Wellington Management Group LLP Cuts Stake in LyondellBasell Industries N.V. $LYB

Key Points

• Wellington Management reduced its LyondellBasell stake by 59.8% in the second quarter, selling 50,591 shares and retaining 34,054 shares valued at approximately $1.8 million.
• Other institutional investors increased exposure or initiated positions, and institutions collectively own 71.2% of LYB’s outstanding stock.
• LyondellBasell beat quarterly EPS expectations ($4.30 versus $3.44), reported $9.18 billion in revenue, and maintains a $0.69 quarterly dividend, equal to a 4.3% annualized yield. Analysts’ consensus rating is “Hold,” with an average price target of $72.56.

Wellington Management Group LLP cut its position in LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 59.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 34,054 shares of the specialty chemicals company's stock after selling 50,591 shares during the period. Wellington Management Group LLP's holdings in LyondellBasell Industries were worth $1,793,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LYB. Dearborn Partners LLC bought a new stake in shares of LyondellBasell Industries during the second quarter valued at approximately $507,000. Public Employees Retirement System of Ohio purchased a new stake in LyondellBasell Industries during the 2nd quarter valued at $4,337,000. Advisors Preferred LLC bought a new stake in shares of LyondellBasell Industries in the 2nd quarter worth $2,423,000. Wealthfront Advisers LLC increased its holdings in shares of LyondellBasell Industries by 38.4% in the 2nd quarter. Wealthfront Advisers LLC now owns 162,800 shares of the specialty chemicals company's stock worth $8,571,000 after purchasing an additional 45,130 shares in the last quarter. Finally, Meeder Advisory Services Inc. raised its stake in shares of LyondellBasell Industries by 10.6% in the second quarter. Meeder Advisory Services Inc. now owns 5,122 shares of the specialty chemicals company's stock worth $270,000 after purchasing an additional 491 shares during the last quarter. Institutional investors own 71.20% of the company's stock.

LyondellBasell Industries Stock Performance

LYB opened at $64.33 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.07 and a debt-to-equity ratio of 1.05. The company has a market cap of $20.78 billion, a price-to-earnings ratio of -56.93, a PEG ratio of 0.18 and a beta of 0.31. The company's 50 day moving average is $61.52 and its 200 day moving average is $66.00. LyondellBasell Industries N.V. has a 12-month low of $41.58 and a 12-month high of $83.94.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last announced its 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. 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 analyst estimates of $9.21 billion. During the same period in the previous year, the business posted $0.62 earnings per share. The firm's quarterly revenue was up 19.8% compared to the same quarter last year. On average, equities research analysts predict that LyondellBasell Industries N.V. will post 9.2 EPS for the current year.

LyondellBasell Industries Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on LYB shares. Wells Fargo & Company raised LyondellBasell Industries from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $80.00 to $98.00 in a report on Thursday, May 28th. 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 report on Wednesday, June 24th. BMO Capital Markets raised their price target on shares of LyondellBasell Industries from $64.00 to $68.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. JPMorgan Chase & Co. upgraded shares of 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 note on Monday, August 3rd. Finally, Weiss Ratings cut shares of LyondellBasell Industries from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, LyondellBasell Industries presently has an average rating of "Hold" and a consensus price target of $72.56.

About LyondellBasell Industries

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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