Canada Pension Plan Investment Board Lowers Stake in LyondellBasell Industries N.V. $LYB

Key Points

• The Canada Pension Plan Investment Board reduced its stake in LyondellBasell Industries by 40.6% in the first quarter, leaving it with 298,807 shares valued at approximately $21 million.
• Analysts have given LyondellBasell Industries a consensus rating of "Hold" with an average price target of $63.08, while recent reports indicate significant downward adjustments by firms like UBS and Royal Bank of Canada.
• LyondellBasell Industries declared a quarterly dividend of $1.37 per share, representing an annualized yield of 9.7%, which highlights the company's commitment to returning value to shareholders.

Canada Pension Plan Investment Board trimmed its stake in LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 40.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 298,807 shares of the specialty chemicals company's stock after selling 204,453 shares during the period. Canada Pension Plan Investment Board owned 0.09% of LyondellBasell Industries worth $21,036,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of LYB. Cascade Investment Group Inc. lifted its position in LyondellBasell Industries by 54.1% during the 1st quarter. Cascade Investment Group Inc. now owns 5,643 shares of the specialty chemicals company's stock valued at $397,000 after acquiring an additional 1,980 shares during the period. Eisler Capital Management Ltd. lifted its position in LyondellBasell Industries by 11.4% during the 1st quarter. Eisler Capital Management Ltd. now owns 4,666 shares of the specialty chemicals company's stock valued at $328,000 after acquiring an additional 476 shares during the period. Truvestments Capital LLC lifted its position in LyondellBasell Industries by 185.3% during the 1st quarter. Truvestments Capital LLC now owns 699 shares of the specialty chemicals company's stock valued at $49,000 after acquiring an additional 454 shares during the period. Ieq Capital LLC lifted its position in LyondellBasell Industries by 124.3% during the 1st quarter. Ieq Capital LLC now owns 46,939 shares of the specialty chemicals company's stock valued at $3,305,000 after acquiring an additional 26,014 shares during the period. Finally, CreativeOne Wealth LLC lifted its position in LyondellBasell Industries by 107.7% during the 1st quarter. CreativeOne Wealth LLC now owns 42,937 shares of the specialty chemicals company's stock valued at $3,023,000 after acquiring an additional 22,265 shares during the period. 71.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Peter Z. E. Vanacker sold 20,000 shares of LyondellBasell Industries stock in a transaction on Friday, August 15th. The stock was sold at an average price of $53.57, for a total transaction of $1,071,400.00. Following the transaction, the chief executive officer directly owned 160,351 shares in the company, valued at approximately $8,590,003.07. The trade was a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.14% of the company's stock.

LyondellBasell Industries Stock Performance

Shares of LYB stock traded up $0.74 during trading hours on Friday, reaching $55.04. The company had a trading volume of 4,221,511 shares, compared to its average volume of 3,922,586. The business has a fifty day moving average price of $58.07 and a 200-day moving average price of $61.50. LyondellBasell Industries N.V. has a one year low of $47.55 and a one year high of $97.60. The firm has a market cap of $17.70 billion, a PE ratio of 71.48 and a beta of 0.85. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.04 and a current ratio of 1.77.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last announced its quarterly 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 return on equity of 9.35% and a net margin of 0.74%.The company had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.58 billion. During the same quarter in the prior year, the firm earned $2.24 earnings per share. The business's revenue was down 11.8% compared to the same quarter last year. Sell-side analysts predict that LyondellBasell Industries N.V. will post 6.31 earnings per share for the current fiscal year.

LyondellBasell Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 25th were paid a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 10.0%. The ex-dividend date was Monday, August 25th. LyondellBasell Industries's dividend payout ratio is 711.69%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on LYB shares. JPMorgan Chase & Co. lowered their price target on shares of LyondellBasell Industries from $60.00 to $52.00 and set a "neutral" rating for the company in a research report on Monday, August 4th. Bank Of America (Bofa) lowered their price target on shares of LyondellBasell Industries from $56.00 to $55.00 in a research report on Monday, June 30th. Argus cut shares of LyondellBasell Industries from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Citigroup decreased their target price on shares of LyondellBasell Industries from $56.00 to $53.00 and set a "neutral" rating for the company in a report on Monday, August 4th. Finally, Royal Bank Of Canada decreased their target price on shares of LyondellBasell Industries from $64.00 to $54.00 and set a "sector perform" rating for the company in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $63.08.

LyondellBasell Industries 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.