WLK Westlake Chemical Corporation

Deprince Race & Zollo Inc. reduced its stake in Westlake Corporation (NYSE:WLK) by 25.4% in Q3, now holding 189,009 shares valued at approximately $14.57 million. This comes after Westlake missed Q3 earnings estimates, reporting ($0.29) EPS against a $0.18 consensus and a 9% revenue drop to $2.84 billion. Despite insider sales from Chairman Albert Chao, institutional investors and hedge funds still own a significant portion of the company's stock.

This article covers key business news in the chemical industry, highlighted by Westlake's decision to close vinyl and styrene capacity in the US due to market oversupply. It also details Samsung Biologics' acquisition of Human Genome Sciences from GSK to expand its US manufacturing presence. Other significant developments include insolvencies at Vynova in Europe, investments in Ineos's Grangemouth site by the UK government, and various other mergers, acquisitions, and strategic moves within the pharmaceutical and chemical sectors.

Westlake Chemical Partners (NYSE:WLKP) had its stock rating downgraded from "buy" to "hold" by Wall Street Zen, consistent with an overall "Hold" rating from other analysts like Weiss and Zacks. The company reported quarterly EPS of $0.42, missing consensus by $0.01, and revenue of $308.9 million, slightly exceeding estimates. Institutional investors own approximately 78.3% of the shares.

RBC Capital analyst Arun Viswanathan maintained a Buy rating on Westlake Corporation (WLK) with a price target of $85.00. This follows Westlake's Q3 earnings report showing $2.84 billion in revenue and a GAAP net loss of $782 million, compared to a profit in the previous year. Citi also issued a Buy rating, while Morgan Stanley maintained a Hold rating on the company.

Westlake Chemical's polyvinyl chloride (PVC) plant in Aberdeen, Mississippi, is among three facilities closing this month, impacting around 99 workers at the Aberdeen site. The Houston-based company cited "persistent, challenging market conditions" for the closures. Local development agencies are working to connect displaced employees, many with technical skills, to new opportunities within the Golden Triangle region.

Westlake Corporation, a Houston-based chemical manufacturer, is laying off 295 employees and closing four Gulf Coast facilities due to low market pricing and increased low-priced Asian exports. These closures will result in approximately $415 million in pre-tax costs, including significant non-cash charges and employee severance. The company plans to continue supplying products from its remaining seven North American facilities.