LyondellBasell Industries NV (LYB) Stake Reduced by Rhumbline Advisers
Rhumbline Advisers decreased its stake in LyondellBasell Industries NV (NYSE:LYB) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 528,509 shares of the specialty chemicals company’s stock after selling 433 shares during the period. Rhumbline Advisers’ holdings in LyondellBasell Industries NV were worth $44,601,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Harbour Capital Advisors LLC purchased a new stake in shares of LyondellBasell Industries NV during the first quarter worth approximately $107,000. TrimTabs Asset Management LLC raised 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 during the period. Point72 Asia Hong Kong Ltd purchased a new stake in shares of LyondellBasell Industries NV during the first quarter worth approximately $132,000. American Beacon Advisors Inc. purchased a new stake in shares of LyondellBasell Industries NV during the first quarter worth approximately $161,000. Finally, Seven Bridges Advisors LLC raised 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 during the period. Hedge funds and other institutional investors own 74.76% of the company’s stock.
LyondellBasell Industries NV (NYSE LYB) opened at 87.19 on Friday. The firm has a market cap of $34.51 billion, a P/E ratio of 9.73 and a beta of 1.06. LyondellBasell Industries NV has a 12 month low of $74.02 and a 12 month high of $97.64. The firm’s 50-day moving average price is $86.13 and its 200-day moving average price is $86.89.
LyondellBasell Industries NV (NYSE:LYB) last posted its quarterly earnings data on Friday, July 28th. The specialty chemicals company reported $2.82 EPS 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 net margin of 11.40% and a return on equity of 60.87%. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter last year, the business posted $2.56 EPS. On average, equities research analysts expect that LyondellBasell Industries NV will post $9.89 EPS for the current fiscal year.
LyondellBasell Industries NV announced that its board has approved a stock buyback plan on Wednesday, May 24th that permits the company to repurchase 1,000% of shares. This repurchase authorization permits the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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A number of analysts have recently commented on the company. UBS AG restated a “neutral” rating and issued a $85.00 price target (down from $94.00) on shares of LyondellBasell Industries NV in a report on Sunday, June 25th. BidaskClub lowered LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Deutsche Bank AG restated 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. Zacks Investment Research lowered LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $92.00 price target on shares of LyondellBasell Industries NV in a report on Friday, July 14th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $94.81.
In other LyondellBasell Industries NV news, Director Jagjeet S. Bindra sold 3,224 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $89.20, for a total value of $287,580.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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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