Texas Permanent School Fund Increases Stock Position in Albemarle Co. (NYSE:ALB)

Posted by on May 8th, 2023

Texas Permanent School Fund raised its holdings in Albemarle Co. (NYSE:ALB – Get Rating) by 0.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,645 shares of the specialty chemicals company’s stock after purchasing an additional 72 shares during the period. Texas Permanent School Fund’s holdings in Albemarle were worth $3,610,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ALB. Covestor Ltd lifted its stake in shares of Albemarle by 51.2% during the first quarter. Covestor Ltd now owns 130 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 44 shares during the period. Tompkins Financial Corp lifted its stake in shares of Albemarle by 50.0% during the fourth quarter. Tompkins Financial Corp now owns 150 shares of the specialty chemicals company’s stock valued at $33,000 after buying an additional 50 shares during the period. Itau Unibanco Holding S.A. purchased a new position in shares of Albemarle during the third quarter valued at approximately $37,000. Trustcore Financial Services LLC lifted its stake in shares of Albemarle by 49.0% during the third quarter. Trustcore Financial Services LLC now owns 149 shares of the specialty chemicals company’s stock valued at $39,000 after buying an additional 49 shares during the period. Finally, Arlington Partners LLC purchased a new position in shares of Albemarle during the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 82.24% of the company’s stock.

Albemarle Price Performance

ALB opened at $179.70 on Monday. The company has a fifty day simple moving average of $211.39 and a 200 day simple moving average of $244.06. The firm has a market cap of $21.09 billion, a price-to-earnings ratio of 5.76, a PEG ratio of 0.45 and a beta of 1.53. Albemarle Co. has a twelve month low of $171.82 and a twelve month high of $334.55. The company has a current ratio of 1.90, a quick ratio of 1.13 and a debt-to-equity ratio of 0.34.

Albemarle (NYSE:ALB – Get Rating) last released its quarterly earnings results on Wednesday, May 3rd. The specialty chemicals company reported $10.32 earnings per share for the quarter, beating analysts’ consensus estimates of $6.93 by $3.39. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.74 billion. Albemarle had a net margin of 41.89% and a return on equity of 45.57%. The business’s revenue was up 128.8% on a year-over-year basis. During the same period last year, the business earned $2.38 EPS. Equities research analysts expect that Albemarle Co. will post 24.21 EPS for the current fiscal year.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Friday, June 16th will be paid a dividend of $0.40 per share. The ex-dividend date is Thursday, June 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.89%. Albemarle’s dividend payout ratio (DPR) is 5.13%.

Insider Buying and Selling at Albemarle

In other Albemarle news, CFO Scott Tozier sold 5,700 shares of the stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $251.40, for a total transaction of $1,432,980.00. Following the transaction, the chief financial officer now directly owns 69,503 shares in the company, valued at approximately $17,473,054.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.38% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Berenberg Bank reduced their price objective on shares of Albemarle from $290.00 to $225.00 and set a “hold” rating on the stock in a research note on Monday, April 17th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Albemarle from $325.00 to $240.00 and set a “buy” rating for the company in a research report on Thursday, April 20th. BMO Capital Markets dropped their price target on shares of Albemarle from $325.00 to $300.00 in a research report on Friday. Robert W. Baird upped their price target on shares of Albemarle from $298.00 to $305.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 25th. Finally, Piper Sandler upped their price target on shares of Albemarle from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 21st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $285.61.

Albemarle Profile

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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.

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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