Wedbush Securities Inc. purchased a new position in LyondellBasell Industries NV (NYSE:LYB) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,883 shares of the specialty chemicals company’s stock, valued at approximately $501,000.
A number of other hedge funds also recently added to or reduced their stakes in the business. Assetmark Inc. grew its stake in LyondellBasell Industries by 9.3% in the 3rd quarter. Assetmark Inc. now owns 46,976 shares of the specialty chemicals company’s stock worth $4,816,000 after buying an additional 4,003 shares in the last quarter. Accident Compensation Corp grew its stake in LyondellBasell Industries by 9.7% in the 3rd quarter. Accident Compensation Corp now owns 34,907 shares of the specialty chemicals company’s stock worth $3,578,000 after buying an additional 3,100 shares in the last quarter. Renaissance Technologies LLC grew its stake in LyondellBasell Industries by 268.7% in the 3rd quarter. Renaissance Technologies LLC now owns 453,900 shares of the specialty chemicals company’s stock worth $46,529,000 after buying an additional 330,800 shares in the last quarter. Riverhead Capital Management LLC grew its stake in LyondellBasell Industries by 8.0% in the 3rd quarter. Riverhead Capital Management LLC now owns 54,822 shares of the specialty chemicals company’s stock worth $5,620,000 after buying an additional 4,056 shares in the last quarter. Finally, Cpwm LLC grew its stake in LyondellBasell Industries by 420.2% in the 3rd quarter. Cpwm LLC now owns 15,533 shares of the specialty chemicals company’s stock worth $1,592,000 after buying an additional 12,547 shares in the last quarter. 73.24% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on the stock. Cowen upped their price objective on shares of LyondellBasell Industries from $110.00 to $113.00 and gave the company a “market perform” rating in a research note on Friday, August 10th. Zacks Investment Research cut shares of LyondellBasell Industries from a “buy” rating to a “hold” rating in a research note on Friday, August 24th. BNP Paribas assumed coverage on shares of LyondellBasell Industries in a research note on Tuesday, October 2nd. They issued an “outperform” rating and a $129.00 price objective for the company. Standpoint Research raised shares of LyondellBasell Industries from a “hold” rating to a “buy” rating in a research note on Friday, October 12th. Finally, Nomura cut their price objective on shares of LyondellBasell Industries from $118.00 to $113.00 and set a “neutral” rating for the company in a research note on Monday, October 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. LyondellBasell Industries currently has a consensus rating of “Hold” and a consensus target price of $116.88.
LyondellBasell Industries (NYSE:LYB) last announced its quarterly earnings results on Tuesday, October 30th. The specialty chemicals company reported $2.96 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.68 by $0.28. The business had revenue of $10.16 billion during the quarter, compared to analysts’ expectations of $9.95 billion. LyondellBasell Industries had a net margin of 15.01% and a return on equity of 47.35%. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.67 EPS. As a group, equities research analysts forecast that LyondellBasell Industries NV will post 11.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 10th will be given a dividend of $1.00 per share. The ex-dividend date is Friday, December 7th. This represents a $4.00 annualized dividend and a yield of 4.74%. This is a boost from LyondellBasell Industries’s previous quarterly dividend of $0.78. LyondellBasell Industries’s dividend payout ratio is presently 39.10%.
In other news, major shareholder Ai Investments Holdings Llc purchased 131,870 shares of the company’s stock in a transaction on Monday, November 5th. The stock was acquired at an average price of $93.10 per share, with a total value of $12,277,097.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robin W.T. Buchanan purchased 5,000 shares of the company’s stock in a transaction on Thursday, December 6th. The shares were purchased at an average cost of $88.63 per share, with a total value of $443,150.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 4,401,236 shares of company stock valued at $418,531,263 in the last three months. 0.09% of the stock is currently owned by corporate insiders.
LyondellBasell Industries Profile
LyondellBasell Industries N.V. operates as a chemical company worldwide. The company operates in five segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Refining; and Technology. It produces and markets olefins and co-products; polyethylene products, which consist of high density polyethylene, low density polyethylene, and linear low density polyethylene; and polypropylene (PP) products, such as PP homopolymers, copolymers, and compounds.
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