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.
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 PolyolefinsAmericas; Olefins and PolyolefinsEurope, 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.
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