Summit Street Capital Management Lowers stake in Westlake Chemical Corporation (WLK)

Westlake Chemical Corporation (WLK) : Summit Street Capital Management reduced its stake in Westlake Chemical Corporation by 12.23% during the most recent quarter end. The investment management company now holds a total of 57,126 shares of Westlake Chemical Corporation which is valued at $2,766,041 after selling 7,958 shares in Westlake Chemical Corporation , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Westlake Chemical Corporation makes up approximately 2.89% of Summit Street Capital Management’s portfolio.

Other Hedge Funds, Including , Invictus Rg Pte. Ltd. boosted its stake in WLK in the latest quarter, The investment management firm added 4,854 additional shares and now holds a total of 7,290 shares of Westlake Chemical Corporation which is valued at $352,982. Westlake Chemical Corporation makes up approx 0.30% of Invictus Rg Pte. Ltd.’s portfolio.Riverhead Capital Management reduced its stake in WLK by selling 304,564 shares or 98.98% in the most recent quarter. The Hedge Fund company now holds 3,146 shares of WLK which is valued at $152,329.First Trust Advisors Lp boosted its stake in WLK in the latest quarter, The investment management firm added 156,948 additional shares and now holds a total of 218,127 shares of Westlake Chemical Corporation which is valued at $10,099,280. Westlake Chemical Corporation makes up approx 0.03% of First Trust Advisors Lp’s portfolio.Spot Trading L.l.c boosted its stake in WLK in the latest quarter, The investment management firm added 998 additional shares and now holds a total of 7,084 shares of Westlake Chemical Corporation which is valued at $321,259. Westlake Chemical Corporation makes up approx 0.04% of Spot Trading L.l.c’s portfolio.

Westlake Chemical Corporation closed down -0.23 points or -0.44% at $51.59 with 7,96,878 shares getting traded on Thursday. Post opening the session at $51.91, the shares hit an intraday low of $50.9 and an intraday high of $52.15 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Westlake Chemical Corporation reported $0.85 EPS for the quarter, missing the analyst consensus estimate by $ -0.11 based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus of $0.96. The company had revenue of $1086.06 million for the quarter, compared to analysts expectations of $1060.36 million. The company’s revenue was down -8.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.41 EPS.

Many Wall Street Analysts have commented on Westlake Chemical Corporation. Company shares were Reiterated by Cowen on Sep 1, 2016 to “Outperform”, Firm has raised the Price Target to $ 65 from a previous price target of $60 .Company shares were Upgraded by RBC Capital Mkts on Aug 23, 2016 to ” Outperform”, Firm has raised the Price Target to $ 59 from a previous price target of $47 .Company shares were Upgraded by SunTrust on Jun 15, 2016 to ” Buy”, Firm has raised the Price Target to $ 52 from a previous price target of $44 .

Westlake Chemical Corporation is a vertically integrated manufacturer and marketer of basic chemicals vinyls polymers and fabricated building products. The Company’s products include a range of chemicals used in the world which are fundamental to many diverse consumer and industrial markets including flexible and rigid packaging automotive products coatings residential and commercial construction as well as other durable and non-durable goods. The Company operates in two principal operating segments Olefins and Vinyls. The Company is an integrated producer of vinyls with substantial downstream integration into polyvinyl chloride (PVC) building products. The Olefins segment manufactures a range of petrochemical products. The Vinyls segment primarily offers PVC vinyl chloride monomer (VCM) ethylene dichloride (EDC) chlorine caustic soda and through Westlake Chemical OpCo LP ethylene.

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