California State Teachers Retirement System Cuts Stake in LyondellBasell Industries (NYSE:LYB)

Posted by MarketBeat News on Mar 19th, 2023

California State Teachers Retirement System cut its position in LyondellBasell Industries (NYSE:LYB – Get Rating) by 1.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 413,961 shares of the specialty chemicals company’s stock after selling 6,262 shares during the period. California State Teachers Retirement System’s holdings in LyondellBasell Industries were worth $31,163,000 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. Alpha Paradigm Partners LLC purchased a new stake in shares of LyondellBasell Industries during the second quarter valued at $26,000. Chilton Capital Management LLC bought a new stake in shares of LyondellBasell Industries in the second quarter worth approximately $26,000. Trust Co. of Vermont grew its stake in shares of LyondellBasell Industries by 1,033.3% in the third quarter. Trust Co. of Vermont now owns 340 shares of the specialty chemicals company’s stock worth $26,000 after acquiring an additional 310 shares during the period. CI Investments Inc. raised its holdings in shares of LyondellBasell Industries by 1,006.5% during the third quarter. CI Investments Inc. now owns 343 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 312 shares during the last quarter. Finally, Ten Capital Wealth Advisors LLC bought a new position in LyondellBasell Industries during the third quarter valued at approximately $32,000. Institutional investors own 91.12% of the company’s stock.

LyondellBasell Industries Stock Performance

NYSE:LYB opened at $84.68 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.75 and a quick ratio of 1.04. The company has a market cap of $27.60 billion, a price-to-earnings ratio of 7.18, a PEG ratio of 1.17 and a beta of 1.21. LyondellBasell Industries has a 1 year low of $71.46 and a 1 year high of $117.22. The stock’s 50 day simple moving average is $94.41 and its two-hundred day simple moving average is $85.94.

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LyondellBasell Industries (NYSE:LYB – Get Rating) last announced its quarterly earnings results on Friday, February 3rd. The specialty chemicals company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.20. LyondellBasell Industries had a net margin of 7.71% and a return on equity of 32.96%. The company had revenue of $10.21 billion for the quarter, compared to analysts’ expectations of $10.73 billion. During the same quarter in the previous year, the business posted $3.63 earnings per share. LyondellBasell Industries’s quarterly revenue was down 20.5% on a year-over-year basis. As a group, equities analysts anticipate that LyondellBasell Industries will post 9.01 earnings per share for the current fiscal year.

LyondellBasell Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 13th. Stockholders of record on Monday, March 6th were given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 5.62%. The ex-dividend date was Friday, March 3rd. LyondellBasell Industries’s dividend payout ratio is 40.34%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of LyondellBasell Industries from $85.00 to $100.00 and gave the company a “hold” rating in a research note on Monday, February 6th. Barclays increased their target price on LyondellBasell Industries from $82.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, March 14th. Bank of America boosted their price target on LyondellBasell Industries from $77.00 to $90.00 and gave the company an “underperform” rating in a research note on Monday, February 6th. BMO Capital Markets increased their price objective on shares of LyondellBasell Industries from $99.00 to $102.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 8th. Finally, Credit Suisse Group upgraded LyondellBasell Industries from an “underperform” rating to an “outperform” rating and set a $109.00 target price on the stock in a research report on Monday, February 6th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $98.95.

Insider Activity at LyondellBasell Industries

In other LyondellBasell Industries news, EVP Jeffrey A. Kaplan sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $98.99, for a total transaction of $989,900.00. Following the sale, the executive vice president now directly owns 47,600 shares of the company’s stock, valued at $4,711,924. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.18% of the stock is owned by insiders.

LyondellBasell Industries Profile

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LyondellBasell Industries NV engages in the refinery and production of plastic resins and other chemicals. It operates through the following segments: Olefins and Polyolefins-Americas; Olefins and Polyolefins-Europe, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology.