Cubist Systematic Strategies LLC Buys 7,552 Shares of Westlake Chemical Corporation (WLK)

Cubist Systematic Strategies LLC grew its stake in shares of Westlake Chemical Corporation (NYSE:WLK) by 192.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,480 shares of the specialty chemicals company’s stock after buying an additional 7,552 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Westlake Chemical Corporation were worth $760,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Private Advisor Group LLC grew its stake in shares of Westlake Chemical Corporation by 3.1% during the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after buying an additional 103 shares during the last quarter. Amalgamated Bank grew its stake in shares of Westlake Chemical Corporation by 3.4% during the first quarter. Amalgamated Bank now owns 5,445 shares of the specialty chemicals company’s stock valued at $360,000 after buying an additional 177 shares during the last quarter. Voya Investment Management LLC grew its stake in shares of Westlake Chemical Corporation 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 buying an additional 286 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Westlake Chemical Corporation by 4.5% during the second quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock valued at $451,000 after buying an additional 296 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Westlake Chemical Corporation by 6.8% during the second quarter. Principal Financial Group Inc. now owns 6,805 shares of the specialty chemicals company’s stock valued at $451,000 after buying an additional 435 shares during the last quarter. 31.96% of the stock is currently owned by hedge funds and other institutional investors.

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A number of research analysts have recently issued reports on the company. Zacks Investment Research raised Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Friday, October 13th. Wells Fargo & Company reaffirmed a “positive” rating and set a $94.00 price objective (up from $77.00) on shares of Westlake Chemical Corporation in a research note on Wednesday, September 27th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $93.00 price objective on shares of Westlake Chemical Corporation in a research note on Thursday, September 28th. BidaskClub raised Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Finally, Instinet raised Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $81.20.

Shares of Westlake Chemical Corporation (WLK) opened at 83.65 on Wednesday. The company has a 50 day moving average price of $80.79 and a 200 day moving average price of $69.60. The company has a market capitalization of $10.80 billion, a PE ratio of 23.91 and a beta of 1.63. Westlake Chemical Corporation has a 1-year low of $48.92 and a 1-year high of $85.86.

Westlake Chemical Corporation (NYSE:WLK) last announced its earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.02. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $2 billion. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The business’s revenue was up 82.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.85 EPS. Equities analysts predict that Westlake Chemical Corporation will post $4.85 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, September 18th. Investors of record on Friday, September 1st were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.00%. This is an increase from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. The ex-dividend date was Wednesday, August 30th. Westlake Chemical Corporation’s dividend payout ratio is presently 24.00%.

In related news, VP Mark Steven Bender sold 13,794 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total transaction of $968,614.68. Following the transaction, the vice president now directly owns 44,449 shares in the company, valued at approximately $3,121,208.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 72.50% of the company’s stock.

Westlake Chemical Corporation 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.

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

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