Zurcher Kantonalbank Zurich Cantonalbank Sells 58,523 Shares of LyondellBasell Industries NV (LYB)
Zurcher Kantonalbank Zurich Cantonalbank decreased its position in LyondellBasell Industries NV (NYSE:LYB) by 17.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 283,109 shares of the specialty chemicals company’s stock after selling 58,523 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.07% of LyondellBasell Industries NV worth $23,892,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Harbour Capital Advisors LLC acquired a new stake in shares of LyondellBasell Industries NV during the first quarter worth $107,000. TrimTabs Asset Management LLC boosted its stake 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 worth $124,000 after buying an additional 640 shares in the last quarter. Point72 Asia Hong Kong Ltd acquired a new stake in shares of LyondellBasell Industries NV during the first quarter worth $132,000. American Beacon Advisors Inc. acquired a new stake in shares of LyondellBasell Industries NV during the first quarter worth $161,000. Finally, Seven Bridges Advisors LLC boosted its stake 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 worth $163,000 after buying an additional 478 shares in the last quarter. Hedge funds and other institutional investors own 73.79% of the company’s stock.
LyondellBasell Industries NV (LYB) opened at 90.26 on Monday. The stock has a market cap of $35.73 billion, a P/E ratio of 10.08 and a beta of 1.06. LyondellBasell Industries NV has a one year low of $74.02 and a one year high of $97.64. The stock has a 50 day moving average of $87.52 and a 200-day moving average of $86.42.
LyondellBasell Industries NV (NYSE:LYB) last issued its earnings results on Friday, July 28th. The specialty chemicals company reported $2.82 earnings per share (EPS) for the quarter, topping 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 last year, the business earned $2.56 earnings per share. The company’s revenue was up 14.7% compared to the same quarter last year. Analysts anticipate that LyondellBasell Industries NV will post $9.89 EPS for the current year.
LyondellBasell Industries NV declared that its Board of Directors has initiated a share buyback program on Wednesday, May 24th that authorizes the company to buyback 1,000% of outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are 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 issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Friday, September 1st. LyondellBasell Industries NV’s dividend payout ratio (DPR) is currently 40.18%.
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A number of brokerages have commented on LYB. UBS AG restated a “neutral” rating and set a $85.00 price objective (down previously from $94.00) on shares of LyondellBasell Industries NV in a research report on Sunday, June 25th. Jefferies Group LLC set a $88.00 price objective on shares of LyondellBasell Industries NV and gave the stock a “hold” rating in a research report on Monday, August 21st. BidaskClub downgraded shares of LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Deutsche Bank AG restated a “buy” rating and set a $94.00 price objective (up previously from $90.00) on shares of LyondellBasell Industries NV in a research report on Monday, July 31st. Finally, Royal Bank Of Canada restated a “hold” rating and set a $92.00 price objective on shares of LyondellBasell Industries NV in a research report on Friday, July 14th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently 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 the firm’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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.09% of the stock is currently owned by company insiders.
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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