Pinnacle Associates Ltd. Acquires 7,263 Shares of LyondellBasell Industries N.V. (NYSE:LYB)

Key Points

• Pinnacle Associates Ltd. increased its stake in LyondellBasell Industries N.V. by 30.8%, acquiring an additional 7,263 shares, bringing its total holdings to 30,817 shares worth $2,170,000.
• LyondellBasell reported a missed earnings estimate of $0.33 per share for the last quarter, falling short of the expected $0.36, with revenue declining by 7.6% year-over-year.
• The company recently increased its quarterly dividend to $1.37 per share, reflecting an annualized yield of 8.56%, although its dividend payout ratio stands at a high 169.14%.

Pinnacle Associates Ltd. raised its holdings in LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 30.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,817 shares of the specialty chemicals company's stock after purchasing an additional 7,263 shares during the period. Pinnacle Associates Ltd.'s holdings in LyondellBasell Industries were worth $2,170,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Dodge & Cox boosted its holdings in LyondellBasell Industries by 5.3% in the 4th quarter. Dodge & Cox now owns 16,965,832 shares of the specialty chemicals company's stock valued at $1,260,052,000 after purchasing an additional 851,365 shares during the period. Geode Capital Management LLC boosted its holdings in LyondellBasell Industries by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 6,804,205 shares of the specialty chemicals company's stock valued at $512,913,000 after purchasing an additional 199,054 shares during the period. Invesco Ltd. boosted its holdings in LyondellBasell Industries by 13.5% in the 4th quarter. Invesco Ltd. now owns 5,826,318 shares of the specialty chemicals company's stock valued at $432,721,000 after purchasing an additional 694,055 shares during the period. Franklin Resources Inc. boosted its holdings in LyondellBasell Industries by 0.7% in the 4th quarter. Franklin Resources Inc. now owns 2,894,956 shares of the specialty chemicals company's stock valued at $215,008,000 after purchasing an additional 19,689 shares during the period. Finally, Capital World Investors boosted its holdings in LyondellBasell Industries by 11.0% in the 4th quarter. Capital World Investors now owns 2,891,609 shares of the specialty chemicals company's stock valued at $214,760,000 after purchasing an additional 287,028 shares during the period. Institutional investors own 71.20% of the company's stock.

LyondellBasell Industries Price Performance

Shares of NYSE:LYB opened at $64.06 on Friday. The company has a market cap of $20.59 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 3.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.83 and a quick ratio of 1.04. The firm has a 50 day simple moving average of $59.95 and a 200 day simple moving average of $65.81. LyondellBasell Industries N.V. has a one year low of $51.11 and a one year high of $100.46.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last issued its quarterly earnings data on Friday, April 25th. The specialty chemicals company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.03). The company had revenue of $7.68 billion during the quarter, compared to the consensus estimate of $7.69 billion. LyondellBasell Industries had a net margin of 2.81% and a return on equity of 13.19%. LyondellBasell Industries's revenue for the quarter was down 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.53 EPS. Research analysts predict that LyondellBasell Industries N.V. will post 6.31 earnings per share for the current fiscal year.

LyondellBasell Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Monday, June 2nd were given a $1.37 dividend. This is a boost from LyondellBasell Industries's previous quarterly dividend of $1.34. This represents a $5.48 annualized dividend and a yield of 8.56%. The ex-dividend date of this dividend was Monday, June 2nd. LyondellBasell Industries's dividend payout ratio is 169.14%.

Wall Street Analysts Forecast Growth

LYB has been the subject of a number of recent research reports. Piper Sandler cut their price objective on shares of LyondellBasell Industries from $67.00 to $66.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. BMO Capital Markets cut their price target on shares of LyondellBasell Industries from $65.00 to $60.00 in a report on Friday, June 27th. Royal Bank Of Canada upped their price target on shares of LyondellBasell Industries from $61.00 to $64.00 and gave the stock a "sector perform" rating in a report on Thursday, July 3rd. Bank Of America (Bofa) cut their price target on shares of LyondellBasell Industries from $56.00 to $55.00 in a report on Monday, June 30th. Finally, Citigroup cut their price target on shares of LyondellBasell Industries from $58.00 to $56.00 in a report on Wednesday, June 11th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $66.00.

LyondellBasell Industries Company 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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