The Manufacturers Life Insurance Company boosted its stake in shares of LyondellBasell Industries NV (NYSE:LYB) by 94.3% in the third quarter, HoldingsChannel.com reports. The firm owned 618,697 shares of the specialty chemicals company’s stock after purchasing an additional 300,193 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in LyondellBasell Industries were worth $63,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently added to or reduced their stakes in the company. Scopus Asset Management L.P. acquired a new position in LyondellBasell Industries during the 2nd quarter valued at approximately $10,985,000. Green Square Capital LLC boosted its position in LyondellBasell Industries by 133.2% during the 2nd quarter. Green Square Capital LLC now owns 13,024 shares of the specialty chemicals company’s stock worth $1,431,000 after acquiring an additional 7,440 shares during the period. Alps Advisors Inc. boosted its position in LyondellBasell Industries by 16.1% during the 3rd quarter. Alps Advisors Inc. now owns 472,161 shares of the specialty chemicals company’s stock worth $48,401,000 after acquiring an additional 65,447 shares during the period. Nisa Investment Advisors LLC boosted its position in LyondellBasell Industries by 40.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 65,395 shares of the specialty chemicals company’s stock worth $6,704,000 after acquiring an additional 18,935 shares during the period. Finally, First Citizens Bank & Trust Co. boosted its position in LyondellBasell Industries by 121.1% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 28,955 shares of the specialty chemicals company’s stock worth $2,968,000 after acquiring an additional 15,862 shares during the period. Institutional investors and hedge funds own 73.09% of the company’s stock.
A number of research analysts have issued reports on LYB shares. JPMorgan Chase & Co. lowered LyondellBasell Industries from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $110.00 to $95.00 in a research report on Wednesday, September 19th. Citigroup lowered LyondellBasell Industries from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $125.00 to $109.00 in a research report on Monday, September 17th. Zacks Investment Research lowered LyondellBasell Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 24th. Nomura reduced their price target on LyondellBasell Industries from $113.00 to $102.00 and set a “neutral” rating for the company in a research report on Wednesday, October 31st. Finally, HSBC upgraded LyondellBasell Industries from a “hold” rating to a “buy” rating and set a $124.00 price target for the company in a research report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $116.88.
LyondellBasell Industries (NYSE:LYB) last posted its quarterly earnings data on Tuesday, October 30th. The specialty chemicals company reported $2.96 EPS for the quarter, topping the Zacks’ consensus estimate of $2.68 by $0.28. LyondellBasell Industries had a return on equity of 47.35% and a net margin of 15.01%. The company had revenue of $10.16 billion for the quarter, compared to the consensus estimate of $9.95 billion. During the same quarter in the previous year, the business earned $2.67 EPS. The company’s quarterly revenue was up 19.2% compared to the same quarter last year. On average, research analysts forecast that LyondellBasell Industries NV will post 11.67 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 10th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date of this dividend is Friday, December 7th. This is an increase from LyondellBasell Industries’s previous quarterly dividend of $0.78. LyondellBasell Industries’s payout ratio is currently 39.10%.
In related news, Director Robin W.T. Buchanan bought 5,000 shares of the business’s stock in a transaction dated Thursday, December 6th. The shares were bought at an average cost of $88.63 per share, with a total value of $443,150.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ai Investments Holdings Llc bought 2,186,973 shares of the business’s stock in a transaction dated Tuesday, November 13th. The shares were bought at an average cost of $95.60 per share, for a total transaction of $209,074,618.80. The disclosure for this purchase can be found here. Insiders bought a total of 4,401,236 shares of company stock worth $418,531,263 in the last three months. Company insiders own 0.09% of the company’s stock.
About LyondellBasell Industries
LyondellBasell Industries N.V. operates as a chemical company worldwide. The company operates in five segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Refining; and Technology. It produces and markets olefins and co-products; polyethylene products, which consist of high density polyethylene, low density polyethylene, and linear low density polyethylene; and polypropylene (PP) products, such as PP homopolymers, copolymers, and compounds.
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