Wiregrass Investment Management LLC Sells 18,795 Shares of LyondellBasell Industries N.V. $LYB

Key Points

• Wiregrass Investment Management reduced its stake in LyondellBasell Industries by 56.9% in the first quarter, selling 18,795 shares and leaving it with 14,229 shares worth about $1.15 million.
• Institutional ownership remains high, with 71.20% of LYB shares held by institutions, and several other firms also added or adjusted positions during the quarter.
• Analyst sentiment is mixed: the consensus rating is “Hold” with a target price of $71.94, while recent calls ranged from upgrades by Wells Fargo to downgrades by Weiss Ratings and Zacks.

Wiregrass Investment Management LLC cut its holdings in LyondellBasell Industries N.V. (NYSE:LYB - Free Report) by 56.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,229 shares of the specialty chemicals company's stock after selling 18,795 shares during the quarter. Wiregrass Investment Management LLC's holdings in LyondellBasell Industries were worth $1,146,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. First Citizens Bank & Trust Co. acquired a new position in shares of LyondellBasell Industries during the 1st quarter valued at $5,731,000. ABN Amro Investment Solutions acquired a new stake in LyondellBasell Industries in the first quarter worth $734,000. PNC Financial Services Group Inc. grew its holdings in LyondellBasell Industries by 57.8% in the first quarter. PNC Financial Services Group Inc. now owns 201,175 shares of the specialty chemicals company's stock worth $16,207,000 after purchasing an additional 73,687 shares during the period. Oslo Pensjonsforsikring AS bought a new stake in LyondellBasell Industries in the first quarter valued at $358,000. Finally, Baader Bank Aktiengesellschaft bought a new stake in LyondellBasell Industries in the first quarter valued at $223,000. 71.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LYB has been the topic of a number of research analyst reports. Weiss Ratings cut shares of LyondellBasell Industries from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, June 24th. 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. Wells Fargo & Company raised LyondellBasell Industries from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $80.00 to $98.00 in a research note on Thursday, May 28th. Zacks Research lowered LyondellBasell Industries from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 1st. Finally, The Goldman Sachs Group boosted their price objective on LyondellBasell Industries from $51.00 to $75.00 and gave the company a "sell" rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, LyondellBasell Industries presently has a consensus rating of "Hold" and a consensus target price of $71.94.

LyondellBasell Industries Stock Up 0.8%

Shares of NYSE LYB opened at $61.19 on Wednesday. The stock has a market capitalization of $19.75 billion, a P/E ratio of -24.58, a P/E/G ratio of 0.19 and a beta of 0.32. The company has a 50-day moving average price of $62.40 and a 200-day moving average price of $63.06. LyondellBasell Industries N.V. has a 1 year low of $41.58 and a 1 year high of $83.94. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.54 and a quick ratio of 1.03.

LyondellBasell Industries (NYSE:LYB - Get Free Report) last posted its earnings results on Friday, May 1st. The specialty chemicals company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.18. LyondellBasell Industries had a negative net margin of 2.68% and a positive return on equity of 5.68%. The company had revenue of $7.20 billion for the quarter, compared to analyst estimates of $7.53 billion. During the same quarter in the prior year, the business posted $0.33 EPS. The firm's revenue was down 6.3% compared to the same quarter last year. On average, equities research analysts forecast that LyondellBasell Industries N.V. will post 9.07 EPS for the current fiscal year.

LyondellBasell Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Monday, June 1st were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Monday, June 1st. LyondellBasell Industries's payout ratio is currently -110.84%.

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.

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