Mackay Shields LLC Invests $22.35 Million in Westlake Chemical Co. (WLK)

Mackay Shields LLC purchased a new stake in shares of Westlake Chemical Co. (NYSE:WLK) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 201,093 shares of the specialty chemicals company’s stock, valued at approximately $22,351,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Hanseatic Management Services Inc. boosted its position in shares of Westlake Chemical by 7.0% during the 4th quarter. Hanseatic Management Services Inc. now owns 10,216 shares of the specialty chemicals company’s stock valued at $1,088,000 after acquiring an additional 664 shares during the last quarter. Pettee Investors Inc. boosted its position in shares of Westlake Chemical by 5.8% during the 1st quarter. Pettee Investors Inc. now owns 12,604 shares of the specialty chemicals company’s stock valued at $1,401,000 after acquiring an additional 690 shares during the last quarter. Advisor Group Inc. boosted its position in shares of Westlake Chemical by 133.8% during the 4th quarter. Advisor Group Inc. now owns 1,501 shares of the specialty chemicals company’s stock valued at $159,000 after acquiring an additional 859 shares during the last quarter. Advisors Preferred LLC bought a new stake in shares of Westlake Chemical during the 1st quarter valued at about $101,000. Finally, Driehaus Capital Management LLC lifted its position in Westlake Chemical by 10.8% in the 4th quarter. Driehaus Capital Management LLC now owns 9,480 shares of the specialty chemicals company’s stock worth $1,010,000 after buying an additional 922 shares during the last quarter. Hedge funds and other institutional investors own 30.33% of the company’s stock.

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Shares of WLK stock opened at $106.61 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.76 and a debt-to-equity ratio of 0.58. Westlake Chemical Co. has a fifty-two week low of $59.58 and a fifty-two week high of $121.30. The company has a market capitalization of $13,797.47, a price-to-earnings ratio of 15.86, a P/E/G ratio of 1.03 and a beta of 1.56.

Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Thursday, May 3rd. The specialty chemicals company reported $2.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.09 by $0.11. Westlake Chemical had a return on equity of 18.65% and a net margin of 17.61%. The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the company posted $1.06 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. equities analysts predict that Westlake Chemical Co. will post 8.61 EPS for the current year.

In other Westlake Chemical news, CAO George J. Mangieri sold 2,161 shares of the business’s stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $113.41, for a total value of $245,079.01. Following the completion of the sale, the chief accounting officer now owns 2,160 shares in the company, valued at $244,965.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO L. Benjamin Ederington sold 6,942 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $111.45, for a total value of $773,685.90. Following the completion of the sale, the chief accounting officer now owns 13,111 shares of the company’s stock, valued at approximately $1,461,220.95. The disclosure for this sale can be found here. Insiders sold 103,080 shares of company stock valued at $11,545,548 in the last quarter. Corporate insiders own 72.00% of the company’s stock.

A number of analysts recently weighed in on the company. Zacks Investment Research downgraded Westlake Chemical from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 14th. Bank of America downgraded Westlake Chemical from a “neutral” rating to an “underperform” rating and set a $105.00 target price for the company. in a research report on Tuesday, January 16th. They noted that the move was a valuation call. BMO Capital Markets assumed coverage on Westlake Chemical in a research report on Tuesday, March 27th. They issued a “market perform” rating and a $125.00 target price for the company. Wells Fargo assumed coverage on Westlake Chemical in a research report on Tuesday, January 9th. They issued a “hold” rating and a $120.00 target price for the company. Finally, Morgan Stanley assumed coverage on Westlake Chemical in a research report on Tuesday, January 9th. They issued an “equal weight” rating and a $120.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Westlake Chemical presently has a consensus rating of “Hold” and a consensus target price of $113.80.

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.

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

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