Albemarle Co. (NYSE:ALB) Stake Increased by Credit Suisse AG

Posted by on Aug 22nd, 2023

Credit Suisse AG increased its stake in Albemarle Co. (NYSE:ALB – Free Report) by 25.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 169,425 shares of the specialty chemicals company’s stock after buying an additional 34,815 shares during the period. Credit Suisse AG owned about 0.14% of Albemarle worth $37,450,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ALB. Moneta Group Investment Advisors LLC increased its stake in shares of Albemarle by 124,405.7% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 104,510,053 shares of the specialty chemicals company’s stock worth $22,664,050,000 after buying an additional 104,426,113 shares during the last quarter. Morgan Stanley increased its stake in Albemarle by 45.6% during the fourth quarter. Morgan Stanley now owns 1,378,866 shares of the specialty chemicals company’s stock valued at $299,021,000 after purchasing an additional 432,155 shares during the last quarter. Norges Bank bought a new stake in Albemarle during the fourth quarter valued at $75,802,000. Voya Investment Management LLC increased its stake in Albemarle by 28.1% during the fourth quarter. Voya Investment Management LLC now owns 1,230,612 shares of the specialty chemicals company’s stock valued at $266,871,000 after purchasing an additional 269,994 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Albemarle by 33.6% during the first quarter. Wellington Management Group LLP now owns 865,408 shares of the specialty chemicals company’s stock valued at $191,386,000 after purchasing an additional 217,538 shares during the last quarter. Institutional investors own 87.03% of the company’s stock.

Albemarle Price Performance

Shares of NYSE ALB opened at $188.03 on Tuesday. 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 1.74, a quick ratio of 0.88 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $22.06 billion, a price-to-earnings ratio of 5.66, a PEG ratio of 0.61 and a beta of 1.55. The firm has a 50-day moving average of $216.04 and a two-hundred day moving average of $218.11.

Albemarle (NYSE:ALB – Get Free Report) last issued its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $7.33 earnings per share for the quarter, beating 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 company had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.42 billion. During the same period in the prior year, the company earned $3.45 EPS. Albemarle’s revenue was up 60.2% on a year-over-year basis. As a group, analysts expect that Albemarle Co. will post 25.88 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date is Thursday, September 14th. Albemarle’s payout ratio is 4.81%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ALB. StockNews.com began coverage on shares of Albemarle in a research note on Thursday, August 17th. They set a “hold” rating for the company. Citigroup began coverage on shares of Albemarle in a research note on Tuesday, June 13th. They set a “buy” rating and a $260.00 target price for the company. UBS Group upgraded shares of Albemarle from a “neutral” rating to a “buy” rating and boosted their target price for the company from $196.00 to $225.00 in a research note on Thursday, May 18th. Credit Suisse Group boosted their price target on shares of Albemarle from $163.00 to $185.00 and gave the company an “underperform” rating in a report on Thursday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Albemarle from $260.00 to $250.00 and set a “buy” rating for the company in a report on Monday, August 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $277.20.

View Our Latest Report on Albemarle

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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