Sinopec Shanghai Petrochemical Co. (NYSE:SHI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday.

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. “

Shares of Sinopec Shanghai Petrochemical (NYSE:SHI) opened at 50.63 on Friday. The firm has a market cap of $5.47 billion, a P/E ratio of 7.91 and a beta of 0.61. Sinopec Shanghai Petrochemical has a 12-month low of $34.37 and a 12-month high of $53.69. The firm has a 50-day moving average of $51.03 and a 200-day moving average of $49.14.

A number of hedge funds and other institutional investors have recently bought and sold shares of SHI. BlackRock Inc. raised 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. Dorsey Wright & Associates acquired a new position in Sinopec Shanghai Petrochemical during the second quarter worth approximately $307,000. Bank of Montreal Can acquired a new position in Sinopec Shanghai Petrochemical during the second quarter worth approximately $242,000. Oxford Asset Management raised 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. Finally, Advisors Asset Management Inc. raised 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. 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.

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