Sit Investment Associates Inc. Decreases Stake in LyondellBasell Industries (LYB)
Sit Investment Associates Inc. reduced its stake in LyondellBasell Industries (NYSE:LYB) by 22.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 209,015 shares of the company’s stock after selling 61,640 shares during the period. Sit Investment Associates Inc.’s holdings in LyondellBasell Industries were worth $15,555,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in LYB. Americafirst Capital Management LLC bought a new position in LyondellBasell Industries during the second quarter valued at approximately $106,000. Daiwa SB Investments Ltd. increased its position in LyondellBasell Industries by 8.3% in the second quarter. Daiwa SB Investments Ltd. now owns 1,830 shares of the company’s stock valued at $135,000 after buying an additional 140 shares during the period. MU Investments Co. Ltd. bought a new position in LyondellBasell Industries during the second quarter valued at approximately $159,000. Checchi Capital Advisers LLC increased its position in LyondellBasell Industries by 0.3% in the second quarter. Checchi Capital Advisers LLC now owns 2,271 shares of the company’s stock valued at $169,000 after buying an additional 7 shares during the period. Finally, BKD Wealth Advisors LLC increased its position in LyondellBasell Industries by 15.1% in the second quarter. BKD Wealth Advisors LLC now owns 2,982 shares of the company’s stock valued at $222,000 after buying an additional 391 shares during the period. 71.62% of the stock is currently owned by institutional investors and hedge funds.
Shares of LyondellBasell Industries (NYSE:LYB) traded up 3.48% during trading on Thursday, hitting $84.16. The stock had a trading volume of 4,283,869 shares. The firm’s 50-day moving average is $78.47 and its 200 day moving average is $80.25. LyondellBasell Industries has a 52-week low of $69.10 and a 52-week high of $98.25. The firm has a market cap of $34.99 billion, a price-to-earnings ratio of 9.09 and a beta of 1.46.
LyondellBasell Industries (NYSE:LYB) last issued its quarterly earnings results on Friday, July 29th. The company reported $2.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by $0.06. The business had revenue of $7.33 billion for the quarter, compared to analysts’ expectations of $7.64 billion. LyondellBasell Industries had a return on equity of 66.25% and a net margin of 13.91%. The business’s revenue for the quarter was down 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.81 EPS. On average, analysts expect that LyondellBasell Industries will post $9.61 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Tuesday, August 16th were given a dividend of $0.85 per share. The ex-dividend date was Friday, August 12th. This represents a $3.40 dividend on an annualized basis and a yield of 4.18%. LyondellBasell Industries’s dividend payout ratio is currently 36.68%.
Several research firms have recently commented on LYB. Citigroup Inc. decreased their price objective on LyondellBasell Industries from $96.00 to $81.00 and set a “neutral” rating on the stock in a research note on Friday, July 15th. Nomura reaffirmed a “hold” rating on shares of LyondellBasell Industries in a research note on Monday, July 11th. Vetr downgraded LyondellBasell Industries from a “buy” rating to a “hold” rating and set a $82.00 price objective on the stock. in a research note on Monday, August 22nd. JPMorgan Chase & Co. downgraded LyondellBasell Industries from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $100.00 to $80.00 in a research note on Thursday, June 23rd. Finally, Argus reaffirmed a “hold” rating on shares of LyondellBasell Industries in a research note on Thursday, August 18th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. LyondellBasell Industries presently has an average rating of “Hold” and an average price target of $89.87.
In other LyondellBasell Industries news, Director Jagjeet S. Bindra sold 3,750 shares of the stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $80.01, for a total transaction of $300,037.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.14% of the company’s stock.
LyondellBasell Industries Company Profile
LyondellBasell Industries N.V. is a global chemical company. The Company’s segments include Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining, and Technology. Its O&P-Americas segment produces and markets olefins, including ethylene and ethylene co-products, and polyolefins.
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