Convergence Investment Partners LLC Has $908,000 Position in LyondellBasell Industries NV (LYB)
Convergence Investment Partners LLC decreased its position in shares of LyondellBasell Industries NV (NYSE:LYB) by 23.8% during the second quarter, Holdings Channel reports. The fund owned 10,755 shares of the specialty chemicals company’s stock after selling 3,358 shares during the period. Convergence Investment Partners LLC’s holdings in LyondellBasell Industries NV were worth $908,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Harbour Capital Advisors LLC bought a new position in LyondellBasell Industries NV during the first quarter worth $107,000. TrimTabs Asset Management LLC boosted its position in LyondellBasell Industries NV by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 1,358 shares of the specialty chemicals company’s stock worth $124,000 after buying an additional 640 shares during the last quarter. Point72 Asia Hong Kong Ltd bought a new position in LyondellBasell Industries NV during the first quarter worth $132,000. American Beacon Advisors Inc. bought a new position in LyondellBasell Industries NV during the first quarter worth $161,000. Finally, Seven Bridges Advisors LLC boosted its position in LyondellBasell Industries NV by 32.8% in the second quarter. Seven Bridges Advisors LLC now owns 1,936 shares of the specialty chemicals company’s stock worth $163,000 after buying an additional 478 shares during the last quarter. 74.23% of the stock is currently owned by hedge funds and other institutional investors.
Shares of LyondellBasell Industries NV (NYSE:LYB) opened at 87.66 on Thursday. LyondellBasell Industries NV has a 52 week low of $74.02 and a 52 week high of $97.64. The company’s 50-day moving average price is $86.72 and its 200 day moving average price is $86.66. The company has a market cap of $34.70 billion, a P/E ratio of 9.79 and a beta of 1.06.
LyondellBasell Industries NV (NYSE:LYB) last released its earnings results on Friday, July 28th. The specialty chemicals company reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.14. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.52 billion. LyondellBasell Industries NV had a return on equity of 60.87% and a net margin of 11.40%. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.56 earnings per share. Equities research analysts anticipate that LyondellBasell Industries NV will post $9.89 earnings per share for the current fiscal year.
LyondellBasell Industries NV declared that its board has authorized a stock repurchase plan on Wednesday, May 24th that permits the company to repurchase 1,000% of outstanding shares. This repurchase authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
A number of research firms have recently weighed in on LYB. UBS AG reaffirmed a “neutral” rating and set a $85.00 price objective (down from $94.00) on shares of LyondellBasell Industries NV in a research report on Sunday, June 25th. BidaskClub cut LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Deutsche Bank AG reaffirmed a “buy” rating and set a $94.00 price objective (up from $90.00) on shares of LyondellBasell Industries NV in a research report on Monday, July 31st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $92.00 price objective on shares of LyondellBasell Industries NV in a research report on Friday, July 14th. Finally, Zacks Investment Research cut LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. LyondellBasell Industries NV presently has an average rating of “Hold” and an average price target of $94.81.
In other news, Director Jagjeet S. Bindra sold 3,224 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $89.20, for a total value of $287,580.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.14% of the company’s stock.
About LyondellBasell Industries NV
LyondellBasell Industries N.V. is a chemical company. The Company operates in five segments: Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining and Technology. The O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene.
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