Contravisory Investment Management Inc. lessened its holdings in Westlake Chemical Co. (NYSE:WLK) by 10.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 60,745 shares of the specialty chemicals company’s stock after selling 7,102 shares during the period. Westlake Chemical makes up approximately 2.3% of Contravisory Investment Management Inc.’s portfolio, making the stock its 8th largest position. Contravisory Investment Management Inc.’s holdings in Westlake Chemical were worth $6,471,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of WLK. Tortoise Capital Advisors L.L.C. boosted its position in Westlake Chemical by 6,376.2% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after buying an additional 1,339 shares during the period. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Westlake Chemical during the 3rd quarter worth $137,000. Quantitative Systematic Strategies LLC purchased a new stake in shares of Westlake Chemical during the 3rd quarter worth $204,000. HL Financial Services LLC purchased a new stake in shares of Westlake Chemical during the 3rd quarter worth $210,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Westlake Chemical during the 2nd quarter worth $219,000. 30.42% of the stock is owned by institutional investors.
Shares of Westlake Chemical Co. (WLK) traded down $0.76 during trading hours on Thursday, reaching $108.01. 1,247,345 shares of the company traded hands, compared to its average volume of 752,992. Westlake Chemical Co. has a 12-month low of $58.98 and a 12-month high of $114.34. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.31 and a quick ratio of 1.59. The firm has a market cap of $13,940.00, a price-to-earnings ratio of 23.43, a P/E/G ratio of 1.49 and a beta of 1.72.
Several equities research analysts have recently issued reports on WLK shares. Instinet raised shares of Westlake Chemical from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 26th. Nomura raised shares of Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 price objective for the company in a research report on Tuesday, September 26th. Wells Fargo & Co reaffirmed a “positive” rating and set a $94.00 price objective (up from $77.00) on shares of Westlake Chemical in a research report on Wednesday, September 27th. SunTrust Banks reaffirmed a “buy” rating and set a $93.00 price objective on shares of Westlake Chemical in a research report on Thursday, September 28th. Finally, Cowen lifted their price objective on shares of Westlake Chemical from $78.00 to $92.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $104.00.
In other Westlake Chemical news, CEO Albert Chao sold 25,000 shares of Westlake Chemical stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total value of $2,358,500.00. Following the transaction, the chief executive officer now directly owns 299,018 shares in the company, valued at $28,209,358.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert T. Blakely sold 4,367 shares of Westlake Chemical stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $92.33, for a total transaction of $403,205.11. Following the completion of the transaction, the director now owns 11,700 shares in the company, valued at $1,080,261. The disclosure for this sale can be found here. Insiders have sold a total of 293,122 shares of company stock worth $27,721,443 over the last quarter. 71.70% of the stock is owned by company insiders.
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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.
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