Smith Graham & Co. Investment Advisors LP Raises Stock Holdings in Westlake Chemical Co. (NYSE:WLK)

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Smith Graham & Co. Investment Advisors LP lifted its holdings in shares of Westlake Chemical Co. (NYSE:WLK) by 0.3% in the 3rd quarter, Holdings Channel reports. The firm owned 80,216 shares of the specialty chemicals company’s stock after acquiring an additional 240 shares during the period. Smith Graham & Co. Investment Advisors LP’s holdings in Westlake Chemical were worth $5,256,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Huntington National Bank purchased a new position in shares of Westlake Chemical during the second quarter worth about $25,000. CSat Investment Advisory L.P. purchased a new stake in Westlake Chemical in the second quarter worth approximately $25,000. NumerixS Investment Technologies Inc purchased a new stake in Westlake Chemical in the second quarter worth approximately $28,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in Westlake Chemical in the second quarter worth approximately $104,000. Finally, Macquarie Group Ltd. boosted its stake in Westlake Chemical by 219.3% in the second quarter. Macquarie Group Ltd. now owns 1,916 shares of the specialty chemicals company’s stock worth $133,000 after buying an additional 1,316 shares in the last quarter. 30.64% of the stock is owned by institutional investors.

WLK stock traded up $0.58 during midday trading on Friday, hitting $61.79. The company had a trading volume of 305,706 shares, compared to its average volume of 512,714. The company has a current ratio of 2.07, a quick ratio of 1.33 and a debt-to-equity ratio of 0.47. Westlake Chemical Co. has a 52 week low of $55.82 and a 52 week high of $81.49. The stock’s 50 day moving average price is $62.52 and its 200 day moving average price is $65.12. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of 7.91, a PEG ratio of 2.56 and a beta of 1.61.

Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Tuesday, August 6th. The specialty chemicals company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.08. Westlake Chemical had a return on equity of 11.05% and a net margin of 7.39%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter in the previous year, the company posted $2.12 earnings per share. The business’s revenue was down 4.1% on a year-over-year basis. Analysts predict that Westlake Chemical Co. will post 3.69 earnings per share for the current year.

Several analysts have issued reports on WLK shares. Macquarie set a $74.00 target price on Westlake Chemical and gave the stock a “hold” rating in a research note on Tuesday, July 2nd. UBS Group set a $54.00 target price on Westlake Chemical and gave the stock a “sell” rating in a research note on Tuesday, July 2nd. BMO Capital Markets cut their target price on Westlake Chemical from $75.00 to $71.00 and set a “market perform” rating for the company in a research note on Friday, August 9th. Wells Fargo & Co started coverage on Westlake Chemical in a research note on Tuesday, October 15th. They issued a “market perform” rating and a $70.00 target price for the company. Finally, Bank of America lowered Westlake Chemical from a “buy” rating to an “underperform” rating in a research note on Friday, August 16th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. Westlake Chemical has an average rating of “Hold” and an average price target of $71.72.

Westlake Chemical Profile

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. 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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