New York State Common Retirement Fund reduced its position in LyondellBasell Industries NV (NYSE:LYB) by 12.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,201,499 shares of the specialty chemicals company’s stock after selling 170,969 shares during the quarter. New York State Common Retirement Fund owned approximately 0.30% of LyondellBasell Industries NV worth $101,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC purchased a new stake in LyondellBasell Industries NV in the first quarter worth $107,000. TrimTabs Asset Management LLC increased 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 worth $124,000 after buying an additional 640 shares during the last quarter. Point72 Asia Hong Kong Ltd purchased a new stake in LyondellBasell Industries NV in the first quarter worth $132,000. American Beacon Advisors Inc. purchased a new stake in LyondellBasell Industries NV in the first quarter worth $161,000. Finally, Seven Bridges Advisors LLC increased 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 worth $163,000 after buying an additional 478 shares during the last quarter. 73.81% of the stock is owned by institutional investors and hedge funds.
Shares of LyondellBasell Industries NV (LYB) traded up 0.1133% during midday trading on Tuesday, reaching $95.6883. The company’s stock had a trading volume of 349,931 shares. The company has a market cap of $37.87 billion, a PE ratio of 10.6831 and a beta of 1.04. The company’s 50-day moving average price is $90.10 and its 200-day moving average price is $86.28. LyondellBasell Industries NV has a 12 month low of $75.76 and a 12 month high of $97.64.
LyondellBasell Industries NV (NYSE:LYB) last released its quarterly earnings data 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. LyondellBasell Industries NV had a net margin of 11.40% and a return on equity of 60.87%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.52 billion. During the same quarter in the prior year, the firm earned $2.56 EPS. The business’s revenue was up 14.7% on a year-over-year basis. On average, equities analysts anticipate that LyondellBasell Industries NV will post $9.89 EPS for the current fiscal year.
LyondellBasell Industries NV declared that its board has approved a stock repurchase plan on Wednesday, May 24th that authorizes the company to buyback 1,000% of shares. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 13th. Shareholders of record on Wednesday, September 6th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend was Friday, September 1st. LyondellBasell Industries NV’s dividend payout ratio (DPR) is presently 40.18%.
LYB has been the subject of a number of recent research reports. Cowen and Company reissued a “hold” rating and issued a $90.00 target price on shares of LyondellBasell Industries NV in a research report on Monday, August 28th. Sanford C. Bernstein reissued an “outperform” rating and issued a $110.00 target price on shares of LyondellBasell Industries NV in a research report on Wednesday, June 28th. HSBC Holdings plc initiated coverage on LyondellBasell Industries NV in a research report on Monday, June 26th. They issued a “buy” rating and a $101.00 target price for the company. Jefferies Group LLC reissued a “hold” rating and issued a $88.00 target price on shares of LyondellBasell Industries NV in a research report on Friday, June 16th. Finally, Zacks Investment Research downgraded LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. LyondellBasell Industries NV presently has a consensus rating of “Hold” and an average target price of $95.67.
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In other LyondellBasell Industries NV news, Director Jagjeet S. Bindra sold 3,224 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $89.20, for a total transaction of $287,580.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.09% of the stock is owned by corporate 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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