Truist Financial Corp raised its position in Albemarle Co. (NYSE:ALB – Free Report) by 3.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,817 shares of the specialty chemicals company’s stock after purchasing an additional 1,624 shares during the period. Truist Financial Corp’s holdings in Albemarle were worth $11,233,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALB. Fairfield Bush & CO. lifted its holdings in Albemarle by 15.0% in the 1st quarter. Fairfield Bush & CO. now owns 5,565 shares of the specialty chemicals company’s stock valued at $1,231,000 after purchasing an additional 725 shares in the last quarter. Raymond James Trust N.A. lifted its holdings in shares of Albemarle by 17.5% during the 1st quarter. Raymond James Trust N.A. now owns 4,377 shares of the specialty chemicals company’s stock worth $968,000 after acquiring an additional 651 shares during the period. Synovus Financial Corp lifted its holdings in shares of Albemarle by 186.4% during the 1st quarter. Synovus Financial Corp now owns 2,898 shares of the specialty chemicals company’s stock worth $635,000 after acquiring an additional 1,886 shares during the period. Cibc World Market Inc. lifted its holdings in shares of Albemarle by 5.0% during the 1st quarter. Cibc World Market Inc. now owns 8,785 shares of the specialty chemicals company’s stock worth $1,943,000 after acquiring an additional 418 shares during the period. Finally, Blair William & Co. IL lifted its holdings in shares of Albemarle by 8.0% during the 1st quarter. Blair William & Co. IL now owns 3,859 shares of the specialty chemicals company’s stock worth $853,000 after acquiring an additional 286 shares during the period. 87.03% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the stock. Mizuho increased their price objective on shares of Albemarle from $225.00 to $227.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. Wells Fargo & Company cut their price objective on shares of Albemarle from $270.00 to $260.00 and set an “overweight” rating on the stock in a report on Friday, August 4th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Albemarle from $260.00 to $250.00 and set a “buy” rating for the company in a research report on Monday. Citigroup initiated coverage on shares of Albemarle in a research report on Tuesday, June 13th. They set a “buy” rating and a $260.00 target price for the company. Finally, Berenberg Bank dropped their target price on shares of Albemarle from $290.00 to $225.00 and set a “hold” rating for the company in a research report on Monday, April 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Albemarle currently has a consensus rating of “Moderate Buy” and a consensus price target of $277.20.
Albemarle Stock Down 0.7 %
Shares of NYSE:ALB opened at $194.22 on Thursday. Albemarle Co. has a 52-week low of $171.82 and a 52-week high of $334.55. The company has a quick ratio of 0.88, a current ratio of 1.74 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $22.79 billion, a price-to-earnings ratio of 5.84, a price-to-earnings-growth ratio of 0.73 and a beta of 1.55. The company has a 50 day moving average of $220.35 and a two-hundred day moving average of $223.80.
Albemarle (NYSE:ALB – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $7.33 earnings per share for the quarter, topping analysts’ consensus estimates of $4.27 by $3.06. Albemarle had a net margin of 40.55% and a return on equity of 45.88%. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.42 billion. During the same quarter last year, the company earned $3.45 earnings per share. The business’s quarterly revenue was up 60.2% compared to the same quarter last year. As a group, analysts forecast that Albemarle Co. will post 25.6 earnings per share for the current fiscal year.
Albemarle Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle’s payout ratio is currently 4.81%.
Albemarle 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.
Read More
- Five stocks we like better than Albemarle
- Best Restaurant Stocks to Invest in Now
- 3 Best Renewable Energy Stocks as Summer Heat Builds
- Are Stock Buybacks Good for the Average Investor?
- Kinder Morgan Shines With Dividend Yield, Cash Flow, Buybacks
- What is Short Interest? How to Use It
- 3 Stocks to Buy No Matter Which Way Inflation Moves
Want to see what other hedge funds are holding ALB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Albemarle Co. (NYSE:ALB – Free Report).
Receive News & Ratings for Albemarle Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Albemarle and related companies with MarketBeat.com's FREE daily email newsletter.
