Bank of America Cuts LyondellBasell Industries (NYSE:LYB) Price Target to $50.00

LyondellBasell Industries (NYSE:LYB) had its price target lowered by Bank of America from $55.00 to $50.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the specialty chemicals company’s stock.

Several other research analysts have also recently issued reports on LYB. Evercore ISI lowered their target price on shares of LyondellBasell Industries from $90.00 to $65.00 and set an “in-line” rating for the company in a report on Tuesday, September 23rd. Citigroup lowered their target price on shares of LyondellBasell Industries from $53.00 to $49.00 and set a “neutral” rating for the company in a report on Thursday, October 2nd. Bank Of America (Bofa) lowered their target price on shares of LyondellBasell Industries from $56.00 to $55.00 in a report on Monday, June 30th. Zacks Research upgraded shares of LyondellBasell Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, October 3rd. Finally, BMO Capital Markets decreased their price target on shares of LyondellBasell Industries from $60.00 to $58.00 and set a “market perform” rating for the company in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, LyondellBasell Industries presently has an average rating of “Hold” and an average target price of $59.44.

LyondellBasell Industries Trading Down 2.0%

Shares of NYSE:LYB opened at $45.83 on Tuesday. The company’s 50 day moving average is $52.01 and its two-hundred day moving average is $56.55. LyondellBasell Industries has a 52 week low of $44.89 and a 52 week high of $92.63. The company has a current ratio of 1.77, a quick ratio of 1.04 and a debt-to-equity ratio of 0.94. The company has a market cap of $14.74 billion, a PE ratio of 59.52 and a beta of 0.87.

LyondellBasell Industries (NYSE:LYB) last issued its earnings results on Friday, August 1st. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.25). LyondellBasell Industries had a net margin of 0.74% and a return on equity of 9.35%. The company had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.58 billion. During the same quarter in the previous year, the company posted $2.24 EPS. The company’s quarterly revenue was down 11.8% on a year-over-year basis. Equities analysts predict that LyondellBasell Industries will post 6.31 earnings per share for the current fiscal year.

LyondellBasell Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 25th were paid a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 12.0%. The ex-dividend date was Monday, August 25th. LyondellBasell Industries’s dividend payout ratio (DPR) is 711.69%.

Insider Activity at LyondellBasell Industries

In other news, CEO Peter Z. E. Vanacker sold 20,000 shares of the firm’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $53.57, for a total value of $1,071,400.00. Following the completion of the sale, the chief executive officer owned 160,351 shares in the company, valued at approximately $8,590,003.07. This trade represents a 11.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.14% of the company’s stock.

Institutional Trading of LyondellBasell Industries

Hedge funds have recently made changes to their positions in the company. Rossby Financial LCC acquired a new stake in shares of LyondellBasell Industries in the 1st quarter worth $25,000. JFS Wealth Advisors LLC increased its holdings in shares of LyondellBasell Industries by 352.3% in the 1st quarter. JFS Wealth Advisors LLC now owns 398 shares of the specialty chemicals company’s stock valued at $28,000 after purchasing an additional 310 shares in the last quarter. Investment Management Corp VA ADV increased its holdings in shares of LyondellBasell Industries by 177.6% in the 1st quarter. Investment Management Corp VA ADV now owns 408 shares of the specialty chemicals company’s stock valued at $29,000 after purchasing an additional 261 shares in the last quarter. Capital A Wealth Management LLC increased its holdings in shares of LyondellBasell Industries by 6,314.3% in the 2nd quarter. Capital A Wealth Management LLC now owns 449 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 442 shares in the last quarter. Finally, MTM Investment Management LLC purchased a new position in shares of LyondellBasell Industries in the 2nd quarter valued at about $26,000. Institutional investors and hedge funds own 71.20% of the company’s stock.

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.