Artemis Investment Management LLP purchased a new position in LyondellBasell Industries NV (NYSE:LYB) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 154,503 shares of the specialty chemicals company’s stock, valued at approximately $13,041,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Swiss National Bank increased its holdings in LyondellBasell Industries NV by 1.8% in the 2nd quarter. Swiss National Bank now owns 1,249,374 shares of the specialty chemicals company’s stock worth $105,435,000 after buying an additional 22,000 shares in the last quarter. Wesbanco Bank Inc. grew its stake in shares of LyondellBasell Industries NV by 25.8% during the 2nd quarter. Wesbanco Bank Inc. now owns 4,870 shares of the specialty chemicals company’s stock valued at $411,000 after purchasing an additional 1,000 shares during the period. Ray Gerald L & Associates Ltd. grew its stake in shares of LyondellBasell Industries NV by 84.9% during the 2nd quarter. Ray Gerald L & Associates Ltd. now owns 4,900 shares of the specialty chemicals company’s stock valued at $414,000 after purchasing an additional 2,250 shares during the period. Lipe & Dalton grew its stake in shares of LyondellBasell Industries NV by 11.1% during the 2nd quarter. Lipe & Dalton now owns 32,020 shares of the specialty chemicals company’s stock valued at $2,702,000 after purchasing an additional 3,200 shares during the period. Finally, Flippin Bruce & Porter Inc. grew its stake in shares of LyondellBasell Industries NV by 50.4% during the 2nd quarter. Flippin Bruce & Porter Inc. now owns 77,138 shares of the specialty chemicals company’s stock valued at $6,510,000 after purchasing an additional 25,863 shares during the period. Institutional investors own 73.82% of the company’s stock.
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A number of research firms have issued reports on LYB. UBS AG restated a “neutral” rating and set a $85.00 price target (down from $94.00) on shares of LyondellBasell Industries NV in a research note on Sunday, June 25th. BidaskClub downgraded LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Jefferies Group LLC set a $88.00 price objective on LyondellBasell Industries NV and gave the company a “hold” rating in a research note on Monday, August 21st. Deutsche Bank AG reiterated a “buy” rating and set a $94.00 price objective (up from $90.00) on shares of LyondellBasell Industries NV in a research note on Monday, July 31st. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $92.00 price objective on shares of LyondellBasell Industries NV in a research note on Friday, July 14th. Three analysts have rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $95.67.
LyondellBasell Industries NV (LYB) opened at 95.17 on Friday. The company has a market cap of $37.67 billion, a P/E ratio of 10.63 and a beta of 1.04. LyondellBasell Industries NV has a 52-week low of $75.76 and a 52-week high of $97.64. The stock’s 50 day moving average price is $89.93 and its 200 day moving average price is $86.35.
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. Analysts expect that LyondellBasell Industries NV will post $9.89 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 13th. Investors of record on Wednesday, September 6th were paid a $0.90 dividend. The ex-dividend date of this dividend was Friday, September 1st. This represents a $3.60 dividend on an annualized basis and a yield of 3.78%. LyondellBasell Industries NV’s dividend payout ratio (DPR) is 40.18%.
LyondellBasell Industries NV declared that its board has approved a share buyback program on Wednesday, May 24th that permits the company to repurchase 1,000% of shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In related news, Director Jagjeet S. Bindra sold 3,224 shares of LyondellBasell Industries NV stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $89.20, for a total value of $287,580.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is currently owned by company insiders.
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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