Brightline Capital Management LLC Invests $7.46 Million in Westlake Chemical Co. (WLK)

Brightline Capital Management LLC purchased a new position in Westlake Chemical Co. (NYSE:WLK) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 70,000 shares of the specialty chemicals company’s stock, valued at approximately $7,457,000. Westlake Chemical comprises about 6.6% of Brightline Capital Management LLC’s holdings, making the stock its 5th largest holding. Brightline Capital Management LLC owned about 0.05% of Westlake Chemical at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its stake in Westlake Chemical by 5.7% during the second quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock valued at $260,000 after purchasing an additional 211 shares during the last quarter. Voya Investment Management LLC increased its stake in Westlake Chemical by 2.5% during the second quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock valued at $785,000 after purchasing an additional 286 shares during the last quarter. Private Advisor Group LLC increased its stake in Westlake Chemical by 22.4% during the third quarter. Private Advisor Group LLC now owns 4,148 shares of the specialty chemicals company’s stock valued at $351,000 after purchasing an additional 760 shares during the last quarter. Aperio Group LLC increased its stake in Westlake Chemical by 4.8% during the third quarter. Aperio Group LLC now owns 17,650 shares of the specialty chemicals company’s stock valued at $1,467,000 after purchasing an additional 814 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in Westlake Chemical by 2.3% during the fourth quarter. Jennison Associates LLC now owns 41,393 shares of the specialty chemicals company’s stock valued at $4,410,000 after purchasing an additional 927 shares during the last quarter. Institutional investors and hedge funds own 30.57% of the company’s stock.

Several analysts have weighed in on the stock. ValuEngine upgraded shares of Westlake Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Alembic Global Advisors reiterated a “buy” rating on shares of Westlake Chemical in a research note on Friday, November 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $114.00 target price (up previously from $103.00) on shares of Westlake Chemical in a research note on Thursday, November 9th. SunTrust Banks reiterated a “buy” rating and set a $102.00 target price (up previously from $93.00) on shares of Westlake Chemical in a research note on Friday, November 17th. Finally, Bank of America lowered shares of Westlake Chemical from a “neutral” rating to an “underperform” rating and set a $105.00 target price for the company. in a research note on Tuesday, January 16th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Westlake Chemical has an average rating of “Buy” and an average target price of $104.00.

Westlake Chemical Co. (NYSE WLK) opened at $110.07 on Thursday. The company has a market cap of $13,889.38, a PE ratio of 21.56, a PEG ratio of 1.24 and a beta of 1.62. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. Westlake Chemical Co. has a 12-month low of $59.58 and a 12-month high of $115.19.

In other news, EVP Robert F. Buesinger sold 5,214 shares of the company’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $93.82, for a total transaction of $489,177.48. Following the completion of the transaction, the executive vice president now owns 14,523 shares in the company, valued at $1,362,547.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Steven Bender sold 6,500 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $97.83, for a total transaction of $635,895.00. The disclosure for this sale can be found here. Insiders have sold 232,858 shares of company stock valued at $22,057,564 in the last 90 days. Insiders own 71.70% of the company’s stock.

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

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