Pinnacle Associates Ltd. Has $2.74 Million Position in LyondellBasell Industries (NYSE:LYB)

Pinnacle Associates Ltd. boosted its holdings in LyondellBasell Industries (NYSE:LYB) by 10.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,831 shares of the specialty chemicals company’s stock after acquiring an additional 2,616 shares during the period. Pinnacle Associates Ltd.’s holdings in LyondellBasell Industries were worth $2,741,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in LYB. Norden Group LLC bought a new position in shares of LyondellBasell Industries in the first quarter valued at about $3,686,000. State Board of Administration of Florida Retirement System raised its holdings in LyondellBasell Industries by 8.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 282,374 shares of the specialty chemicals company’s stock valued at $26,512,000 after acquiring an additional 21,809 shares during the period. Banco Santander S.A. acquired a new stake in LyondellBasell Industries during the first quarter worth approximately $3,607,000. Foresight Capital Management Advisors Inc. bought a new stake in shares of LyondellBasell Industries during the second quarter worth approximately $1,416,000. Finally, PGGM Investments grew its position in shares of LyondellBasell Industries by 47.9% in the second quarter. PGGM Investments now owns 22,148 shares of the specialty chemicals company’s stock valued at $2,119,000 after purchasing an additional 7,168 shares during the last quarter. Institutional investors and hedge funds own 71.20% of the company’s stock.

LyondellBasell Industries Stock Performance

Shares of LyondellBasell Industries stock opened at $86.85 on Friday. The company has a current ratio of 2.10, a quick ratio of 1.28 and a debt-to-equity ratio of 0.82. The company has a market cap of $28.23 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 1.69 and a beta of 1.07. The company has a 50 day moving average of $93.79 and a 200-day moving average of $96.13. LyondellBasell Industries has a 1-year low of $86.74 and a 1-year high of $107.02.

LyondellBasell Industries (NYSE:LYB) last issued its quarterly earnings results on Friday, August 2nd. The specialty chemicals company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.01. LyondellBasell Industries had a return on equity of 18.63% and a net margin of 5.68%. The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.44 billion. During the same quarter last year, the company posted $2.44 EPS. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, equities research analysts forecast that LyondellBasell Industries will post 7.53 earnings per share for the current fiscal year.

LyondellBasell Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 26th were given a $1.34 dividend. This represents a $5.36 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date was Monday, August 26th. LyondellBasell Industries’s dividend payout ratio is presently 75.39%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on LYB shares. Deutsche Bank Aktiengesellschaft boosted their price target on LyondellBasell Industries from $105.00 to $110.00 and gave the company a “hold” rating in a research note on Tuesday, August 6th. Barclays reduced their target price on shares of LyondellBasell Industries from $101.00 to $99.00 and set an “equal weight” rating for the company in a research report on Monday, October 7th. Wells Fargo & Company lowered their price target on shares of LyondellBasell Industries from $117.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Evercore ISI raised shares of LyondellBasell Industries to a “hold” rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. lowered their target price on shares of LyondellBasell Industries from $113.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $106.33.

LyondellBasell Industries Company Profile

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.