LyondellBasell Industries NV (LYB) Stake Reduced by Great Lakes Advisors LLC
Great Lakes Advisors LLC cut its stake in LyondellBasell Industries NV (NYSE:LYB) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,970 shares of the specialty chemicals company’s stock after selling 194 shares during the period. Great Lakes Advisors LLC’s holdings in LyondellBasell Industries NV were worth $757,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. increased its position in LyondellBasell Industries NV by 2,032.9% in the first quarter. BlackRock Inc. now owns 20,062,376 shares of the specialty chemicals company’s stock valued at $1,829,488,000 after buying an additional 19,121,769 shares in the last quarter. FMR LLC increased its position in LyondellBasell Industries NV by 20.7% in the first quarter. FMR LLC now owns 29,128,736 shares of the specialty chemicals company’s stock valued at $2,656,249,000 after buying an additional 4,990,465 shares in the last quarter. Beutel Goodman & Co Ltd. bought a new position in LyondellBasell Industries NV during the second quarter valued at approximately $102,907,000. Schroder Investment Management Group increased its position in LyondellBasell Industries NV by 31.8% in the first quarter. Schroder Investment Management Group now owns 3,082,478 shares of the specialty chemicals company’s stock valued at $281,337,000 after buying an additional 743,569 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in LyondellBasell Industries NV by 2.5% in the first quarter. Vanguard Group Inc. now owns 24,056,326 shares of the specialty chemicals company’s stock valued at $2,193,697,000 after buying an additional 587,985 shares in the last quarter. 73.79% of the stock is currently owned by institutional investors.
LyondellBasell Industries NV (NYSE:LYB) opened at 90.33 on Thursday. The company has a market capitalization of $35.75 billion, a PE ratio of 10.08 and a beta of 1.06. The firm’s 50-day moving average is $87.52 and its 200 day moving average is $86.42. LyondellBasell Industries NV has a one year low of $74.02 and a one year high of $97.64.
LyondellBasell Industries NV (NYSE:LYB) last announced its earnings results on Friday, July 28th. The specialty chemicals company reported $2.82 EPS for the quarter, beating the consensus estimate of $2.68 by $0.14. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.52 billion. LyondellBasell Industries NV had a return on equity of 60.87% and a net margin of 11.40%. The company’s revenue was up 14.7% on a year-over-year basis. During the same period last year, the business posted $2.56 EPS. On average, equities analysts expect that LyondellBasell Industries NV will post $9.89 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 13th. Investors of record on Wednesday, September 6th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, September 1st. This represents a $3.60 annualized dividend and a dividend yield of 3.99%. LyondellBasell Industries NV’s payout ratio is currently 40.18%.
LyondellBasell Industries NV announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 24th that authorizes the company to buyback 1,000% of outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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Several research analysts recently commented on LYB shares. Bank of America Corporation downgraded shares of LyondellBasell Industries NV from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $98.00 to $70.00 in a research note on Monday, May 8th. Vertical Research raised shares of LyondellBasell Industries NV from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research note on Tuesday, May 9th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $110.00 price target on shares of LyondellBasell Industries NV in a research note on Wednesday, June 28th. HSBC Holdings plc started coverage on shares of LyondellBasell Industries NV in a research note on Monday, June 26th. They issued a “buy” rating and a $101.00 price target on the stock. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $88.00 price target on shares of LyondellBasell Industries NV in a research note on Friday, June 16th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. LyondellBasell Industries NV presently has a consensus rating of “Hold” and a consensus target price of $95.67.
In related news, Director Jagjeet S. Bindra sold 3,224 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $89.20, for a total transaction of $287,580.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.09% of the company’s stock.
LyondellBasell Industries NV Company Profile
LyondellBasell Industries N.V. is a chemical company. The Company operates in five segments: Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining and Technology. The O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene.
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