Albemarle Co. (NYSE:ALB) Shares Sold by Lumature Wealth Partners LLC

Posted by Defense World Staff on Jun 13th, 2023

Lumature Wealth Partners LLC lowered its holdings in shares of Albemarle Co. (NYSE:ALB – Get Rating) by 5.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,190 shares of the specialty chemicals company’s stock after selling 65 shares during the period. Lumature Wealth Partners LLC’s holdings in Albemarle were worth $258,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its holdings in shares of Albemarle by 79,043.1% during the fourth quarter. International Assets Investment Management LLC now owns 1,407,165 shares of the specialty chemicals company’s stock worth $1,650,000 after buying an additional 1,405,387 shares in the last quarter. Wellington Management Group LLP grew its holdings 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 worth $191,386,000 after buying an additional 217,538 shares in the last quarter. Fred Alger Management LLC grew its holdings in shares of Albemarle by 71.3% during the third quarter. Fred Alger Management LLC now owns 488,490 shares of the specialty chemicals company’s stock worth $129,176,000 after buying an additional 203,385 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of Albemarle by 86.4% during the third quarter. Lord Abbett & CO. LLC now owns 375,347 shares of the specialty chemicals company’s stock worth $99,257,000 after buying an additional 173,996 shares in the last quarter. Finally, Schroder Investment Management Group grew its holdings in shares of Albemarle by 98.1% during the fourth quarter. Schroder Investment Management Group now owns 339,986 shares of the specialty chemicals company’s stock worth $73,729,000 after buying an additional 168,385 shares in the last quarter. Institutional investors and hedge funds own 82.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Robert W. Baird upgraded shares of Albemarle from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $222.00 to $288.00 in a report on Monday, May 15th. Oppenheimer boosted their target price on shares of Albemarle from $497.00 to $498.00 and gave the company an “outperform” rating in a report on Friday, February 17th. Bank of America upgraded shares of Albemarle from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $195.00 to $200.00 in a report on Monday, May 8th. Berenberg Bank lowered their target price on shares of Albemarle from $290.00 to $225.00 and set a “hold” rating for the company in a report on Monday, April 17th. Finally, Scotiabank downgraded shares of Albemarle from an “outperform” rating to a “sector perform” rating in a report on Wednesday, May 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Albemarle has an average rating of “Moderate Buy” and a consensus target price of $282.74.

Insider Activity at Albemarle

In related news, EVP Kristin M. Coleman purchased 1,373 shares of the business’s stock in a transaction that occurred on Friday, May 5th. The shares were purchased at an average cost of $182.00 per share, with a total value of $249,886.00. Following the completion of the acquisition, the executive vice president now directly owns 1,373 shares of the company’s stock, valued at approximately $249,886. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Albemarle news, CEO J Kent Masters bought 5,470 shares of the company’s stock in a transaction on Friday, May 5th. The shares were bought at an average cost of $181.64 per share, with a total value of $993,570.80. Following the completion of the acquisition, the chief executive officer now owns 51,466 shares of the company’s stock, valued at $9,348,284.24. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kristin M. Coleman bought 1,373 shares of the company’s stock in a transaction on Friday, May 5th. The shares were acquired at an average cost of $182.00 per share, for a total transaction of $249,886.00. Following the completion of the acquisition, the executive vice president now directly owns 1,373 shares of the company’s stock, valued at approximately $249,886. The disclosure for this purchase can be found here. Insiders have purchased 8,103 shares of company stock valued at $1,489,774 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Albemarle Trading Down 0.9 %

NYSE ALB opened at $218.55 on Tuesday. The company’s fifty day simple moving average is $198.50 and its 200-day simple moving average is $229.36. Albemarle Co. has a 52 week low of $171.82 and a 52 week high of $334.55. The company has a current ratio of 1.90, a quick ratio of 0.99 and a debt-to-equity ratio of 0.34. The stock has a market cap of $25.64 billion, a P/E ratio of 7.01, a PEG ratio of 0.61 and a beta of 1.54.

Albemarle (NYSE:ALB – Get Rating) last posted its quarterly earnings results on Thursday, May 4th. The specialty chemicals company reported $10.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.93 by $3.39. The firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.74 billion. Albemarle had a net margin of 41.89% and a return on equity of 45.57%. The firm’s quarterly revenue was up 128.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.38 earnings per share. Equities research analysts predict that Albemarle Co. will post 22.77 EPS for the current fiscal year.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Friday, June 16th will be issued a $0.40 dividend. The ex-dividend date is Thursday, June 15th. This represents a $1.60 annualized dividend and a yield of 0.73%. Albemarle’s dividend payout ratio is presently 5.13%.

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.