The Manufacturers Life Insurance Company Reduces Stock Position in LyondellBasell Industries (NYSE:LYB)

The Manufacturers Life Insurance Company cut its stake in LyondellBasell Industries (NYSE:LYB) by 2.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 989,025 shares of the specialty chemicals company’s stock after selling 21,118 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.30% of LyondellBasell Industries worth $94,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its position in shares of LyondellBasell Industries by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 8,023,982 shares of the specialty chemicals company’s stock valued at $769,500,000 after purchasing an additional 362,671 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of LyondellBasell Industries by 13.6% in the second quarter. Pacer Advisors Inc. now owns 4,828,869 shares of the specialty chemicals company’s stock valued at $461,930,000 after purchasing an additional 579,300 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of LyondellBasell Industries by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 4,695,361 shares of the specialty chemicals company’s stock valued at $449,175,000 after purchasing an additional 170,464 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of LyondellBasell Industries by 0.6% in the second quarter. Envestnet Asset Management Inc. now owns 1,065,083 shares of the specialty chemicals company’s stock valued at $101,886,000 after purchasing an additional 6,760 shares in the last quarter. Finally, Raymond James & Associates lifted its holdings in LyondellBasell Industries by 0.4% in the third quarter. Raymond James & Associates now owns 912,538 shares of the specialty chemicals company’s stock valued at $87,512,000 after acquiring an additional 3,394 shares during the last quarter. 71.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on LYB shares. StockNews.com cut LyondellBasell Industries from a “buy” rating to a “hold” rating in a report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on LyondellBasell Industries from $100.00 to $94.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Mizuho decreased their price objective on LyondellBasell Industries from $101.00 to $97.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Wells Fargo & Company decreased their price objective on LyondellBasell Industries from $110.00 to $105.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Finally, Piper Sandler decreased their price objective on LyondellBasell Industries from $117.00 to $112.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, LyondellBasell Industries currently has a consensus rating of “Hold” and a consensus target price of $101.70.

LyondellBasell Industries Stock Up 1.1 %

Shares of NYSE LYB opened at $83.04 on Thursday. The stock has a market cap of $26.97 billion, a P/E ratio of 12.64, a PEG ratio of 2.35 and a beta of 1.08. The company has a current ratio of 2.13, a quick ratio of 1.25 and a debt-to-equity ratio of 0.81. LyondellBasell Industries has a 12-month low of $81.45 and a 12-month high of $107.02. The business’s fifty day simple moving average is $89.36 and its 200-day simple moving average is $93.92.

LyondellBasell Industries (NYSE:LYB) last announced its quarterly earnings data on Friday, November 1st. The specialty chemicals company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.98 by ($0.10). The company had revenue of $10.33 billion during the quarter, compared to analyst estimates of $10.60 billion. LyondellBasell Industries had a net margin of 5.29% and a return on equity of 17.05%. The firm’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.46 earnings per share. As a group, equities analysts predict that LyondellBasell Industries will post 7.09 EPS for the current fiscal year.

LyondellBasell Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, December 2nd will be paid a $1.34 dividend. This represents a $5.36 annualized dividend and a dividend yield of 6.45%. The ex-dividend date is Monday, December 2nd. LyondellBasell Industries’s payout ratio is currently 81.58%.

About LyondellBasell Industries

LyondellBasell Industries N.V. operates as a chemical company in the United States, Germany, Mexico, Italy, Poland, France, Japan, China, the Netherlands, and internationally. The company operates in six segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology.