Zacks Investment Research downgraded shares of Sinopec Shanghai Petrochemical Co. (NYSE:SHI) from a strong-buy rating to a hold rating in a research report released on Wednesday.

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 57.76 on Wednesday. Sinopec Shanghai Petrochemical has a 1-year low of $42.64 and a 1-year high of $64.80. The firm’s 50-day moving average is $56.91 and its 200-day moving average is $56.80. The company has a market capitalization of $6.22 billion, a price-to-earnings ratio of 6.42 and a beta of 0.68.

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The company also recently announced an annual dividend, which will be paid on Monday, July 24th. Shareholders of record on Monday, June 19th will be issued a $3.6279 dividend. The ex-dividend date of this dividend is Thursday, June 15th. This is an increase from Sinopec Shanghai Petrochemical’s previous annual dividend of $1.32. This represents a yield of 6.43%. Sinopec Shanghai Petrochemical’s payout ratio is currently 18.06%.

A number of institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. purchased a new position in shares of Sinopec Shanghai Petrochemical during the first quarter worth approximately $492,000. Bank of America Corp DE increased its position in shares of Sinopec Shanghai Petrochemical by 204.4% in the first quarter. Bank of America Corp DE now owns 90,313 shares of the oil and gas company’s stock worth $5,035,000 after buying an additional 60,646 shares in the last quarter. U S Global Investors Inc purchased a new position in shares of Sinopec Shanghai Petrochemical during the first quarter worth approximately $234,000. Renaissance Technologies LLC increased its position in shares of Sinopec Shanghai Petrochemical by 251.9% in the first quarter. Renaissance Technologies LLC now owns 88,150 shares of the oil and gas company’s stock worth $4,915,000 after buying an additional 63,100 shares in the last quarter. Finally, UBS Group AG increased its position in shares of Sinopec Shanghai Petrochemical by 121.8% in the first quarter. UBS Group AG now owns 21,298 shares of the oil and gas company’s stock worth $1,188,000 after buying an additional 11,694 shares in the last quarter. Institutional investors and hedge funds own 0.31% of the company’s stock.

Sinopec Shanghai Petrochemical Company Profile

Sinopec Shanghai Petrochemical Company Limited (Shanghai Petrochemical) is a petrochemical company. The Company and its subsidiaries are principally engaged in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The Company operates in five operating segments.

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