390,626 LyondellBasell Industries N.V. $LYB Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its LyondellBasell stake by 44.2% in the third quarter, selling 390,626 shares and retaining 493,810 shares valued at approximately $28.4 million.
• Institutional investors own 71.2% of LYB, while the stock recently traded at $64.00, within a 52-week range of $41.58 to $83.94.
• LyondellBasell reported quarterly EPS of $4.30, exceeding estimates of $3.44, and maintains a quarterly dividend of $0.69, equating to a 4.3% yield. Analysts’ consensus rating is “Hold,” with an average price target of $71.50.

Assenagon Asset Management S.A. lessened its position in shares of LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 44.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 493,810 shares of the specialty chemicals company's stock after selling 390,626 shares during the period. Assenagon Asset Management S.A. owned 0.15% of LyondellBasell Industries worth $28,379,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fortitude Family Office LLC increased its stake in LyondellBasell Industries by 221.0% in the 3rd quarter. Fortitude Family Office LLC now owns 504 shares of the specialty chemicals company's stock worth $29,000 after acquiring an additional 347 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in LyondellBasell Industries during the 1st quarter valued at $48,000. Kelleher Financial Advisors raised its position in LyondellBasell Industries by 4,112.5% during the 2nd quarter. Kelleher Financial Advisors now owns 674 shares of the specialty chemicals company's stock valued at $35,000 after purchasing an additional 658 shares during the last quarter. SHP Wealth Management bought a new stake in LyondellBasell Industries during the 4th quarter valued at approximately $39,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of LyondellBasell Industries during the 1st quarter worth approximately $73,000. 71.20% of the stock is currently owned by institutional investors.

LyondellBasell Industries Price Performance

Shares of LYB opened at $64.00 on Monday. LyondellBasell Industries N.V. has a twelve month low of $41.58 and a twelve month high of $83.94. The company has a market capitalization of $20.67 billion, a P/E ratio of -56.64, a price-to-earnings-growth ratio of 0.17 and a beta of 0.30. The firm has a 50 day moving average of $62.45 and a 200 day moving average of $64.60. The company has a quick ratio of 1.07, a current ratio of 1.64 and a debt-to-equity ratio of 1.05.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last issued its earnings results on Friday, July 31st. The specialty chemicals company reported $4.30 EPS for the quarter, beating the consensus estimate of $3.44 by $0.86. The business had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $9.21 billion. LyondellBasell Industries had a positive return on equity of 17.44% and a negative net margin of 1.13%. The company's revenue was up 19.8% compared to the same quarter last year. During the same period last year, the business posted $0.62 EPS. As a group, equities research analysts anticipate that LyondellBasell Industries N.V. will post 9.17 earnings per share for the current fiscal year.

LyondellBasell Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 24th were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 4.3%. The ex-dividend date was Monday, August 24th. LyondellBasell Industries's dividend payout ratio (DPR) is presently -244.25%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. KeyCorp assumed coverage on LyondellBasell Industries in a research note on Thursday, September 10th. They issued a "sector weight" rating for the company. JPMorgan Chase & Co. raised shares of LyondellBasell Industries from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $75.00 to $80.00 in a research report on Monday, August 3rd. Barclays initiated coverage on shares of LyondellBasell Industries in a report on Tuesday, October 13th. They issued an "equal weight" rating and a $66.00 price objective on the stock. Morgan Stanley decreased their target price on shares of LyondellBasell Industries from $77.00 to $72.00 and set an "overweight" rating for the company in a research note on Monday, July 20th. Finally, Mizuho lifted their target price on shares of LyondellBasell Industries from $62.00 to $66.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $71.50.

About LyondellBasell Industries

LyondellBasell Industries N.V. is a global chemical company that produces polymers, chemicals and related products used in packaging, transportation, construction, healthcare, consumer goods and other industries. Its portfolio includes polyethylene, polypropylene, advanced polymers, propylene oxide, solvents, acetyls and other chemical intermediates.

The company also operates businesses involved in refining and in the development and licensing of chemical and polymer technologies. Its products are used to manufacture items such as food and beverage packaging, automotive components, medical products, coatings, adhesives and household goods.

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