39,878 Shares in Albemarle Corporation $ALB Acquired by Bedell Frazier Investment Counselling LLC

Bedell Frazier Investment Counselling LLC purchased a new stake in Albemarle Corporation (NYSE:ALB) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 39,878 shares of the specialty chemicals company’s stock, valued at approximately $3,233,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALB. Aviso Financial Inc. raised its position in shares of Albemarle by 363.5% in the third quarter. Aviso Financial Inc. now owns 23,258 shares of the specialty chemicals company’s stock valued at $1,886,000 after purchasing an additional 18,240 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Albemarle in the 3rd quarter valued at about $78,000. Handelsbanken Fonder AB raised its holdings in Albemarle by 161.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 80,920 shares of the specialty chemicals company’s stock valued at $6,561,000 after acquiring an additional 49,920 shares during the period. DNB Asset Management AS acquired a new stake in Albemarle during the third quarter worth approximately $3,344,000. Finally, Fox Run Management L.L.C. acquired a new stake in Albemarle during the third quarter worth approximately $758,000. 92.87% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ALB has been the topic of a number of recent research reports. Scotiabank upgraded Albemarle from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $85.00 to $200.00 in a research note on Monday, January 12th. Argus upped their price objective on Albemarle from $140.00 to $185.00 in a report on Monday, February 23rd. Berenberg Bank set a $153.00 target price on Albemarle in a report on Monday, February 23rd. JPMorgan Chase & Co. reduced their target price on shares of Albemarle from $195.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Finally, UBS Group raised their price target on shares of Albemarle from $185.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Albemarle has a consensus rating of “Moderate Buy” and an average price target of $170.04.

Albemarle Stock Performance

ALB opened at $178.54 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.57 and a current ratio of 2.23. Albemarle Corporation has a 52-week low of $49.43 and a 52-week high of $206.00. The firm has a market cap of $21.04 billion, a P/E ratio of -31.05, a price-to-earnings-growth ratio of 1.66 and a beta of 1.44. The business’s fifty day moving average is $166.65 and its 200-day moving average is $122.70.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the company earned ($1.09) EPS. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. Sell-side analysts expect that Albemarle Corporation will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. Albemarle’s dividend payout ratio (DPR) is -28.17%.

Albemarle Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.