Van ECK Associates Corp Purchases 22,062 Shares of LyondellBasell Industries N.V. $LYB

Key Points

• Van ECK Associates increased its LyondellBasell position by 173.2% in the second quarter, purchasing 22,062 additional shares for a total holding of 34,797 shares valued at approximately $1.83 million. Institutional investors own 71.2% of the company.
• LyondellBasell reported quarterly earnings of $4.30 per share, exceeding the $3.44 consensus estimate, while revenue rose 19.8% year over year to $9.18 billion.
• The company paid a quarterly dividend of $0.69 per share, or $2.76 annualized, representing a 4.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $72.56, compared with a share price of $63.62.

Van ECK Associates Corp increased its position in LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 173.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,797 shares of the specialty chemicals company's stock after purchasing an additional 22,062 shares during the quarter. Van ECK Associates Corp's holdings in LyondellBasell Industries were worth $1,832,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LYB. Nissay Asset Management Corp Japan acquired a new position in LyondellBasell Industries during the 2nd quarter valued at about $1,844,000. Hsbc Holdings PLC raised its stake in shares of LyondellBasell Industries by 3.3% during the second quarter. Hsbc Holdings PLC now owns 461,504 shares of the specialty chemicals company's stock worth $24,364,000 after buying an additional 14,862 shares during the last quarter. Dearborn Partners LLC acquired a new position in LyondellBasell Industries in the second quarter valued at approximately $507,000. Public Employees Retirement System of Ohio bought a new position in LyondellBasell Industries in the second quarter valued at approximately $4,337,000. Finally, Advisors Preferred LLC acquired a new stake in LyondellBasell Industries during the 2nd quarter worth $2,423,000. 71.20% of the stock is owned by institutional investors.

LyondellBasell Industries Stock Performance

Shares of LYB stock opened at $63.62 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.07 and a current ratio of 1.64. The company has a market capitalization of $20.55 billion, a P/E ratio of -56.30, a price-to-earnings-growth ratio of 0.18 and a beta of 0.31. The company's 50 day moving average price is $60.62 and its two-hundred day moving average price is $65.71. LyondellBasell Industries N.V. has a 52 week low of $41.58 and a 52 week high of $83.94.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The specialty chemicals company reported $4.30 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.86. LyondellBasell Industries had a negative net margin of 1.13% and a positive return on equity of 17.44%. The company had revenue of $9.18 billion during the quarter, compared to analysts' expectations of $9.21 billion. During the same quarter in the prior year, the company earned $0.62 earnings per share. The business's quarterly revenue was up 19.8% compared to the same quarter last year. On average, analysts expect that LyondellBasell Industries N.V. will post 9.2 earnings per share for the current fiscal year.

LyondellBasell Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 24th were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Monday, August 24th. LyondellBasell Industries's dividend payout ratio is -244.25%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wall Street Zen downgraded LyondellBasell Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday. JPMorgan Chase & Co. upgraded LyondellBasell Industries from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $75.00 to $80.00 in a report on Monday, August 3rd. Zacks Research cut LyondellBasell Industries from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 1st. BMO Capital Markets boosted their target price on LyondellBasell Industries from $64.00 to $68.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Finally, UBS Group upped their price target on LyondellBasell Industries from $56.00 to $64.00 and gave the company a "neutral" rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $72.56.

About LyondellBasell Industries

LyondellBasell Industries N.V. NYSE: LYB is a global chemical company headquartered in Houston, Texas, that specializes in the production of polyolefins and advanced polymers. Through its extensive portfolio, the company supplies raw materials for a wide range of end markets, including packaging, automotive, construction, electronics and consumer goods. By combining proprietary process technologies with expertise in catalysts, LyondellBasell aims to deliver value-added solutions that enhance product performance and sustainability.

The company's integrated operations encompass the manufacture of olefins and polyolefins, advanced polymer products, chemical intermediates and refining activities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source