Wedge Capital Management L L P NC cut its stake in shares of LyondellBasell Industries (NYSE:LYB) by 1.8% during the second quarter, Holdings Channel reports. The fund owned 96,968 shares of the company’s stock after selling 1,736 shares during the period. Wedge Capital Management L L P NC’s holdings in LyondellBasell Industries were worth $7,216,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in LYB. Americafirst Capital Management LLC purchased a new position in LyondellBasell Industries during the second quarter valued at about $106,000. Daiwa SB Investments Ltd. raised its position in shares of LyondellBasell Industries by 8.3% in the second quarter. Daiwa SB Investments Ltd. now owns 1,830 shares of the company’s stock valued at $135,000 after buying an additional 140 shares in the last quarter. MU Investments Co. Ltd. bought a new position in shares of LyondellBasell Industries during the second quarter valued at $159,000. Checchi Capital Advisers LLC raised its position in shares of LyondellBasell Industries by 0.3% in the second quarter. Checchi Capital Advisers LLC now owns 2,271 shares of the company’s stock valued at $169,000 after buying an additional 7 shares in the last quarter. Finally, BKD Wealth Advisors LLC raised its position in shares of LyondellBasell Industries by 15.1% in the second quarter. BKD Wealth Advisors LLC now owns 2,982 shares of the company’s stock valued at $222,000 after buying an additional 391 shares in the last quarter. Institutional investors and hedge funds own 71.63% of the company’s stock.
LyondellBasell Industries (NYSE:LYB) traded down 0.03% on Monday, hitting $79.53. 3,445,081 shares of the stock were exchanged. The stock has a market cap of $33.06 billion, a price-to-earnings ratio of 8.59 and a beta of 1.46. The company has a 50-day moving average of $78.99 and a 200-day moving average of $80.11. LyondellBasell Industries has a 12 month low of $69.10 and a 12 month high of $97.20.
LyondellBasell Industries (NYSE:LYB) last issued its quarterly earnings results on Friday, July 29th. The company reported $2.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by $0.06. LyondellBasell Industries had a net margin of 13.91% and a return on equity of 66.25%. The business had revenue of $7.33 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same period last year, the business earned $2.81 earnings per share. The company’s revenue was down 19.9% on a year-over-year basis. On average, equities analysts predict that LyondellBasell Industries will post $9.61 EPS for the current year.
LYB has been the topic of several research reports. JPMorgan Chase & Co. lowered shares of LyondellBasell Industries from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $100.00 to $80.00 in a report on Thursday, June 23rd. Vetr upgraded shares of LyondellBasell Industries from a “buy” rating to a “strong-buy” rating and set a $85.17 price objective on the stock in a report on Monday, June 27th. Royal Bank Of Canada lowered shares of LyondellBasell Industries from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $100.00 to $84.00 in a report on Monday, June 27th. Jefferies Group reiterated a “hold” rating and set a $84.00 price objective (down previously from $91.00) on shares of LyondellBasell Industries in a report on Tuesday, July 5th. Finally, Nomura dropped their price objective on shares of LyondellBasell Industries from $89.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, July 11th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company. LyondellBasell Industries has a consensus rating of “Hold” and a consensus price target of $90.19.
In related news, Director Jagjeet S. Bindra sold 3,750 shares of LyondellBasell Industries stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $80.01, for a total transaction of $300,037.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.14% of the company’s stock.
About LyondellBasell Industries
LyondellBasell Industries N.V. is a global chemical company. The Company’s segments include Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining, and Technology. Its O&P-Americas segment produces and markets olefins, including ethylene and ethylene co-products, and polyolefins.
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