400 Shares in Albemarle Co. (NYSE:ALB) Purchased by Accurate Wealth Management LLC

Posted by Defense World Staff on Mar 21st, 2023

Accurate Wealth Management LLC acquired a new position in Albemarle Co. (NYSE:ALB – Get Rating) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 400 shares of the specialty chemicals company’s stock, valued at approximately $90,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Albemarle by 1.1% in the third quarter. Vanguard Group Inc. now owns 13,933,369 shares of the specialty chemicals company’s stock worth $3,684,541,000 after acquiring an additional 158,005 shares during the period. BlackRock Inc. lifted its position in shares of Albemarle by 1.4% during the third quarter. BlackRock Inc. now owns 9,419,869 shares of the specialty chemicals company’s stock valued at $2,490,991,000 after buying an additional 128,223 shares during the last quarter. State Street Corp lifted its position in shares of Albemarle by 0.3% during the first quarter. State Street Corp now owns 5,364,655 shares of the specialty chemicals company’s stock valued at $1,188,408,000 after buying an additional 16,968 shares during the last quarter. Invesco Ltd. lifted its position in shares of Albemarle by 14.3% during the first quarter. Invesco Ltd. now owns 1,247,801 shares of the specialty chemicals company’s stock valued at $275,952,000 after buying an additional 155,848 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Albemarle by 33.6% during the first quarter. Wellington Management Group LLP now owns 865,408 shares of the specialty chemicals company’s stock valued at $191,386,000 after buying an additional 217,538 shares during the last quarter. 82.24% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Albemarle

In other news, CFO Scott Tozier sold 417 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $255.49, for a total transaction of $106,539.33. Following the sale, the chief financial officer now owns 75,203 shares of the company’s stock, valued at approximately $19,213,614.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 7,836 shares of company stock valued at $1,917,699 in the last 90 days. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on ALB. Piper Jaffray Companies began coverage on shares of Albemarle in a research report on Thursday, January 26th. They set an “overweight” rating for the company. Credit Suisse Group reissued an “underperform” rating and set a $240.00 price target on shares of Albemarle in a research report on Thursday, February 16th. Royal Bank of Canada increased their price target on shares of Albemarle from $340.00 to $362.00 in a research report on Wednesday, January 25th. Loop Capital increased their price target on shares of Albemarle from $397.00 to $403.00 in a research report on Friday. Finally, BMO Capital Markets upped their price objective on shares of Albemarle from $315.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, February 17th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $308.00.

Albemarle Price Performance

Shares of NYSE:ALB opened at $213.20 on Tuesday. Albemarle Co. has a twelve month low of $185.15 and a twelve month high of $334.55. The company’s 50 day moving average is $253.94 and its 200 day moving average is $262.03. The company has a current ratio of 1.89, a quick ratio of 1.13 and a debt-to-equity ratio of 0.39. The company has a market cap of $24.99 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 0.43 and a beta of 1.57.

Albemarle (NYSE:ALB – Get Rating) last issued its quarterly earnings data on Thursday, February 16th. The specialty chemicals company reported $8.62 EPS for the quarter, topping analysts’ consensus estimates of $8.46 by $0.16. The business had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.60 billion. Albemarle had a net margin of 36.75% and a return on equity of 37.63%. The business’s revenue was up 193.1% on a year-over-year basis. During the same quarter last year, the company earned $1.01 EPS. On average, sell-side analysts forecast that Albemarle Co. will post 30.2 EPS for the current year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Friday, March 17th will be paid a dividend of $0.40 per share. This is a boost from Albemarle’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, March 16th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.75%. Albemarle’s dividend payout ratio (DPR) is presently 7.01%.

Albemarle Profile

(Get Rating)

Albemarle Corp. engages in the development, manufacture, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following business segments: Lithium, Bromine, Catalysts, and All Other.