CENTRAL TRUST Co Buys 140 Shares of Albemarle Co. (NYSE:ALB)

Posted by on Jul 3rd, 2023

CENTRAL TRUST Co grew its holdings in shares of Albemarle Co. (NYSE:ALB – Free Report) by 11.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,324 shares of the specialty chemicals company’s stock after acquiring an additional 140 shares during the period. CENTRAL TRUST Co’s holdings in Albemarle were worth $293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Cozad Asset Management Inc. grew its position in shares of Albemarle by 4.1% during the 4th quarter. Cozad Asset Management Inc. now owns 973 shares of the specialty chemicals company’s stock valued at $211,000 after acquiring an additional 38 shares during the period. Kentucky Retirement Systems grew its position in shares of Albemarle by 0.4% during the 4th quarter. Kentucky Retirement Systems now owns 9,209 shares of the specialty chemicals company’s stock valued at $1,997,000 after acquiring an additional 40 shares during the period. Canal Capital Management LLC grew its position in shares of Albemarle by 3.0% during the 4th quarter. Canal Capital Management LLC now owns 1,407 shares of the specialty chemicals company’s stock valued at $305,000 after acquiring an additional 41 shares during the period. Covestor Ltd lifted its stake in shares of Albemarle by 51.2% during the 1st quarter. Covestor Ltd now owns 130 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 44 shares in the last quarter. Finally, Busey Wealth Management lifted its stake in shares of Albemarle by 2.4% during the 4th quarter. Busey Wealth Management now owns 1,962 shares of the specialty chemicals company’s stock valued at $425,000 after buying an additional 46 shares in the last quarter. Institutional investors own 87.03% of the company’s stock.

Insider Activity at Albemarle

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ALB. Robert W. Baird upgraded shares of Albemarle from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $222.00 to $288.00 in a research note on Monday, May 15th. Berenberg Bank lowered their target price 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. HSBC lowered their target price on shares of Albemarle from $360.00 to $300.00 in a research note on Friday, June 23rd. Wells Fargo & Company lowered their target price on shares of Albemarle from $350.00 to $277.00 and set an “overweight” rating on the stock in a research note on Thursday, April 6th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Albemarle from $240.00 to $205.00 in a research note on Monday, May 8th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $282.90.

Albemarle Stock Performance

Shares of NYSE:ALB opened at $223.09 on Monday. The company has a market capitalization of $26.18 billion, a price-to-earnings ratio of 7.15, a PEG ratio of 0.59 and a beta of 1.54. Albemarle Co. has a 12 month low of $171.82 and a 12 month high of $334.55. The firm’s 50-day moving average is $206.01 and its 200 day moving average is $225.53. The company has a current ratio of 1.90, a quick ratio of 0.99 and a debt-to-equity ratio of 0.34.

Albemarle (NYSE:ALB – Free Report) last issued its quarterly earnings results on Thursday, May 4th. The specialty chemicals company reported $10.32 EPS for the quarter, beating the consensus estimate of $6.93 by $3.39. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.74 billion. Albemarle had a net margin of 41.89% and a return on equity of 45.57%. The firm’s revenue was up 128.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.38 EPS. Research analysts predict that Albemarle Co. will post 23.12 EPS for the current year.

Albemarle Announces Dividend

The company 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 dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $1.60 annualized dividend and a yield of 0.72%. Albemarle’s payout ratio is 5.13%.

Albemarle Company Profile

(Free Report)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties and reagents, such as butyllithium and lithium aluminum hydride for use 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 in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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