Artemis Investment Management LLP Acquires New Stake in LyondellBasell Industries NV (LYB)
Artemis Investment Management LLP acquired a new position in shares of LyondellBasell Industries NV (NYSE:LYB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 154,503 shares of the specialty chemicals company’s stock, valued at approximately $13,041,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. increased its position in LyondellBasell Industries NV by 2,032.9% in the first quarter. BlackRock Inc. now owns 20,062,376 shares of the specialty chemicals company’s stock worth $1,829,488,000 after buying an additional 19,121,769 shares during the last quarter. FMR LLC increased its position in LyondellBasell Industries NV by 20.7% in the first quarter. FMR LLC now owns 29,128,736 shares of the specialty chemicals company’s stock worth $2,656,249,000 after buying an additional 4,990,465 shares during the last quarter. Beutel Goodman & Co Ltd. acquired a new position in LyondellBasell Industries NV during the second quarter worth approximately $102,907,000. Schroder Investment Management Group increased its position in LyondellBasell Industries NV by 31.8% in the first quarter. Schroder Investment Management Group now owns 3,082,478 shares of the specialty chemicals company’s stock worth $281,337,000 after buying an additional 743,569 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in LyondellBasell Industries NV by 2.5% in the first quarter. Vanguard Group Inc. now owns 24,056,326 shares of the specialty chemicals company’s stock worth $2,193,697,000 after buying an additional 587,985 shares during the last quarter. Institutional investors and hedge funds own 73.79% of the company’s stock.
Shares of LyondellBasell Industries NV (NYSE:LYB) opened at 90.25 on Friday. LyondellBasell Industries NV has a 52-week low of $74.02 and a 52-week high of $97.64. The firm’s 50-day moving average price is $88.28 and its 200-day moving average price is $86.36. The firm has a market capitalization of $35.72 billion, a PE ratio of 10.08 and a beta of 1.04.
LyondellBasell Industries NV (NYSE:LYB) last announced its quarterly earnings data on Friday, July 28th. The specialty chemicals company reported $2.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.68 by $0.14. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.52 billion. LyondellBasell Industries NV had a return on equity of 60.87% and a net margin of 11.40%. LyondellBasell Industries NV’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.56 earnings per share. On average, equities analysts predict that LyondellBasell Industries NV will post $9.89 earnings per share for the current fiscal year.
LyondellBasell Industries NV declared that its Board of Directors has approved a share buyback plan on Wednesday, May 24th that authorizes the company to repurchase 1,000% of shares. This repurchase authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 13th. Shareholders of record on Wednesday, September 6th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Friday, September 1st. This represents a $3.60 dividend on an annualized basis and a yield of 3.99%. LyondellBasell Industries NV’s payout ratio is currently 40.18%.
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LYB has been the topic of a number of recent analyst reports. Bank of America Corporation downgraded LyondellBasell Industries NV from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $98.00 to $70.00 in a report on Monday, May 8th. Vertical Research upgraded LyondellBasell Industries NV from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a report on Tuesday, May 9th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $110.00 price objective on shares of LyondellBasell Industries NV in a report on Wednesday, June 28th. HSBC Holdings plc initiated coverage on LyondellBasell Industries NV in a report on Monday, June 26th. They issued a “buy” rating and a $101.00 price objective on the stock. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $88.00 price objective on shares of LyondellBasell Industries NV in a report on Friday, June 16th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $95.67.
In other LyondellBasell Industries NV news, Director Jagjeet S. Bindra sold 3,224 shares of LyondellBasell Industries NV 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.09% of the company’s stock.
LyondellBasell Industries NV Company Profile
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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