Comerica Bank boosted its position in shares of LyondellBasell Industries NV (NYSE:LYB) by 4.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 88,394 shares of the specialty chemicals company’s stock after buying an additional 3,938 shares during the period. Comerica Bank’s holdings in LyondellBasell Industries NV were worth $7,712,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of LYB. FMR LLC raised its position in LyondellBasell Industries NV by 20.7% in the first quarter. FMR LLC now owns 29,128,736 shares of the specialty chemicals company’s stock valued at $2,656,249,000 after buying an additional 4,990,465 shares during the period. Advisory Services Network LLC bought a new position in LyondellBasell Industries NV during the first quarter valued at approximately $1,746,000. BlackRock Inc. raised its position in LyondellBasell Industries NV by 2,032.9% in the first quarter. BlackRock Inc. now owns 20,062,376 shares of the specialty chemicals company’s stock valued at $1,829,488,000 after buying an additional 19,121,769 shares during the period. South Dakota Investment Council raised its position in LyondellBasell Industries NV by 1.7% in the first quarter. South Dakota Investment Council now owns 140,481 shares of the specialty chemicals company’s stock valued at $12,810,000 after buying an additional 2,400 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new position in LyondellBasell Industries NV during the first quarter valued at approximately $458,000. Hedge funds and other institutional investors own 74.23% of the company’s stock.
Shares of LyondellBasell Industries NV (NYSE LYB) opened at 87.34 on Monday. LyondellBasell Industries NV has a 12 month low of $74.02 and a 12 month high of $97.64. The stock’s 50 day moving average price is $86.89 and its 200-day moving average price is $86.61. The stock has a market capitalization of $34.57 billion, a price-to-earnings ratio of 9.75 and a beta of 1.06.
LyondellBasell Industries NV (NYSE:LYB) last released its quarterly earnings results on Friday, July 28th. The specialty chemicals company reported $2.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.68 by $0.14. LyondellBasell Industries NV had a net margin of 11.40% and a return on equity of 60.87%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.52 billion. During the same period in the prior year, the company earned $2.56 earnings per share. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. Equities analysts forecast that LyondellBasell Industries NV will post $9.89 earnings per share for the current fiscal year.
LyondellBasell Industries NV announced that its board has initiated a share buyback plan on Wednesday, May 24th that permits the company to buyback 1,000% of shares. This buyback authorization permits the specialty chemicals company to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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LYB has been the topic of several research reports. Deutsche Bank AG reissued a “buy” rating and issued a $94.00 price objective (up from $90.00) on shares of LyondellBasell Industries NV in a research report on Monday, July 31st. Vertical Research raised LyondellBasell Industries NV from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a research report on Tuesday, May 9th. HSBC Holdings plc initiated coverage on LyondellBasell Industries NV in a research report on Monday, June 26th. They issued a “buy” rating and a $101.00 price objective on the stock. Royal Bank Of Canada reissued 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, BidaskClub raised LyondellBasell Industries NV from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $94.81.
In other LyondellBasell Industries NV news, Director Jagjeet S. Bindra sold 3,224 shares of the company’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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is owned by corporate insiders.
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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