CSU Producer Resources Inc. Holds Stake in LyondellBasell Industries NV (LYB)
CSU Producer Resources Inc. held its position in shares of LyondellBasell Industries NV (NYSE:LYB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,334 shares of the specialty chemicals company’s stock at the end of the second quarter. LyondellBasell Industries NV accounts for approximately 5.2% of CSU Producer Resources Inc.’s investment portfolio, making the stock its 10th largest position. CSU Producer Resources Inc.’s holdings in LyondellBasell Industries NV were worth $1,041,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbour Capital Advisors LLC bought a new position in shares of LyondellBasell Industries NV during the first quarter valued at $107,000. TrimTabs Asset Management LLC raised its position in shares of 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 valued at $124,000 after buying an additional 640 shares in the last quarter. Point72 Asia Hong Kong Ltd bought a new position in shares of LyondellBasell Industries NV during the first quarter valued at $132,000. American Beacon Advisors Inc. bought a new position in shares of LyondellBasell Industries NV during the first quarter valued at $161,000. Finally, Seven Bridges Advisors LLC raised its position in shares of 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 valued at $163,000 after buying an additional 478 shares in the last quarter. 73.79% of the stock is owned by institutional investors.
LyondellBasell Industries NV (LYB) opened at 90.32 on Tuesday. LyondellBasell Industries NV has a 1-year low of $74.02 and a 1-year high of $97.64. The firm has a market capitalization of $35.75 billion, a price-to-earnings ratio of 10.08 and a beta of 1.06. The firm’s 50-day moving average is $87.52 and its 200-day moving average is $86.42.
LyondellBasell Industries NV (NYSE:LYB) last released its earnings results on Friday, July 28th. The specialty chemicals company reported $2.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.68 by $0.14. LyondellBasell Industries NV had a return on equity of 60.87% and a net margin of 11.40%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.52 billion. During the same quarter in the previous year, the business posted $2.56 earnings per share. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. On average, equities analysts anticipate that LyondellBasell Industries NV will post $9.89 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 13th. Stockholders of record on Wednesday, September 6th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Friday, September 1st. LyondellBasell Industries NV’s dividend payout ratio (DPR) is currently 40.18%.
LyondellBasell Industries NV announced that its board has authorized a stock buyback program on Wednesday, May 24th that permits the company to buyback 1,000% of outstanding shares. This buyback authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
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Several brokerages have weighed in on LYB. UBS AG reissued a “neutral” rating and set a $85.00 price objective (down from $94.00) on shares of LyondellBasell Industries NV in a report on Sunday, June 25th. Jefferies Group LLC set a $88.00 price target on shares of LyondellBasell Industries NV and gave the company a “hold” rating in a report on Monday, August 21st. BidaskClub lowered shares of LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Cowen and Company reaffirmed a “hold” rating and issued a $90.00 price target on shares of LyondellBasell Industries NV in a report on Monday. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $94.00 price target (up from $90.00) on shares of LyondellBasell Industries NV in a report on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $95.67.
In other news, Director Jagjeet S. Bindra sold 3,224 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $89.20, for a total transaction of $287,580.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.09% 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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