Zacks Investment Research downgraded shares of Sinopec Shanghai Petrochemical Co. (NYSE:SHI) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

According to Zacks, “Shanghai Petrochemical Company Ltd. is a China’s largest petrochemical company. The Company processes crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. “

Sinopec Shanghai Petrochemical (NYSE:SHI) opened at 50.63 on Friday. The firm has a market capitalization of $5.47 billion, a P/E ratio of 7.91 and a beta of 0.61. Sinopec Shanghai Petrochemical has a 52-week low of $34.37 and a 52-week high of $53.69. The firm’s 50-day moving average is $51.03 and its 200-day moving average is $49.14.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SHI. BlackRock Inc. boosted its position in Sinopec Shanghai Petrochemical by 1.8% in the first quarter. BlackRock Inc. now owns 8,782 shares of the company’s stock worth $443,000 after buying an additional 156 shares in the last quarter. Advisors Asset Management Inc. boosted its position in Sinopec Shanghai Petrochemical by 4.8% in the second quarter. Advisors Asset Management Inc. now owns 4,772 shares of the company’s stock worth $219,000 after buying an additional 217 shares in the last quarter. Oxford Asset Management boosted its position in Sinopec Shanghai Petrochemical by 5.1% in the second quarter. Oxford Asset Management now owns 13,271 shares of the company’s stock worth $609,000 after buying an additional 642 shares in the last quarter. Dorsey Wright & Associates boosted its position in Sinopec Shanghai Petrochemical by 44.0% in the third quarter. Dorsey Wright & Associates now owns 9,627 shares of the company’s stock worth $493,000 after buying an additional 2,942 shares in the last quarter. Finally, Parametric Portfolio Associates LLC boosted its position in Sinopec Shanghai Petrochemical by 10.4% in the second quarter. Parametric Portfolio Associates LLC now owns 29,046 shares of the company’s stock worth $1,332,000 after buying an additional 2,728 shares in the last quarter. Hedge funds and other institutional investors own 0.25% of the company’s stock.

About Sinopec Shanghai Petrochemical

Sinopec Shanghai Petrochemical Company Limited is a petrochemical Company. The Company is engaged in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The Company has five segments: synthetic fibres, resins and plastics, intermediate petrochemicals, petroleum products and trading of petrochemical products.

5 Day Chart for NYSE:SHI

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