CCM Investment Group LLC Buys New Holdings in LyondellBasell Industries N.V. (NYSE:LYB)

Key Points

• CCM Investment Group LLC has invested approximately $1.86 million in LyondellBasell Industries, acquiring 26,653 shares in the first quarter of the fiscal year.
• LyondellBasell Industries reported a miss in earnings for the last quarter, reporting $0.62 EPS compared to the consensus estimate of $0.87, with a revenue of $7.66 billion, slightly above expectations.
• The company announced a quarterly dividend of $1.37 per share, which translates to a yield of 11.2%, although its payout ratio is notably high at 711.69%.

CCM Investment Group LLC purchased a new position in shares of LyondellBasell Industries N.V. (NYSE:LYB - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 26,653 shares of the specialty chemicals company's stock, valued at approximately $1,861,000.

Several other hedge funds have also added to or reduced their stakes in LYB. Bank Pictet & Cie Europe AG boosted its stake in LyondellBasell Industries by 26.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 188,680 shares of the specialty chemicals company's stock valued at $14,013,000 after acquiring an additional 39,957 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in shares of LyondellBasell Industries by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 114,486 shares of the specialty chemicals company's stock worth $8,503,000 after purchasing an additional 720 shares in the last quarter. Covestor Ltd increased its stake in shares of LyondellBasell Industries by 107.6% in the fourth quarter. Covestor Ltd now owns 548 shares of the specialty chemicals company's stock worth $41,000 after purchasing an additional 284 shares in the last quarter. Sterling Capital Management LLC increased its stake in shares of LyondellBasell Industries by 55.5% in the fourth quarter. Sterling Capital Management LLC now owns 15,430 shares of the specialty chemicals company's stock worth $1,146,000 after purchasing an additional 5,504 shares in the last quarter. Finally, Townsquare Capital LLC increased its stake in shares of LyondellBasell Industries by 7.6% in the fourth quarter. Townsquare Capital LLC now owns 48,641 shares of the specialty chemicals company's stock worth $3,613,000 after purchasing an additional 3,448 shares in the last quarter. Institutional investors own 71.20% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Bank Of America (Bofa) reduced their target price on shares of LyondellBasell Industries from $56.00 to $55.00 in a research note on Monday, June 30th. Fermium Researc upgraded shares of LyondellBasell Industries to a "strong-buy" rating in a research note on Friday, April 25th. JPMorgan Chase & Co. reduced their target price on shares of LyondellBasell Industries from $60.00 to $52.00 and set a "neutral" rating for the company in a research note on Monday, August 4th. Piper Sandler reduced their target price on shares of LyondellBasell Industries from $67.00 to $66.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Finally, UBS Group lowered their price target on shares of LyondellBasell Industries from $49.00 to $44.00 and set a "sell" rating on the stock in a report on Thursday, August 7th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, LyondellBasell Industries has an average rating of "Hold" and a consensus price target of $63.08.

LyondellBasell Industries Price Performance

Shares of NYSE LYB traded up $0.47 during midday trading on Thursday, hitting $53.40. 2,691,089 shares of the company's stock were exchanged, compared to its average volume of 3,908,574. LyondellBasell Industries N.V. has a 12-month low of $47.55 and a 12-month high of $99.36. 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 company has a market cap of $17.18 billion, a price-to-earnings ratio of 69.32, a PEG ratio of 3.26 and a beta of 0.85. The business's fifty day moving average price is $59.16 and its two-hundred day moving average price is $63.88.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The specialty chemicals company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.25). LyondellBasell Industries had a return on equity of 9.35% and a net margin of 0.74%. The business had revenue of $7.66 billion for the quarter, compared to analysts' expectations of $7.58 billion. During the same period in the previous year, the firm posted $2.24 EPS. The firm's revenue for the quarter was down 11.8% compared to the same quarter last year. As a group, research analysts forecast that LyondellBasell Industries N.V. will post 6.31 EPS for the current fiscal year.

LyondellBasell Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 25th will be issued a dividend of $1.37 per share. This represents a $5.48 dividend on an annualized basis and a dividend yield of 10.3%. The ex-dividend date of this dividend is Monday, August 25th. LyondellBasell Industries's dividend payout ratio (DPR) is currently 711.69%.

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.