Viking Fund Management LLC cut its stake in shares of LyondellBasell Industries NV (NYSE:LYB) by 9.2% during the second quarter, Holdings Channel reports. The firm owned 126,900 shares of the specialty chemicals company’s stock after selling 12,900 shares during the period. LyondellBasell Industries NV comprises about 1.6% of Viking Fund Management LLC’s investment portfolio, making the stock its 18th largest position. Viking Fund Management LLC’s holdings in LyondellBasell Industries NV were worth $10,709,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the stock. FMR LLC raised its position in shares of LyondellBasell Industries NV by 20.7% in the first quarter. FMR LLC now owns 29,128,736 shares of the specialty chemicals company’s stock valued at $2,656,249,000 after buying an additional 4,990,465 shares during the period. Vanguard Group Inc. raised its position in shares of LyondellBasell Industries NV by 2.5% in the first quarter. Vanguard Group Inc. now owns 24,056,326 shares of the specialty chemicals company’s stock valued at $2,193,697,000 after buying an additional 587,985 shares during the period. BlackRock Inc. raised its position in shares of LyondellBasell Industries NV by 2,032.9% in the first quarter. BlackRock Inc. now owns 20,062,376 shares of the specialty chemicals company’s stock valued at $1,829,488,000 after buying an additional 19,121,769 shares during the period. State Street Corp raised its position in shares of LyondellBasell Industries NV by 0.6% in the first quarter. State Street Corp now owns 15,462,749 shares of the specialty chemicals company’s stock valued at $1,410,047,000 after buying an additional 88,954 shares during the period. Finally, American International Group Inc. raised its position in shares of LyondellBasell Industries NV by 1.6% in the first quarter. American International Group Inc. now owns 5,486,417 shares of the specialty chemicals company’s stock valued at $500,306,000 after buying an additional 86,029 shares during the period. 72.81% of the stock is currently owned by hedge funds and other institutional investors.
Shares of LyondellBasell Industries NV (NYSE:LYB) traded down 0.57% on Friday, reaching $86.52. The company’s stock had a trading volume of 1,061,935 shares. LyondellBasell Industries NV has a 52-week low of $71.55 and a 52-week high of $97.64. The company has a market cap of $34.85 billion, a price-to-earnings ratio of 9.90 and a beta of 1.05. The stock has a 50-day moving average of $82.53 and a 200 day moving average of $86.94.
LyondellBasell Industries NV (NYSE:LYB) last announced its quarterly earnings data on Friday, April 28th. The specialty chemicals company reported $2.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.36 by $0.36. The company had revenue of $8.43 billion for the quarter, compared to analysts’ expectations of $7.59 billion. LyondellBasell Industries NV had a net margin of 11.67% and a return on equity of 60.80%. The firm’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.48 EPS. On average, equities research analysts forecast that LyondellBasell Industries NV will post $9.72 earnings per share for the current year.
LyondellBasell Industries NV declared that its board has authorized a stock buyback program on Wednesday, May 24th that allows the company to repurchase 1,000% of shares. This repurchase authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada reaffirmed a “hold” rating and set a $92.00 target price on shares of LyondellBasell Industries NV in a research report on Friday, July 14th. Citigroup Inc. reaffirmed an “overweight” rating on shares of LyondellBasell Industries NV in a research report on Friday, April 14th. Instinet lowered their target price on LyondellBasell Industries NV from $91.00 to $90.00 and set a “neutral” rating on the stock in a research report on Monday, May 1st. BidaskClub raised LyondellBasell Industries NV from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. Finally, Bank of America Corporation lowered LyondellBasell Industries NV from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $98.00 to $70.00 in a research report on Monday, May 8th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $92.63.
LyondellBasell Industries NV Company Profile
LyondellBasell Industries N.V. is a chemical company. The Company operates in five segments: Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining and Technology. The O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene.
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