PNC Financial Services Group Inc. Sells 3,037 Shares of LyondellBasell Industries (NYSE:LYB)

PNC Financial Services Group Inc. cut its stake in LyondellBasell Industries (NYSE:LYB) by 3.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,126 shares of the specialty chemicals company’s stock after selling 3,037 shares during the period. PNC Financial Services Group Inc.’s holdings in LyondellBasell Industries were worth $8,569,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LYB. Capital World Investors bought a new position in LyondellBasell Industries in the fourth quarter worth approximately $197,305,000. Pacer Advisors Inc. increased its stake in shares of LyondellBasell Industries by 35.5% during the fourth quarter. Pacer Advisors Inc. now owns 3,571,985 shares of the specialty chemicals company’s stock valued at $339,624,000 after buying an additional 935,430 shares during the period. Norges Bank bought a new stake in shares of LyondellBasell Industries in the fourth quarter valued at about $82,854,000. Bank of Nova Scotia grew its holdings in LyondellBasell Industries by 3,162.5% during the 3rd quarter. Bank of Nova Scotia now owns 614,259 shares of the specialty chemicals company’s stock worth $58,170,000 after acquiring an additional 595,431 shares in the last quarter. Finally, Morgan Stanley increased its position in LyondellBasell Industries by 9.9% during the 3rd quarter. Morgan Stanley now owns 6,305,596 shares of the specialty chemicals company’s stock valued at $597,140,000 after purchasing an additional 569,887 shares during the period. Institutional investors own 71.20% of the company’s stock.

LyondellBasell Industries Stock Performance

Shares of LYB opened at $94.00 on Tuesday. LyondellBasell Industries has a one year low of $86.64 and a one year high of $107.02. The stock has a market cap of $30.61 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.16 and a beta of 1.13. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.32 and a current ratio of 2.12. The stock has a 50-day moving average of $99.16 and a two-hundred day moving average of $97.86.

LyondellBasell Industries (NYSE:LYB) last posted its quarterly earnings results on Friday, April 26th. The specialty chemicals company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.17. The company had revenue of $9.93 billion during the quarter, compared to analyst estimates of $9.70 billion. LyondellBasell Industries had a net margin of 5.20% and a return on equity of 19.31%. LyondellBasell Industries’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $2.50 EPS. As a group, research analysts predict that LyondellBasell Industries will post 8.5 EPS for the current year.

LyondellBasell Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Monday, June 3rd were paid a dividend of $1.34 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.36 dividend on an annualized basis and a dividend yield of 5.70%. This is a positive change from LyondellBasell Industries’s previous quarterly dividend of $1.25. LyondellBasell Industries’s dividend payout ratio (DPR) is presently 82.84%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. BMO Capital Markets boosted their price objective on shares of LyondellBasell Industries from $99.00 to $105.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft upped their price objective on LyondellBasell Industries from $100.00 to $105.00 and gave the stock a “hold” rating in a research note on Tuesday, April 30th. Royal Bank of Canada raised their price objective on LyondellBasell Industries from $107.00 to $113.00 and gave the company an “outperform” rating in a research report on Monday, April 29th. Barclays boosted their target price on shares of LyondellBasell Industries from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Monday, May 6th. Finally, Wells Fargo & Company raised their price target on shares of LyondellBasell Industries from $105.00 to $117.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $105.08.

About LyondellBasell Industries

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.