Norges Bank Invests $280 Million in LyondellBasell Industries N.V. $LYB
by Sarita Garza · The Markets DailyNorges Bank acquired a new position in shares of LyondellBasell Industries N.V. (NYSE:LYB – Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 4,839,261 shares of the specialty chemicals company’s stock, valued at approximately $280,000,000. Norges Bank owned about 1.50% of LyondellBasell Industries at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MTM Investment Management LLC bought a new stake in shares of LyondellBasell Industries in the 2nd quarter valued at about $26,000. Hilltop National Bank bought a new position in shares of LyondellBasell Industries during the 2nd quarter worth approximately $29,000. EMC Capital Management purchased a new stake in LyondellBasell Industries during the second quarter valued at approximately $29,000. Vermillion & White Wealth Management Group LLC boosted its stake in LyondellBasell Industries by 97.8% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 534 shares of the specialty chemicals company’s stock valued at $31,000 after acquiring an additional 264 shares in the last quarter. Finally, Brown Lisle Cummings Inc. grew its holdings in LyondellBasell Industries by 55.2% in the second quarter. Brown Lisle Cummings Inc. now owns 599 shares of the specialty chemicals company’s stock worth $35,000 after purchasing an additional 213 shares during the last quarter. Hedge funds and other institutional investors own 71.20% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of LyondellBasell Industries in a research report on Wednesday, October 8th. BMO Capital Markets dropped their price target on LyondellBasell Industries from $58.00 to $48.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 12th. Mizuho set a $52.00 price objective on shares of LyondellBasell Industries in a report on Monday, November 3rd. JPMorgan Chase & Co. lowered their target price on shares of LyondellBasell Industries from $52.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, November 3rd. Finally, Royal Bank Of Canada cut their price target on shares of LyondellBasell Industries from $64.00 to $54.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $56.19.
Read Our Latest Analysis on LYB
Insider Buying and Selling
In related news, EVP Kimberly A. Foley purchased 5,661 shares of LyondellBasell Industries stock in a transaction that occurred on Wednesday, November 12th. The stock was bought at an average cost of $43.56 per share, for a total transaction of $246,593.16. Following the completion of the transaction, the executive vice president owned 67,688 shares in the company, valued at $2,948,489.28. The trade was a 9.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.14% of the stock is currently owned by company insiders.
LyondellBasell Industries Stock Up 1.8%
LYB stock opened at $49.31 on Monday. The company has a market capitalization of $15.87 billion, a P/E ratio of 64.03 and a beta of 0.87. LyondellBasell Industries N.V. has a 12 month low of $41.58 and a 12 month high of $83.46. The firm’s fifty day simple moving average is $46.60 and its 200-day simple moving average is $53.68. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.77 and a quick ratio of 1.04.
LyondellBasell Industries (NYSE:LYB – Get Free Report) last posted its earnings results on Friday, October 31st. The specialty chemicals company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.21. LyondellBasell Industries had a net margin of 0.74% and a return on equity of 9.35%. The company had revenue of $7.73 billion during the quarter, compared to the consensus estimate of $7.41 billion. During the same period in the previous year, the firm posted $1.88 earnings per share. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. As a group, equities research analysts forecast that LyondellBasell Industries N.V. will post 6.31 earnings per share for the current year.
LyondellBasell Industries Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, December 8th. Stockholders of record on Monday, December 1st will be paid a $1.37 dividend. The ex-dividend date is Monday, December 1st. This represents a $5.48 dividend on an annualized basis and a dividend yield of 11.1%. LyondellBasell Industries’s dividend payout ratio is presently -146.13%.
LyondellBasell Industries Company Profile
LyondellBasell Industries N.V. operates as a chemical company in the United States, Germany, Mexico, Italy, Poland, France, Japan, China, the Netherlands, and internationally. The company operates in six segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology.
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