State of Michigan Retirement System Purchases 1,400 Shares of LyondellBasell Industries (NYSE:LYB)

State of Michigan Retirement System boosted its position in LyondellBasell Industries (NYSE:LYB) by 1.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,165 shares of the specialty chemicals company’s stock after purchasing an additional 1,400 shares during the quarter. State of Michigan Retirement System’s holdings in LyondellBasell Industries were worth $5,805,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in LYB. Jacobs Levy Equity Management Inc. boosted its stake in LyondellBasell Industries by 211.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,283,163 shares of the specialty chemicals company’s stock valued at $123,055,000 after purchasing an additional 871,708 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of LyondellBasell Industries by 4.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,023,982 shares of the specialty chemicals company’s stock valued at $769,500,000 after acquiring an additional 362,671 shares during the period. Franklin Resources Inc. lifted its position in shares of LyondellBasell Industries by 11.4% during the 3rd quarter. Franklin Resources Inc. now owns 2,875,267 shares of the specialty chemicals company’s stock valued at $268,664,000 after acquiring an additional 293,622 shares during the period. Geode Capital Management LLC lifted its position in shares of LyondellBasell Industries by 4.4% during the 3rd quarter. Geode Capital Management LLC now owns 6,605,151 shares of the specialty chemicals company’s stock valued at $638,964,000 after acquiring an additional 277,108 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in shares of LyondellBasell Industries by 40.0% during the 4th quarter. Allianz Asset Management GmbH now owns 947,614 shares of the specialty chemicals company’s stock valued at $70,379,000 after acquiring an additional 270,694 shares during the period. 71.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Piper Sandler cut their target price on LyondellBasell Industries from $95.00 to $84.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Barclays cut their target price on LyondellBasell Industries from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group cut their target price on LyondellBasell Industries from $96.00 to $86.00 and set a “sell” rating for the company in a research report on Thursday, December 12th. Wells Fargo & Company cut their target price on LyondellBasell Industries from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Morgan Stanley cut their target price on LyondellBasell Industries from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, LyondellBasell Industries currently has a consensus rating of “Hold” and an average price target of $88.25.

LyondellBasell Industries Price Performance

Shares of LYB opened at $75.83 on Friday. LyondellBasell Industries has a 12-month low of $72.21 and a 12-month high of $107.02. The business has a 50-day simple moving average of $75.97 and a two-hundred day simple moving average of $83.91. The company has a quick ratio of 1.13, a current ratio of 1.83 and a debt-to-equity ratio of 0.84. The stock has a market cap of $24.53 billion, a PE ratio of 18.32, a PEG ratio of 0.97 and a beta of 1.06.

LyondellBasell Industries (NYSE:LYB) last issued its earnings results on Friday, January 31st. The specialty chemicals company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.53). LyondellBasell Industries had a return on equity of 15.97% and a net margin of 3.39%. During the same period last year, the firm posted $1.26 earnings per share. Analysts anticipate 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 will be paid on Monday, March 17th. Shareholders of record on Monday, March 10th will be issued a $1.34 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $5.36 dividend on an annualized basis and a yield of 7.07%. LyondellBasell Industries’s payout ratio is presently 129.47%.

Insiders Place Their Bets

In related news, Director Robin W.T. Buchanan purchased 5,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was bought at an average price of $76.06 per share, with a total value of $380,300.00. Following the completion of the purchase, the director now owns 18,175 shares in the company, valued at approximately $1,382,390.50. This represents a 37.95 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.11% of the company’s stock.

LyondellBasell Industries 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.