LyondellBasell Industries NV (NYSE:LYB) Sees Large Drop in Short Interest

Share on StockTwits

LyondellBasell Industries NV (NYSE:LYB) was the recipient of a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 5,190,300 shares, a drop of 45.4% from the July 15th total of 9,506,900 shares. Based on an average daily volume of 3,350,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 1.8% of the shares of the company are short sold.

LYB traded up $0.20 on Tuesday, hitting $69.75. 2,059,047 shares of the company’s stock were exchanged, compared to its average volume of 2,845,669. LyondellBasell Industries has a fifty-two week low of $68.61 and a fifty-two week high of $116.54. The company has a current ratio of 1.47, a quick ratio of 0.85 and a debt-to-equity ratio of 0.83. The firm has a 50-day moving average price of $79.32 and a 200-day moving average price of $84.12. The stock has a market cap of $23.14 billion, a price-to-earnings ratio of 6.19, a P/E/G ratio of 0.75 and a beta of 1.31.

LyondellBasell Industries (NYSE:LYB) last announced its earnings results on Friday, August 2nd. The specialty chemicals company reported $2.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.84 by ($0.09). The business had revenue of $9.05 billion for the quarter, compared to analyst estimates of $9.26 billion. LyondellBasell Industries had a return on equity of 35.20% and a net margin of 9.83%. On average, equities analysts predict that LyondellBasell Industries will post 10.27 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Wednesday, September 4th will be given a dividend of $1.05 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $4.20 annualized dividend and a dividend yield of 6.02%. LyondellBasell Industries’s payout ratio is 37.27%.

In other LyondellBasell Industries news, Director Jagjeet S. Bindra purchased 1,360 shares of LyondellBasell Industries stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $73.48 per share, with a total value of $99,932.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Bhavesh V. Patel purchased 7,246 shares of LyondellBasell Industries stock in a transaction on Friday, August 23rd. The shares were acquired at an average cost of $68.85 per share, with a total value of $498,887.10. The disclosure for this purchase can be found here. Company insiders own 0.14% of the company’s stock.

Several hedge funds have recently made changes to their positions in LYB. Norinchukin Bank The boosted its holdings in LyondellBasell Industries by 0.4% in the first quarter. Norinchukin Bank The now owns 58,745 shares of the specialty chemicals company’s stock valued at $4,939,000 after purchasing an additional 205 shares in the last quarter. Coastal Investment Advisors Inc. boosted its holdings in LyondellBasell Industries by 58.0% in the second quarter. Coastal Investment Advisors Inc. now owns 4,041 shares of the specialty chemicals company’s stock valued at $349,000 after purchasing an additional 1,483 shares in the last quarter. Barnett & Company Inc. acquired a new position in LyondellBasell Industries in the second quarter valued at approximately $43,000. Bell Bank boosted its holdings in LyondellBasell Industries by 125.1% in the first quarter. Bell Bank now owns 41,717 shares of the specialty chemicals company’s stock valued at $3,508,000 after purchasing an additional 23,188 shares in the last quarter. Finally, Ackerman Capital Advisors LLC acquired a new position in LyondellBasell Industries in the second quarter valued at approximately $172,260,000. 74.54% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have issued reports on LYB. Bank of America reduced their price target on shares of LyondellBasell Industries from $110.00 to $98.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Jefferies Financial Group raised their price target on shares of LyondellBasell Industries from $99.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Zacks Investment Research lowered shares of LyondellBasell Industries from a “buy” rating to a “hold” rating and set a $77.00 price target for the company. in a research report on Tuesday, August 13th. UBS Group lifted their target price on shares of LyondellBasell Industries from $86.00 to $89.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Finally, Cowen cut their target price on shares of LyondellBasell Industries from $92.00 to $85.00 and set a “market perform” rating for the company in a report on Monday, August 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $102.18.

LyondellBasell Industries Company Profile

LyondellBasell Industries N.V. operates as a chemical company worldwide. The company operates in six segments: Olefins and Polyolefins—Americas; Olefins and Polyolefins—Europe, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology. It produces and markets olefins and co-products; polyethylene products, which consist of high density polyethylene, low density polyethylene, and linear low density polyethylene; and polypropylene (PP) products, such as PP homopolymers and copolymers.

Read More: What is dividend yield?

Receive News & Ratings for LyondellBasell Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for LyondellBasell Industries and related companies with MarketBeat.com's FREE daily email newsletter.