Bank of New York Mellon Corp Decreases Position in Westlake Chemical Co. (WLK)

Share on StockTwits

Bank of New York Mellon Corp cut its holdings in Westlake Chemical Co. (NYSE:WLK) by 28.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 827,413 shares of the specialty chemicals company’s stock after selling 334,032 shares during the period. Bank of New York Mellon Corp owned approximately 0.64% of Westlake Chemical worth $54,751,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in WLK. FMR LLC grew its stake in shares of 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 acquiring an additional 1,108,088 shares in the last quarter. Morgan Stanley grew its stake in shares of Westlake Chemical by 223.3% in the third quarter. Morgan Stanley now owns 544,346 shares of the specialty chemicals company’s stock valued at $45,240,000 after acquiring an additional 375,952 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Westlake Chemical by 20.0% in the third quarter. AQR Capital Management LLC now owns 1,853,189 shares of the specialty chemicals company’s stock valued at $154,018,000 after acquiring an additional 308,887 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Westlake Chemical by 42.2% in the third quarter. Renaissance Technologies LLC now owns 576,300 shares of the specialty chemicals company’s stock valued at $47,896,000 after acquiring an additional 171,000 shares in the last quarter. Finally, BlackRock Inc. grew its stake in shares of Westlake Chemical by 7.6% in the third quarter. BlackRock Inc. now owns 2,081,307 shares of the specialty chemicals company’s stock valued at $172,977,000 after acquiring an additional 147,877 shares in the last quarter. Institutional investors and hedge funds own 27.52% of the company’s stock.

Several research firms recently weighed in on WLK. Bank of America raised shares of Westlake Chemical from an “underperform” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Tuesday, January 8th. Zacks Investment Research cut shares of Westlake Chemical from a “hold” rating to a “sell” rating in a research report on Saturday, January 12th. Susquehanna Bancshares reaffirmed a “neutral” rating and set a $75.00 price objective (down previously from $88.00) on shares of Westlake Chemical in a research report on Tuesday, February 26th. 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 research report on Tuesday, December 11th. Finally, Barclays reaffirmed a “buy” rating on shares of Westlake Chemical in a research report on Wednesday, February 20th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Westlake Chemical has an average rating of “Hold” and a consensus price target of $103.33.

WLK stock opened at $69.22 on Monday. The stock has a market capitalization of $8.92 billion, a PE ratio of 8.86, a P/E/G ratio of 0.80 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.40 and a quick ratio of 1.55. Westlake Chemical Co. has a 12 month low of $59.78 and a 12 month high of $124.29.

Westlake Chemical (NYSE:WLK) last posted its earnings results on Tuesday, February 19th. The specialty chemicals company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.70). The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.10 billion. Westlake Chemical had a return on equity of 17.83% and a net margin of 11.53%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the company posted $1.62 EPS. As a group, analysts anticipate that Westlake Chemical Co. will post 7.13 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Wednesday, February 27th were issued a $0.25 dividend. The ex-dividend date was Tuesday, February 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.44%. Westlake Chemical’s dividend payout ratio (DPR) is currently 12.80%.

COPYRIGHT VIOLATION WARNING: “Bank of New York Mellon Corp Decreases Position in Westlake Chemical Co. (WLK)” was originally published by Ticker Report and is the property of of Ticker Report. If you are reading this news story on another publication, it was illegally copied and republished in violation of US & international copyright legislation. The correct version of this news story can be accessed at https://www.tickerreport.com/banking-finance/4229642/bank-of-new-york-mellon-corp-decreases-position-in-westlake-chemical-co-wlk.html.

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.

Featured Article: Trading Stocks – What are percentage gainers?

Institutional Ownership by Quarter for Westlake Chemical (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.



Latest News

SCHNEIDER ELEC /ADR  Downgraded to Hold at Zacks Investment Research
SCHNEIDER ELEC /ADR Downgraded to Hold at Zacks Investment Research
ZTE CORP/ADR  Upgraded by ValuEngine to Buy
ZTE CORP/ADR Upgraded by ValuEngine to Buy
Suzuki Motor  Lifted to Buy at Deutsche Bank
Suzuki Motor Lifted to Buy at Deutsche Bank
Yamana Gold  PT Set at C$2.30 by BMO Capital Markets
Yamana Gold PT Set at C$2.30 by BMO Capital Markets
Costco Wholesale Co. to Post FY2021 Earnings of $8.65 Per Share, Oppenheimer Forecasts
Costco Wholesale Co. to Post FY2021 Earnings of $8.65 Per Share, Oppenheimer Forecasts
FY2020 EPS Estimates for Infosys Ltd Decreased by William Blair
FY2020 EPS Estimates for Infosys Ltd Decreased by William Blair


© 2006-2019 Ticker Report