Schroder Investment Management Group significantly increased its holdings in LyondellBasell Industries N.V. (NYSE: LYB) by 22.6% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, Schroder now owns 1,018,271 shares of the specialty chemicals company after acquiring an additional 187,889 shares. This raises the value of its holdings to approximately $58.9 million.
Other institutional investors have also adjusted their positions in LyondellBasell. For instance, Charles Schwab Investment Management Inc. raised its stake by 2.6% in the same quarter, bringing its total to 9,476,600 shares, valued at $548.3 million. Additionally, Geode Capital Management LLC increased its position by 0.4%, now holding 6,824,462 shares worth $395.5 million.
Meanwhile, Invesco Ltd. enhanced its stake by 10.4% during the first quarter, acquiring 606,234 shares to reach a total of 6,432,552 shares valued at $452.9 million. Notably, Norges Bank entered a new position in LyondellBasell, estimated at around $280 million, while Soundwatch Capital LLC also purchased shares worth approximately $268.1 million. Overall, institutional investors own 71.20% of the company’s stock.
Analyst Ratings and Market Performance
Analysts have mixed views on LyondellBasell Industries, with several recent adjustments to their price targets. Deutsche Bank Aktiengesellschaft lowered its target from $58.00 to $53.00, maintaining a “hold” rating. BMO Capital Markets similarly reduced its price target to $48.00, while Bank of America adjusted its target to $50.00, both adopting neutral stances.
According to data from MarketBeat, the stock currently has an average rating of “hold” with a price target of $56.19. Out of analysts covering the stock, one has rated it as a strong buy, three as buy, twelve as hold, and four as sell.
On the trading front, LyondellBasell shares opened at $49.31 on Monday. The company has experienced a 12-month low of $41.58 and a high of $83.46. As of now, LyondellBasell’s market capitalization stands at $15.87 billion, with a price-to-earnings ratio of 64.03.
The company recently reported its quarterly earnings on October 31, 2023, posting earnings of $1.01 per share, surpassing analysts’ expectations of $0.80 by $0.21. Revenue for the quarter was $7.73 billion, compared to a consensus estimate of $7.41 billion, though this reflects a year-over-year decrease of 10.2%.
Recent Insider Activity and Dividend Announcement
In recent insider activity, Kimberly A. Foley, Executive Vice President, acquired 5,661 shares on November 12, 2023, at an average price of $43.56 per share, totaling $246,593.16. Following this transaction, Foley’s holdings increased to 67,688 shares, valued at $2.95 million.
LyondellBasell has also announced a quarterly dividend, set to be paid on December 8, 2023. Shareholders on record as of December 1, 2023 will receive a dividend of $1.37 per share, leading to an annualized dividend of $5.48 and a yield of 11.1%. The company’s payout ratio is noted at -146.13%.
Founded as a leading chemical company, LyondellBasell operates across various global markets, including the United States, Germany, Mexico, and Japan. It functions through multiple segments, including Olefins and Polyolefins, Intermediates and Derivatives, and more. As the company navigates market challenges and opportunities, its performance remains a focal point for investors and analysts alike.
