, VP George J. Mangieri sold 6,578 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $62.21, for a total transaction of $409,217.38. Following the transaction, the vice president now owns 6,577 shares of the company’s stock, valued at $409,155.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 71.70% of the company’s stock.
About Westlake Chemical Corporation
Westlake Chemical Corporation is a global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.
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