Paloma Partners Management Co boosted its position in LyondellBasell Industries NV (NYSE:LYB) by 123.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,004 shares of the specialty chemicals company’s stock after purchasing an additional 63,980 shares during the period. Paloma Partners Management Co’s holdings in LyondellBasell Industries were worth $9,992,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norinchukin Bank The increased its stake in LyondellBasell Industries by 0.4% in the 1st quarter. Norinchukin Bank The now owns 58,745 shares of the specialty chemicals company’s stock valued at $4,939,000 after purchasing an additional 205 shares in the last quarter. Coastal Investment Advisors Inc. increased its stake in LyondellBasell Industries by 58.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 4,041 shares of the specialty chemicals company’s stock valued at $349,000 after purchasing an additional 1,483 shares in the last quarter. Barnett & Company Inc. purchased a new position in LyondellBasell Industries in the 2nd quarter valued at approximately $43,000. Bell Bank increased its stake in LyondellBasell Industries by 125.1% in the 1st quarter. Bell Bank now owns 41,717 shares of the specialty chemicals company’s stock valued at $3,508,000 after purchasing an additional 23,188 shares in the last quarter. Finally, Ackerman Capital Advisors LLC purchased a new position in LyondellBasell Industries in the 2nd quarter valued at approximately $172,260,000. 75.88% of the stock is owned by hedge funds and other institutional investors.
In other LyondellBasell Industries news, CEO Bhavesh V. Patel acquired 7,246 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were acquired at an average price of $68.85 per share, for a total transaction of $498,887.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Ai Investments Holdings Llc acquired 764,501 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $74.61 per share, for a total transaction of $57,039,419.61. The disclosure for this purchase can be found here. Insiders have bought 773,107 shares of company stock worth $57,638,240 in the last 90 days. Insiders own 0.14% of the company’s stock.
LyondellBasell Industries (NYSE:LYB) last posted its quarterly earnings data on Friday, August 2nd. The specialty chemicals company reported $2.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.84 by ($0.09). LyondellBasell Industries had a return on equity of 35.20% and a net margin of 9.83%. The business had revenue of $9.05 billion for the quarter, compared to analyst estimates of $9.26 billion. As a group, analysts anticipate that LyondellBasell Industries NV will post 10.27 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Wednesday, September 4th were issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend was Tuesday, September 3rd. LyondellBasell Industries’s dividend payout ratio (DPR) is 37.27%.
Several equities analysts have weighed in on LYB shares. Deutsche Bank downgraded LyondellBasell Industries from a “buy” rating to a “hold” rating and dropped their price target for the stock from $100.00 to $94.00 in a research report on Monday, June 17th. Nomura dropped their price target on LyondellBasell Industries from $91.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday. Zacks Investment Research downgraded LyondellBasell Industries from a “buy” rating to a “hold” rating and set a $77.00 price target for the company. in a research report on Tuesday, August 13th. Citigroup started coverage on LyondellBasell Industries in a research report on Friday, July 12th. They set a “neutral” rating and a $92.00 price target for the company. Finally, UBS Group raised their price target on LyondellBasell Industries from $86.00 to $89.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $101.82.
LyondellBasell Industries Company Profile
LyondellBasell Industries N.V. operates as a chemical company worldwide. The company operates in six segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; 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 and copolymers.
Further Reading: The limitations of an equal weight rating
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