Summit Street Capital Management buys $2.8 Million stake in Westlake Chemical Corporation (WLK)

Westlake Chemical Corporation (WLK) : Summit Street Capital Management scooped up 12,882 additional shares in Westlake Chemical Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 65,084 shares of Westlake Chemical Corporation which is valued at $2.8 Million.Westlake Chemical Corporation makes up approximately 3.20% of Summit Street Capital Management’s portfolio.

Other Hedge Funds, Including , Geode Capital Management boosted its stake in WLK in the latest quarter, The investment management firm added 37,281 additional shares and now holds a total of 468,306 shares of Westlake Chemical Corporation which is valued at $20.5 Million. Westlake Chemical Corporation makes up approx 0.01% of Geode Capital Management’s portfolio.Tower Square Investment Management reduced its stake in WLK by selling 282 shares or 1.81% in the most recent quarter. The Hedge Fund company now holds 15,284 shares of WLK which is valued at $668,828. Westlake Chemical Corporation makes up approx 0.35% of Tower Square Investment Management’s portfolio.Canada Pension Plan Investment Board reduced its stake in WLK by selling 47,283 shares or 44.77% in the most recent quarter. The Hedge Fund company now holds 58,321 shares of WLK which is valued at $2.6 Million. Westlake Chemical Corporation makes up approx 0.01% of Canada Pension Plan Investment Board’s portfolio. Group One Trading added WLK to its portfolio by purchasing 400 company shares during the most recent quarter which is valued at $17,504.Blackrock Japan Ltd reduced its stake in WLK by selling 282 shares or 0.46% in the most recent quarter. The Hedge Fund company now holds 61,569 shares of WLK which is valued at $2.7 Million. Westlake Chemical Corporation makes up approx 0.01% of Blackrock Japan Ltd’s portfolio.

Westlake Chemical Corporation opened for trading at $43.79 and hit $44.84 on the upside on Wednesday, eventually ending the session at $44.32, with a gain of 2.57% or 1.11 points. The heightened volatility saw the trading volume jump to 11,84,403 shares. Company has a market cap of $5,775 M.

On the company’s financial health, Westlake Chemical Corporation reported $0.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 3, 2016. Analyst had a consensus of $0.93. The company had revenue of $975.18 million for the quarter, compared to analysts expectations of $1024.07 million. The company’s revenue was down -11.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.10 EPS.

Many Wall Street Analysts have commented on Westlake Chemical Corporation. Shares were Reiterated by Cowen on Mar 10, 2016 to “Outperform” and Lowered the Price Target to $ 53 from a previous price target of $57 .

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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