Wedbush Securities Inc. Sells 9,014 Shares of LyondellBasell Industries NV (LYB)
Wedbush Securities Inc. reduced its stake in shares of LyondellBasell Industries NV (NYSE:LYB) by 66.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,544 shares of the specialty chemicals company’s stock after selling 9,014 shares during the period. Wedbush Securities Inc.’s holdings in LyondellBasell Industries NV were worth $383,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of LYB. Harbour Capital Advisors LLC acquired a new stake in LyondellBasell Industries NV during the first quarter valued at approximately $107,000. TrimTabs Asset Management LLC raised its stake in 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 during the last quarter. Point72 Asia Hong Kong Ltd acquired a new stake in LyondellBasell Industries NV during the first quarter valued at approximately $132,000. American Beacon Advisors Inc. acquired a new stake in LyondellBasell Industries NV during the first quarter valued at approximately $161,000. Finally, Seven Bridges Advisors LLC raised its stake in 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 during the last quarter. 74.23% of the stock is currently owned by institutional investors.
LyondellBasell Industries NV (NYSE LYB) opened at 86.23 on Friday. The company’s 50 day moving average is $86.78 and its 200 day moving average is $86.66. The firm has a market cap of $34.13 billion, a P/E ratio of 9.63 and a beta of 1.06. LyondellBasell Industries NV has a 52-week low of $74.02 and a 52-week high of $97.64.
LyondellBasell Industries NV (NYSE:LYB) last released its quarterly earnings data on Friday, July 28th. The specialty chemicals company reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.68 by $0.14. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.52 billion. LyondellBasell Industries NV had a net margin of 11.40% and a return on equity of 60.87%. The firm’s revenue was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.56 earnings per share. Equities research analysts forecast that LyondellBasell Industries NV will post $9.89 EPS for the current fiscal year.
LyondellBasell Industries NV declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 24th that allows the company to buyback 1,000% of shares. This buyback authorization allows the specialty chemicals company to buy 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.
Several equities research analysts have commented on the stock. UBS AG reaffirmed 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 shares of LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. 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. Royal Bank Of Canada reiterated a “hold” rating and issued a $92.00 price objective on shares of LyondellBasell Industries NV in a research report on Friday, July 14th. Finally, Zacks Investment Research downgraded shares of LyondellBasell Industries NV from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, eight 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 $94.81.
In related news, Director Jagjeet S. Bindra sold 3,224 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $89.20, for a total transaction of $287,580.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.14% of the stock is currently owned by insiders.
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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