Tricadia Capital Management LLC Takes $10.65 Million Position in Westlake Chemical Co. (WLK)
Tricadia Capital Management LLC bought a new position in Westlake Chemical Co. (NYSE:WLK) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 100,000 shares of the specialty chemicals company’s stock, valued at approximately $10,653,000. Westlake Chemical accounts for approximately 5.2% of Tricadia Capital Management LLC’s portfolio, making the stock its 7th largest holding.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. KBC Group NV purchased a new position in Westlake Chemical in the 4th quarter worth approximately $4,364,000. California Public Employees Retirement System lifted its stake in Westlake Chemical by 8.4% in the 4th quarter. California Public Employees Retirement System now owns 125,099 shares of the specialty chemicals company’s stock worth $13,327,000 after purchasing an additional 9,715 shares in the last quarter. NorthCoast Asset Management LLC purchased a new position in Westlake Chemical in the 4th quarter worth approximately $1,032,000. American Century Companies Inc. acquired a new stake in shares of Westlake Chemical during the 4th quarter worth approximately $6,134,000. Finally, Aperio Group LLC increased its holdings in shares of Westlake Chemical by 5.4% during the 4th quarter. Aperio Group LLC now owns 18,607 shares of the specialty chemicals company’s stock worth $1,982,000 after buying an additional 957 shares during the last quarter. 30.57% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Mark Steven Bender sold 6,500 shares of Westlake Chemical stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $97.83, for a total value of $635,895.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Albert Chao sold 25,000 shares of Westlake Chemical stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total transaction of $2,358,500.00. Following the completion of the sale, the chief executive officer now owns 299,018 shares of the company’s stock, valued at approximately $28,209,358.12. The disclosure for this sale can be found here. Insiders sold a total of 237,225 shares of company stock valued at $22,460,769 in the last quarter. 72.50% of the stock is owned by insiders.
WLK has been the subject of a number of recent analyst reports. Citigroup initiated coverage on shares of Westlake Chemical in a report on Tuesday, October 24th. They set a “buy” rating and a $97.00 price target for the company. SunTrust Banks restated a “buy” rating and set a $93.00 price target on shares of Westlake Chemical in a report on Friday, November 3rd. Johnson Rice initiated coverage on shares of Westlake Chemical in a report on Monday, November 6th. They set an “accumulate” rating and a $100.00 price target for the company. ValuEngine upgraded shares of Westlake Chemical from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Finally, Nomura raised their price target on shares of Westlake Chemical from $98.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Westlake Chemical presently has an average rating of “Buy” and a consensus price target of $104.00.
WARNING: This article was first published by Watch List News and is the property of of Watch List News. If you are accessing this article on another website, it was illegally copied and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this article can be viewed at https://www.watchlistnews.com/tricadia-capital-management-llc-takes-10-65-million-position-in-westlake-chemical-co-wlk/1861310.html.
Westlake Chemical Profile
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.
Want to see what other hedge funds are holding WLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westlake Chemical Co. (NYSE:WLK).
Receive News & Ratings for Westlake Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical and related companies with MarketBeat.com's FREE daily email newsletter.