TD Asset Management Inc Acquires 4,383 Shares of Albemarle Corporation $ALB

TD Asset Management Inc raised its stake in Albemarle Corporation (NYSE:ALB) by 20.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,936 shares of the specialty chemicals company’s stock after purchasing an additional 4,383 shares during the quarter. TD Asset Management Inc’s holdings in Albemarle were worth $2,103,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Manning & Napier Advisors LLC acquired a new position in Albemarle in the 3rd quarter valued at about $138,723,000. ProShare Advisors LLC increased its position in Albemarle by 48.5% during the 2nd quarter. ProShare Advisors LLC now owns 2,870,110 shares of the specialty chemicals company’s stock worth $179,870,000 after buying an additional 937,538 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Albemarle by 22,047.4% during the second quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock worth $44,613,000 after buying an additional 710,589 shares in the last quarter. Norges Bank bought a new stake in shares of Albemarle in the second quarter valued at about $29,482,000. Finally, HB Wealth Management LLC boosted its position in shares of Albemarle by 1,278.8% in the third quarter. HB Wealth Management LLC now owns 440,608 shares of the specialty chemicals company’s stock valued at $35,725,000 after acquiring an additional 408,652 shares during the period. Institutional investors own 92.87% of the company’s stock.

Analysts Set New Price Targets

ALB has been the subject of a number of analyst reports. Rothschild & Co Redburn lifted their price target on shares of Albemarle from $158.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, February 10th. Robert W. Baird set a $210.00 price target on Albemarle and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Truist Financial raised shares of Albemarle from a “hold” rating to a “buy” rating and upped their price objective for the stock from $125.00 to $205.00 in a research report on Wednesday, January 21st. Scotiabank raised shares of Albemarle from a “sector perform” rating to a “sector outperform” rating and raised their target price for the company from $85.00 to $200.00 in a report on Monday, January 12th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Albemarle from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $170.04.

Albemarle Price Performance

ALB stock opened at $168.43 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.23 and a quick ratio of 1.57. The company’s 50-day moving average is $168.08 and its 200-day moving average is $124.55. The stock has a market capitalization of $19.85 billion, a PE ratio of -29.29, a price-to-earnings-growth ratio of 1.31 and a beta of 1.43. Albemarle Corporation has a 1 year low of $49.43 and a 1 year high of $206.00.

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

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.405 per share. The ex-dividend date is Friday, March 13th. This represents a $1.62 annualized dividend and a dividend yield of 1.0%. Albemarle’s dividend payout ratio (DPR) is presently -28.17%.

Albemarle Company 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.