LyondellBasell Industries N.V. $LYB Stock Sold by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions cut its LyondellBasell stake by 36.1% in the second quarter, selling 24,095 shares and retaining 42,704 shares valued at approximately $2.25 million.
• Despite Envestnet’s reduction, several major institutions—including BlackRock, State Street and Capital Research Global Investors—increased their holdings; institutional investors collectively own 71.2% of LYB.
• LYB shares opened at $58.03, down 3.6%, while the company reported quarterly EPS of $4.30, beating estimates. It also paid a $0.69 quarterly dividend, or $2.76 annually, representing a 4.8% yield; analysts maintain a consensus “Hold” rating with a $72.29 target price.

Envestnet Portfolio Solutions Inc. trimmed its position in shares of LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 36.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 42,704 shares of the specialty chemicals company's stock after selling 24,095 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in LyondellBasell Industries were worth $2,248,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital Research Global Investors increased its stake in shares of LyondellBasell Industries by 108.7% in the 4th quarter. Capital Research Global Investors now owns 9,159,702 shares of the specialty chemicals company's stock worth $396,615,000 after acquiring an additional 4,770,260 shares in the last quarter. BlackRock Inc. lifted its position in LyondellBasell Industries by 16.7% in the 2nd quarter. BlackRock Inc. now owns 29,298,859 shares of the specialty chemicals company's stock valued at $1,542,585,000 after acquiring an additional 4,185,571 shares in the last quarter. State Street Corp boosted its stake in LyondellBasell Industries by 9.1% during the 2nd quarter. State Street Corp now owns 14,734,948 shares of the specialty chemicals company's stock valued at $775,795,000 after purchasing an additional 1,225,833 shares during the last quarter. Norges Bank bought a new stake in shares of LyondellBasell Industries in the 4th quarter worth $52,210,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of LyondellBasell Industries by 734.6% in the second quarter. Assenagon Asset Management S.A. now owns 884,436 shares of the specialty chemicals company's stock worth $46,566,000 after purchasing an additional 778,459 shares during the last quarter. Hedge funds and other institutional investors own 71.20% of the company's stock.

LyondellBasell Industries Stock Down 3.6%

Shares of LYB stock opened at $58.03 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.64 and a quick ratio of 1.07. LyondellBasell Industries N.V. has a one year low of $41.58 and a one year high of $83.94. The company's fifty day moving average price is $62.73 and its 200-day moving average price is $66.13. The company has a market capitalization of $18.75 billion, a price-to-earnings ratio of -51.36, a PEG ratio of 0.15 and a beta of 0.31.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The specialty chemicals company reported $4.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.44 by $0.86. The business had revenue of $9.18 billion during the quarter, compared to analyst estimates of $9.21 billion. LyondellBasell Industries had a positive return on equity of 17.44% and a negative net margin of 1.13%.LyondellBasell Industries's revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.62 EPS. Sell-side analysts expect that LyondellBasell Industries N.V. will post 9.09 EPS for the current fiscal year.

LyondellBasell Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 24th were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend was Monday, August 24th. LyondellBasell Industries's payout ratio is -244.25%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LYB shares. Alembic Global Advisors lowered their price target on LyondellBasell Industries from $95.00 to $83.00 and set an "overweight" rating on the stock in a report on Thursday, July 2nd. Morgan Stanley reduced their price objective on LyondellBasell Industries from $77.00 to $72.00 and set an "overweight" rating for the company in a report on Monday, July 20th. UBS Group decreased their target price on LyondellBasell Industries from $64.00 to $62.00 and set a "neutral" rating for the company in a research report on Friday. BMO Capital Markets upped their target price on shares of LyondellBasell Industries from $64.00 to $68.00 and gave the company a "market perform" rating in a research note on Monday, August 3rd. Finally, JPMorgan Chase & Co. raised shares of LyondellBasell Industries from a "neutral" rating to an "overweight" rating and raised their price target for the company from $75.00 to $80.00 in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $72.29.

LyondellBasell Industries Company Profile

LyondellBasell Industries N.V. NYSE: LYB is a global chemical company that produces plastics, chemicals and refined products used in packaging, transportation, construction, healthcare, electronics and other consumer and industrial applications. Its portfolio includes polyethylene, polypropylene, propylene oxide, oxyfuels, acetyls and other intermediate chemicals, as well as advanced polymer compounds and solutions.

The company operates across the petrochemical value chain, converting hydrocarbon feedstocks into materials and specialty products.

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