Wedge Capital Management L L P NC Increases Position in LyondellBasell Industries NV (LYB)
Wedge Capital Management L L P NC boosted its position in shares of LyondellBasell Industries NV (NYSE:LYB) by 11.4% during the second quarter, Holdings Channel reports. The fund owned 102,090 shares of the specialty chemicals company’s stock after buying an additional 10,424 shares during the period. Wedge Capital Management L L P NC’s holdings in LyondellBasell Industries NV were worth $8,615,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Harbour Capital Advisors LLC purchased a new stake in shares of LyondellBasell Industries NV during the first quarter worth $107,000. TrimTabs Asset Management LLC boosted its position in LyondellBasell Industries NV by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 1,358 shares of the specialty chemicals company’s stock valued at $124,000 after buying an additional 640 shares during the last quarter. Point72 Asia Hong Kong Ltd bought a new position in LyondellBasell Industries NV during the first quarter valued at approximately $132,000. American Beacon Advisors Inc. bought a new position in LyondellBasell Industries NV during the first quarter valued at approximately $161,000. Finally, Seven Bridges Advisors LLC boosted its position in LyondellBasell Industries NV by 32.8% in the second quarter. Seven Bridges Advisors LLC now owns 1,936 shares of the specialty chemicals company’s stock valued at $163,000 after buying an additional 478 shares during the last quarter. 74.23% of the stock is owned by institutional investors and hedge funds.
Shares of LyondellBasell Industries NV (NYSE LYB) opened at 87.95 on Wednesday. LyondellBasell Industries NV has a one year low of $74.02 and a one year high of $97.64. The firm’s 50-day moving average price is $86.56 and its 200-day moving average price is $86.65. The stock has a market capitalization of $34.81 billion, a P/E ratio of 9.82 and a beta of 1.06.
LyondellBasell Industries NV (NYSE:LYB) last announced its earnings results on Friday, July 28th. The specialty chemicals company reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.14. The company had revenue of $8.40 billion during 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 firm earned $2.56 earnings per share. Equities research analysts anticipate that LyondellBasell Industries NV will post $9.89 EPS for the current fiscal year.
LyondellBasell Industries NV announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 24th that allows the company to buyback 1,000% of shares. This buyback authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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Several research analysts recently commented on the company. UBS AG reissued a “neutral” rating and set a $85.00 target price (down from $94.00) on shares of LyondellBasell Industries NV in a research note on Sunday, June 25th. Sanford C. Bernstein reissued an “outperform” rating and set a $110.00 target price on shares of LyondellBasell Industries NV in a research note on Wednesday, June 28th. BidaskClub raised LyondellBasell Industries NV from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. HSBC Holdings plc assumed coverage on LyondellBasell Industries NV in a research note on Monday, June 26th. They set a “buy” rating and a $101.00 target price for the company. Finally, Jefferies Group LLC reissued a “hold” rating and set a $88.00 target price on shares of LyondellBasell Industries NV in a research note on Friday, June 16th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $94.81.
In other 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 Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is owned by company insiders.
About LyondellBasell Industries NV
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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