Forsta AP Fonden lessened its holdings in shares of Albemarle Co. (NYSE:ALB – Free Report) by 14.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,900 shares of the specialty chemicals company’s stock after selling 4,000 shares during the period. Forsta AP Fonden’s holdings in Albemarle were worth $5,062,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. UBS Asset Management Americas Inc. raised its position in shares of Albemarle by 1.0% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 450,215 shares of the specialty chemicals company’s stock worth $119,055,000 after purchasing an additional 4,675 shares during the period. Robbins Farley acquired a new stake in Albemarle in the fourth quarter worth $1,385,000. Duncker Streett & Co. Inc. bought a new stake in Albemarle in the fourth quarter valued at $61,000. Fox Run Management L.L.C. acquired a new position in shares of Albemarle during the fourth quarter valued at $203,000. Finally, United Asset Strategies Inc. bought a new position in shares of Albemarle during the fourth quarter worth about $239,000. Institutional investors and hedge funds own 87.03% of the company’s stock.
Insider Transactions at Albemarle
In other Albemarle news, CEO J Kent Masters acquired 5,470 shares of Albemarle stock in a transaction that occurred on Friday, May 5th. The stock was purchased at an average cost of $181.64 per share, with a total value of $993,570.80. Following the purchase, the chief executive officer now owns 51,466 shares in the company, valued at $9,348,284.24. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Kristin M. Coleman purchased 1,373 shares of the company’s stock in a transaction dated Friday, May 5th. The shares were acquired at an average cost of $182.00 per share, with a total value of $249,886.00. Following the completion of the purchase, the executive vice president now owns 1,373 shares of the company’s stock, valued at approximately $249,886. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO J Kent Masters acquired 5,470 shares of Albemarle stock in a transaction that occurred on Friday, May 5th. The shares were purchased at an average cost of $181.64 per share, with a total value of $993,570.80. Following the transaction, the chief executive officer now owns 51,466 shares of the company’s stock, valued at approximately $9,348,284.24. The disclosure for this purchase can be found here. Insiders acquired a total of 8,103 shares of company stock valued at $1,489,774 over the last quarter. Company insiders own 0.38% of the company’s stock.
Albemarle Trading Up 4.4 %
Albemarle (NYSE:ALB – Free Report) last released its earnings results on Thursday, May 4th. The specialty chemicals company reported $10.32 earnings per share for the quarter, topping the consensus estimate of $6.93 by $3.39. The business 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 quarterly revenue was up 128.8% compared to the same quarter last year. During the same period last year, the firm posted $2.38 earnings per share. Sell-side analysts forecast that Albemarle Co. will post 23.12 earnings per share for the current year.
Albemarle Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Friday, June 16th were given a $0.40 dividend. The ex-dividend date was Thursday, June 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. Albemarle’s dividend payout ratio (DPR) is presently 5.13%.
Analyst Ratings Changes
A number of research firms have issued reports on ALB. Wells Fargo & Company reduced their target price on shares of Albemarle from $350.00 to $277.00 and set an “overweight” rating for the company in a research note on Thursday, April 6th. Citigroup began coverage on Albemarle in a report on Tuesday, June 13th. They issued a “buy” rating and a $260.00 price objective for the company. UBS Group raised Albemarle from a “neutral” rating to a “buy” rating and lifted their target price for the company from $196.00 to $225.00 in a research note on Thursday, May 18th. KeyCorp increased their price target on Albemarle from $270.00 to $291.00 and gave the stock an “overweight” rating in a research note on Monday, June 26th. Finally, Robert W. Baird upgraded shares of Albemarle from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $222.00 to $288.00 in a research note on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $282.90.
Albemarle Company Profile
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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