Sumitomo Mitsui Trust Group Inc. cut its position in LyondellBasell Industries N.V. (NYSE:LYB – Free Report) by 6.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 596,210 shares of the specialty chemicals company’s stock after selling 42,416 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in LyondellBasell Industries were worth $34,264,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in LYB. BlackRock Inc. grew its holdings in shares of LyondellBasell Industries by 16.7% during the second quarter. BlackRock Inc. now owns 29,298,859 shares of the specialty chemicals company’s stock worth $1,542,585,000 after purchasing an additional 4,185,571 shares during the last quarter. State Street Corp increased its stake in shares of LyondellBasell Industries by 9.1% in the second quarter. State Street Corp now owns 14,734,948 shares of the specialty chemicals company’s stock valued at $775,795,000 after buying an additional 1,225,833 shares during the period. Assenagon Asset Management S.A. raised its holdings in LyondellBasell Industries by 734.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 884,436 shares of the specialty chemicals company’s stock valued at $46,566,000 after buying an additional 778,459 shares during the last quarter. Royal Bank of Canada raised its holdings in LyondellBasell Industries by 23.0% in the 1st quarter. Royal Bank of Canada now owns 3,534,647 shares of the specialty chemicals company’s stock valued at $284,750,000 after buying an additional 660,340 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in LyondellBasell Industries by 46.7% during the 1st quarter. Bank of America Corp DE now owns 1,547,735 shares of the specialty chemicals company’s stock worth $124,686,000 after buying an additional 492,753 shares during the period. 71.20% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
LYB has been the topic of a number of research reports. Wells Fargo & Company boosted their target price on shares of LyondellBasell Industries from $70.00 to $76.00 and gave the stock an “overweight” rating in a report on Monday. Bank of America restated an “underperform” rating and issued a $66.00 price target on shares of LyondellBasell Industries in a research report on Monday. Barclays raised their price target on shares of LyondellBasell Industries from $66.00 to $69.00 and gave the company an “equal weight” rating in a research note on Monday. KeyCorp initiated coverage on shares of LyondellBasell Industries in a report on Thursday, September 10th. They set a “sector weight” rating on the stock. Finally, JPMorgan Chase & Co. raised shares of LyondellBasell Industries from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $75.00 to $80.00 in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, LyondellBasell Industries currently has an average rating of “Hold” and a consensus target price of $73.22.
LyondellBasell Industries Trading Down 2.2%
Shares of LYB stock opened at $61.57 on Friday. LyondellBasell Industries N.V. has a 1-year low of $41.58 and a 1-year high of $83.94. The company has a current ratio of 1.78, a quick ratio of 1.18 and a debt-to-equity ratio of 0.99. The stock has a market cap of $19.90 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 0.17 and a beta of 0.29. The stock has a 50-day moving average of $62.73 and a 200-day moving average of $63.87.
LyondellBasell Industries (NYSE:LYB – Get Free Report) last posted its quarterly earnings data on Friday, October 30th. The specialty chemicals company reported $2.54 EPS for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.03). The company had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.87 billion. LyondellBasell Industries had a return on equity of 21.94% and a net margin of 4.06%. LyondellBasell Industries’s revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 earnings per share. On average, equities research analysts forecast that LyondellBasell Industries N.V. will post 9.08 earnings per share for the current year.
LyondellBasell Industries Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 24th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Monday, August 24th. LyondellBasell Industries’s dividend payout ratio is currently 69.70%.
About LyondellBasell Industries
LyondellBasell Industries N.V. is a global chemical company that produces polymers, chemicals and related products used in packaging, transportation, construction, healthcare, consumer goods and other industries. Its portfolio includes polyethylene, polypropylene, advanced polymers, propylene oxide, solvents, acetyls and other chemical intermediates.
The company also operates businesses involved in refining and in the development and licensing of chemical and polymer technologies. Its products are used to manufacture items such as food and beverage packaging, automotive components, medical products, coatings, adhesives and household goods.
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