Atria Investments LLC purchased a new stake in shares of Albemarle Co. (NYSE:ALB) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,765 shares of the specialty chemicals company’s stock, valued at approximately $432,000.
A number of other hedge funds have also made changes to their positions in ALB. Icon Wealth Partners LLC bought a new stake in shares of Albemarle in the first quarter worth $25,000. Gemmer Asset Management LLC increased its stake in Albemarle by 71.1% during the second quarter. Gemmer Asset Management LLC now owns 361 shares of the specialty chemicals company’s stock valued at $25,000 after purchasing an additional 150 shares during the last quarter. Alpha Omega Wealth Management LLC increased its stake in Albemarle by 125.0% during the first quarter. Alpha Omega Wealth Management LLC now owns 360 shares of the specialty chemicals company’s stock valued at $30,000 after purchasing an additional 200 shares during the last quarter. NEXT Financial Group Inc increased its stake in Albemarle by 71.1% during the second quarter. NEXT Financial Group Inc now owns 433 shares of the specialty chemicals company’s stock valued at $31,000 after purchasing an additional 180 shares during the last quarter. Finally, Exane Derivatives bought a new stake in Albemarle during the second quarter valued at $32,000. 90.97% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Eric Norris acquired 3,090 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was purchased at an average cost of $64.66 per share, for a total transaction of $199,799.40. Following the completion of the purchase, the insider now directly owns 164 shares of the company’s stock, valued at approximately $10,604.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.02% of the company’s stock.
Several research firms have recently commented on ALB. KeyCorp restated an “overweight” rating and set a $94.00 price target (down previously from $100.00) on shares of Albemarle in a research report on Tuesday, July 9th. Berenberg Bank set a $75.00 price objective on shares of Albemarle and gave the stock a “hold” rating in a report on Monday, August 12th. Vertical Group reduced their price objective on shares of Albemarle from $58.50 to $39.50 in a report on Wednesday, August 14th. Morgan Stanley reduced their price objective on shares of Albemarle from $65.00 to $60.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. Finally, Royal Bank of Canada reduced their price objective on shares of Albemarle to $83.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the stock. Albemarle has an average rating of “Hold” and an average price target of $92.70.
NYSE:ALB traded down $0.30 during mid-day trading on Friday, reaching $68.98. The stock had a trading volume of 43,819 shares, compared to its average volume of 1,511,228. Albemarle Co. has a fifty-two week low of $58.63 and a fifty-two week high of $108.74. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.45 and a quick ratio of 0.87. The stock has a market cap of $7.24 billion, a P/E ratio of 12.50, a PEG ratio of 0.82 and a beta of 1.64. The business’s 50 day moving average is $66.12 and its 200 day moving average is $73.81.
Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, August 7th. The specialty chemicals company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.41 by $0.14. The firm had revenue of $885.05 million during the quarter, compared to analysts’ expectations of $893.50 million. Albemarle had a return on equity of 15.71% and a net margin of 16.01%. Albemarle’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the business earned $1.36 earnings per share. Equities analysts expect that Albemarle Co. will post 6.38 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.3675 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.47 annualized dividend and a yield of 2.13%. Albemarle’s dividend payout ratio is currently 26.82%.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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