DAVENPORT & Co LLC Sells 17,188 Shares of LyondellBasell Industries N.V. $LYB

Key Points

• DAVENPORT & Co LLC sold 17,188 shares of LyondellBasell Industries, reducing its holdings by 38.3% in the 2nd quarter, leaving it with 27,632 shares valued at $1,599,000.
• CEO Peter Z. E. Vanacker sold 20,000 shares for approximately $1.07 million, resulting in an 11.09% decrease in his ownership of the stock.
• Several analysts have recently downgraded their price targets for LyondellBasell Industries, with BMO Capital Markets lowering its target from $60 to $58 and JPMorgan Chase reducing its target from $60 to $52.

DAVENPORT & Co LLC trimmed its holdings in LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 38.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,632 shares of the specialty chemicals company's stock after selling 17,188 shares during the quarter. DAVENPORT & Co LLC's holdings in LyondellBasell Industries were worth $1,599,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of LYB. Pacer Advisors Inc. boosted its position in shares of LyondellBasell Industries by 3,502.2% in the first quarter. Pacer Advisors Inc. now owns 2,015,528 shares of the specialty chemicals company's stock valued at $141,893,000 after acquiring an additional 1,959,576 shares during the period. HighTower Advisors LLC boosted its position in shares of LyondellBasell Industries by 137.9% in the first quarter. HighTower Advisors LLC now owns 1,760,045 shares of the specialty chemicals company's stock valued at $123,907,000 after acquiring an additional 1,020,169 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of LyondellBasell Industries by 7.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,239,562 shares of the specialty chemicals company's stock valued at $650,465,000 after acquiring an additional 657,443 shares during the period. Nuveen LLC acquired a new position in shares of LyondellBasell Industries in the first quarter valued at $43,280,000. Finally, Invesco Ltd. raised its stake in shares of LyondellBasell Industries by 10.4% in the first quarter. Invesco Ltd. now owns 6,432,552 shares of the specialty chemicals company's stock valued at $452,852,000 after purchasing an additional 606,234 shares in the last quarter. 71.20% of the stock is owned by institutional investors.

Insider Buying and Selling at LyondellBasell Industries

In other news, CEO Peter Z. E. Vanacker sold 20,000 shares of the firm's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $53.57, for a total value of $1,071,400.00. Following the completion of the sale, the chief executive officer directly owned 160,351 shares in the company, valued at approximately $8,590,003.07. This trade represents a 11.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on LYB shares. BMO Capital Markets cut their target price on LyondellBasell Industries from $60.00 to $58.00 and set a "market perform" rating for the company in a research note on Wednesday, August 6th. JPMorgan Chase & Co. cut their target price on LyondellBasell Industries from $60.00 to $52.00 and set a "neutral" rating for the company in a research note on Monday, August 4th. UBS Group cut their target price on LyondellBasell Industries from $44.00 to $43.00 and set a "sell" rating for the company in a research note on Monday. Evercore ISI cut their target price on LyondellBasell Industries from $90.00 to $65.00 and set an "in-line" rating for the company in a research note on Tuesday, September 23rd. Finally, Mizuho cut their target price on LyondellBasell Industries from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $60.07.

LyondellBasell Industries Stock Performance

LyondellBasell Industries stock opened at $47.71 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.77 and a quick ratio of 1.04. The stock has a fifty day moving average price of $52.52 and a two-hundred day moving average price of $57.39. LyondellBasell Industries N.V. has a 52-week low of $47.31 and a 52-week high of $95.27. The firm has a market capitalization of $15.34 billion, a P/E ratio of 61.96 and a beta of 0.87.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The specialty chemicals company reported $0.62 earnings per share (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 company had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.58 billion. During the same quarter in the prior year, the company earned $2.24 earnings per share. The business's revenue was down 11.8% compared to the same quarter last year. As a group, analysts anticipate that LyondellBasell Industries N.V. will post 6.31 EPS for the current fiscal year.

LyondellBasell Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 25th were paid a $1.37 dividend. The ex-dividend date was Monday, August 25th. This represents a $5.48 dividend on an annualized basis and a dividend yield of 11.5%. LyondellBasell Industries's dividend payout ratio (DPR) is 711.69%.

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.

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