QRG Capital Management Inc. Sells 51,372 Shares of LyondellBasell Industries N.V. $LYB

Key Points

• QRG Capital Management reduced its LyondellBasell stake by 68.6%, selling 51,372 shares in the second quarter and retaining 23,485 shares valued at approximately $1.24 million.
• LyondellBasell reported quarterly EPS of $4.30, beating estimates of $3.44, while revenue rose 19.8% year over year to $9.18 billion. The company also declared a $0.69 quarterly dividend, representing a 4.8% annualized yield.
• LYB shares opened at $58.03, below the analyst consensus price target of $72.29. Analyst sentiment remains mixed, with a consensus rating of “Hold”, while institutional investors own 71.2% of the stock.

QRG Capital Management Inc. cut its holdings in LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 68.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,485 shares of the specialty chemicals company's stock after selling 51,372 shares during the quarter. QRG Capital Management Inc.'s holdings in LyondellBasell Industries were worth $1,236,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in LYB. Marco Investment Management LLC boosted its holdings in shares of LyondellBasell Industries by 10.9% during the 2nd quarter. Marco Investment Management LLC now owns 190,709 shares of the specialty chemicals company's stock worth $10,041,000 after buying an additional 18,700 shares during the period. Russell Investments Group Ltd. raised its holdings in LyondellBasell Industries by 130.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 420,894 shares of the specialty chemicals company's stock worth $22,187,000 after acquiring an additional 237,950 shares during the period. Capital World Investors lifted its position in LyondellBasell Industries by 0.4% during the 4th quarter. Capital World Investors now owns 9,843,930 shares of the specialty chemicals company's stock worth $426,242,000 after acquiring an additional 36,187 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in LyondellBasell Industries by 50.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 76,504 shares of the specialty chemicals company's stock worth $4,028,000 after acquiring an additional 25,618 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC boosted its holdings in LyondellBasell Industries by 244.4% during the second quarter. Focus Partners Advisor Solutions LLC now owns 25,525 shares of the specialty chemicals company's stock valued at $1,344,000 after acquiring an additional 18,113 shares during the period. 71.20% of the stock is owned by institutional investors.

LyondellBasell Industries Stock Down 0.2%

Shares of LYB stock opened at $58.03 on Monday. The stock has a market cap of $18.75 billion, a P/E ratio of -51.36, a price-to-earnings-growth ratio of 0.15 and a beta of 0.31. LyondellBasell Industries N.V. has a one year low of $41.58 and a one year high of $83.94. The stock has a fifty day moving average price of $62.73 and a 200 day moving average price of $66.12. 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 (NYSE:LYB - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The specialty chemicals company reported $4.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.86. The firm had revenue of $9.18 billion for the quarter, compared to analyst estimates of $9.21 billion. LyondellBasell Industries had a negative net margin of 1.13% and a positive return on equity of 17.44%. The business's revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.62 EPS. Analysts predict that LyondellBasell Industries N.V. will post 9.09 earnings per share for the current year.

LyondellBasell Industries Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages recently weighed in on LYB. Citigroup decreased their target price on LyondellBasell Industries from $80.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, June 24th. JPMorgan Chase & Co. raised LyondellBasell Industries from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $75.00 to $80.00 in a research report on Monday, August 3rd. Royal Bank Of Canada upped their price target on LyondellBasell Industries from $65.00 to $72.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. BMO Capital Markets increased their price objective on LyondellBasell Industries from $64.00 to $68.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings downgraded shares of LyondellBasell Industries from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average 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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