Xponance Inc. lessened its stake in Albemarle Co. (NYSE:ALB – Free Report) by 26.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,612 shares of the specialty chemicals company’s stock after selling 6,047 shares during the period. Xponance Inc.’s holdings in Albemarle were worth $3,706,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALB. CENTRAL TRUST Co increased its position in shares of Albemarle by 3.4% in the third quarter. CENTRAL TRUST Co now owns 1,149 shares of the specialty chemicals company’s stock valued at $304,000 after buying an additional 38 shares in the last quarter. Covestor Ltd increased its position in shares of Albemarle by 51.2% during the first quarter. Covestor Ltd now owns 130 shares of the specialty chemicals company’s stock worth $29,000 after purchasing an additional 44 shares in the last quarter. McIlrath & Eck LLC increased its position in shares of Albemarle by 39.0% during the fourth quarter. McIlrath & Eck LLC now owns 164 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 46 shares in the last quarter. Mather Group LLC. increased its position in shares of Albemarle by 1.1% during the fourth quarter. Mather Group LLC. now owns 4,377 shares of the specialty chemicals company’s stock worth $949,000 after purchasing an additional 47 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position in shares of Albemarle by 1.0% during the third quarter. Thrivent Financial for Lutherans now owns 5,212 shares of the specialty chemicals company’s stock worth $1,378,000 after purchasing an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 84.71% of the company’s stock.
Analyst Ratings Changes
ALB has been the subject of several research reports. Deutsche Bank Aktiengesellschaft dropped their price target on Albemarle from $260.00 to $250.00 and set a “buy” rating for the company in a research report on Monday, August 7th. StockNews.com upgraded Albemarle from a “sell” rating to a “hold” rating in a research report on Thursday. Piper Sandler dropped their target price on Albemarle from $275.00 to $255.00 and set an “overweight” rating for the company in a report on Friday, September 1st. Citigroup started coverage on Albemarle in a report on Tuesday, June 13th. They issued a “buy” rating and a $260.00 target price for the company. Finally, Credit Suisse Group upped their target price on Albemarle from $163.00 to $185.00 and gave the company an “underperform” rating in a report on Thursday, August 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $273.76.
Albemarle Price Performance
ALB stock opened at $168.21 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.74 and a quick ratio of 0.88. The firm has a market capitalization of $19.74 billion, a P/E ratio of 5.06, a P/E/G ratio of 0.55 and a beta of 1.56. The business’s 50-day moving average is $195.86 and its two-hundred day moving average is $205.56. Albemarle Co. has a 1 year low of $167.67 and a 1 year high of $334.55.
Albemarle (NYSE:ALB – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $7.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.27 by $3.06. Albemarle had a return on equity of 45.88% and a net margin of 40.55%. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.42 billion. During the same quarter last year, the company earned $3.45 EPS. Albemarle’s revenue for the quarter was up 60.2% compared to the same quarter last year. Analysts anticipate that Albemarle Co. will post 26.09 earnings per share for the current fiscal year.
Albemarle Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.40 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.95%. 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.
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