Bank of Nova Scotia Lowers Stake in LyondellBasell Industries N.V. (NYSE:LYB)

Key Points

• Bank of Nova Scotia has reduced its position in LyondellBasell Industries by 64.2%, now holding approximately 63,344 shares valued at $4,459,000.
• LyondellBasell reported a miss on earnings with $0.62 per share, falling short of analysts' expectations of $0.87, while revenue for the quarter was $7.66 billion.
• The company announced a quarterly dividend of $1.37, resulting in an annualized dividend yield of 10.5%, although its payout ratio stands extremely high at 711.69%.

Bank of Nova Scotia reduced its stake in LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 64.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 63,344 shares of the specialty chemicals company's stock after selling 113,579 shares during the quarter. Bank of Nova Scotia's holdings in LyondellBasell Industries were worth $4,459,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Rossby Financial LCC purchased a new stake in LyondellBasell Industries during the 1st quarter worth approximately $25,000. JFS Wealth Advisors LLC increased its stake in LyondellBasell Industries by 352.3% during the 1st quarter. JFS Wealth Advisors LLC now owns 398 shares of the specialty chemicals company's stock worth $28,000 after buying an additional 310 shares during the period. Investment Management Corp VA ADV increased its stake in LyondellBasell Industries by 177.6% during the 1st quarter. Investment Management Corp VA ADV now owns 408 shares of the specialty chemicals company's stock worth $29,000 after buying an additional 261 shares during the period. Lazard Asset Management LLC increased its stake in LyondellBasell Industries by 84.9% during the 4th quarter. Lazard Asset Management LLC now owns 466 shares of the specialty chemicals company's stock worth $34,000 after buying an additional 214 shares during the period. Finally, Covestor Ltd increased its stake in LyondellBasell Industries by 107.6% during the 4th quarter. Covestor Ltd now owns 548 shares of the specialty chemicals company's stock worth $41,000 after buying an additional 284 shares during the period. 71.20% of the stock is currently owned by institutional investors and hedge funds.

LyondellBasell Industries Stock Down 2.3%

Shares of NYSE LYB traded down $1.13 during mid-day trading on Friday, reaching $49.04. The company had a trading volume of 3,648,130 shares, compared to its average volume of 5,260,149. The company has a current ratio of 1.77, a quick ratio of 1.04 and a debt-to-equity ratio of 0.94. The firm has a 50 day simple moving average of $59.46 and a two-hundred day simple moving average of $64.43. The stock has a market cap of $15.77 billion, a P/E ratio of 63.69, a PEG ratio of 3.25 and a beta of 0.85. LyondellBasell Industries N.V. has a 52-week low of $48.90 and a 52-week high of $99.36.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last posted its earnings results on Friday, August 1st. The specialty chemicals company reported $0.62 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.25). LyondellBasell Industries had a net margin of 0.74% and a return on equity of 9.35%. The company had revenue of $7.66 billion during the quarter, compared to analysts' expectations of $7.58 billion. During the same period last year, the business earned $2.24 earnings per share. The company's quarterly revenue was down 11.8% on a year-over-year basis. Sell-side analysts predict that LyondellBasell Industries N.V. will post 6.31 earnings per share for the current year.

LyondellBasell Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 25th will be given a dividend of $1.37 per share. This represents a $5.48 annualized dividend and a yield of 11.2%. The ex-dividend date of this dividend is Monday, August 25th. LyondellBasell Industries's dividend payout ratio (DPR) is presently 711.69%.

Analyst Ratings Changes

LYB has been the topic of several recent research reports. UBS Group cut their target price on shares of LyondellBasell Industries from $49.00 to $44.00 and set a "sell" rating on the stock in a research note on Thursday. Piper Sandler cut their target price on shares of LyondellBasell Industries from $67.00 to $66.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Citigroup cut their target price on shares of LyondellBasell Industries from $56.00 to $53.00 and set a "neutral" rating on the stock in a research note on Monday, August 4th. Royal Bank Of Canada dropped their price objective on shares of LyondellBasell Industries from $64.00 to $54.00 and set a "sector perform" rating on the stock in a research report on Tuesday. Finally, Fermium Researc raised shares of LyondellBasell Industries to a "strong-buy" rating in a research report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $63.08.

About LyondellBasell Industries

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.