Convergence Investment Partners LLC boosted its position in LyondellBasell Industries NV (NYSE:LYB) by 65.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,781 shares of the specialty chemicals company’s stock after buying an additional 7,026 shares during the period. Convergence Investment Partners LLC’s holdings in LyondellBasell Industries were worth $1,761,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. Seven Bridges Advisors LLC increased its holdings in LyondellBasell Industries by 32.8% during the 2nd quarter. Seven Bridges Advisors LLC now owns 1,936 shares of the specialty chemicals company’s stock worth $163,000 after purchasing an additional 478 shares in the last quarter. BDO Wealth Advisors LLC increased its holdings in LyondellBasell Industries by 64.5% during the 3rd quarter. BDO Wealth Advisors LLC now owns 1,785 shares of the specialty chemicals company’s stock worth $177,000 after purchasing an additional 700 shares in the last quarter. WESPAC Advisors SoCal LLC increased its holdings in LyondellBasell Industries by 4.9% during the 2nd quarter. WESPAC Advisors SoCal LLC now owns 2,125 shares of the specialty chemicals company’s stock worth $179,000 after purchasing an additional 100 shares in the last quarter. WFG Advisors LP increased its holdings in LyondellBasell Industries by 66.4% during the 2nd quarter. WFG Advisors LP now owns 2,213 shares of the specialty chemicals company’s stock worth $187,000 after purchasing an additional 883 shares in the last quarter. Finally, HighVista Strategies LLC bought a new stake in LyondellBasell Industries during the 2nd quarter worth approximately $203,000. 74.29% of the stock is owned by institutional investors and hedge funds.
In related news, Director Jagjeet S. Bindra sold 1,574 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $103.73, for a total value of $163,271.02. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.09% of the stock is currently owned by corporate insiders.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Tuesday, December 5th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Monday, December 4th. LyondellBasell Industries’s dividend payout ratio is presently 38.59%.
A number of analysts have commented on the company. Jefferies Group set a $88.00 price objective on LyondellBasell Industries and gave the stock a “hold” rating in a report on Monday, August 21st. Morgan Stanley set a $115.00 price objective on LyondellBasell Industries and gave the stock a “buy” rating in a report on Saturday. SunTrust Banks reissued a “hold” rating and set a $96.00 price objective (up from $90.00) on shares of LyondellBasell Industries in a report on Saturday, September 30th. Cowen boosted their price objective on LyondellBasell Industries from $90.00 to $95.00 and gave the stock a “market perform” rating in a report on Monday, October 16th. Finally, Nomura reaffirmed a “hold” rating and issued a $99.00 target price (up from $90.00) on shares of LyondellBasell Industries in a report on Tuesday, September 26th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. LyondellBasell Industries presently has a consensus rating of “Hold” and a consensus target price of $100.47.
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About LyondellBasell Industries
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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