Mitsubishi UFJ Asset Management Co. Ltd. Takes Position in Albemarle Corporation $ALB

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Albemarle Corporation (NYSE:ALB) during the second quarter, according to its most recent filing with the SEC. The firm purchased 168,946 shares of the specialty chemicals company’s stock, valued at approximately $22,813,000.

Several other hedge funds and other institutional investors have also bought and sold shares of ALB. OneDigital Investment Advisors LLC acquired a new stake in Albemarle in the second quarter worth $293,000. AMG National Trust Bank bought a new position in shares of Albemarle during the second quarter worth $215,000. Old West Investment Management LLC acquired a new position in shares of Albemarle in the 2nd quarter valued at $12,743,000. Global Retirement Partners LLC bought a new stake in shares of Albemarle in the 2nd quarter valued at $1,644,000. Finally, SCS Capital Management LLC bought a new stake in shares of Albemarle in the 2nd quarter valued at $5,541,000. Institutional investors own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Wall Street Zen lowered Albemarle from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Royal Bank Of Canada cut their price objective on Albemarle from $166.00 to $157.00 and set an “outperform” rating on the stock in a report on Monday, August 10th. Truist Financial decreased their price objective on Albemarle from $245.00 to $225.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Finally, Citigroup lowered their target price on Albemarle from $225.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $190.26.

Albemarle Price Performance

NYSE ALB opened at $134.59 on Friday. The firm’s 50 day moving average is $132.59 and its 200-day moving average is $160.86. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $15.88 billion, a PE ratio of 498.50 and a beta of 1.33. Albemarle Corporation has a 12-month low of $71.25 and a 12-month high of $221.00.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, beating the consensus estimate of $3.20 by $0.55. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The business’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.11 earnings per share. Equities research analysts anticipate that Albemarle Corporation will post 11.91 earnings per share for the current fiscal year.

Albemarle Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Friday, September 11th. Albemarle’s dividend payout ratio (DPR) is presently 600.00%.

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.