Axxcess Wealth Management LLC purchased a new position in Albemarle Co. (NYSE:ALB – Get Rating) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,032 shares of the specialty chemicals company’s stock, valued at approximately $425,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mutual of America Capital Management LLC lifted its holdings in shares of Albemarle by 1.1% during the 1st quarter. Mutual of America Capital Management LLC now owns 15,610 shares of the specialty chemicals company’s stock worth $3,452,000 after acquiring an additional 165 shares during the period. Metis Global Partners LLC lifted its holdings in shares of Albemarle by 81.1% during the 1st quarter. Metis Global Partners LLC now owns 1,851 shares of the specialty chemicals company’s stock worth $410,000 after acquiring an additional 829 shares during the period. Arizona State Retirement System lifted its holdings in shares of Albemarle by 2.3% during the 1st quarter. Arizona State Retirement System now owns 32,561 shares of the specialty chemicals company’s stock worth $7,201,000 after acquiring an additional 719 shares during the period. abrdn plc lifted its holdings in shares of Albemarle by 8.5% during the 1st quarter. abrdn plc now owns 37,245 shares of the specialty chemicals company’s stock worth $8,489,000 after acquiring an additional 2,903 shares during the period. Finally, Banque Pictet & Cie SA lifted its holdings in shares of Albemarle by 53.6% during the 1st quarter. Banque Pictet & Cie SA now owns 9,935 shares of the specialty chemicals company’s stock worth $2,197,000 after acquiring an additional 3,469 shares during the period. 81.80% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms have weighed in on ALB. Berenberg Bank cut shares of Albemarle from a “buy” rating to a “hold” rating and raised their price objective for the company from $260.00 to $270.00 in a research report on Thursday, October 13th. Citigroup lifted their price target on shares of Albemarle from $294.00 to $345.00 and gave the company a “buy” rating in a research note on Friday, September 9th. Credit Suisse Group lifted their price target on shares of Albemarle from $196.00 to $200.00 and gave the company an “underperform” rating in a research note on Thursday, November 3rd. Bank of America lifted their price target on shares of Albemarle from $262.00 to $332.00 and gave the company a “neutral” rating in a research note on Monday, October 3rd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $350.00 price target on shares of Albemarle in a research note on Friday, September 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Albemarle has a consensus rating of “Hold” and an average price target of $297.89.
Insider Transactions at Albemarle
Albemarle Trading Up 0.3 %
NYSE ALB opened at $283.90 on Thursday. The stock has a market capitalization of $33.26 billion, a price-to-earnings ratio of 21.52, a PEG ratio of 0.84 and a beta of 1.41. Albemarle Co. has a one year low of $169.93 and a one year high of $334.55. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.73 and a quick ratio of 1.08. The business’s fifty day moving average is $278.33 and its 200-day moving average is $254.57.
Albemarle (NYSE:ALB – Get Rating) last announced its quarterly earnings data on Thursday, November 3rd. The specialty chemicals company reported $7.50 earnings per share for the quarter, topping the consensus estimate of $6.99 by $0.51. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.21 billion. Albemarle had a return on equity of 26.84% and a net margin of 27.77%. The firm’s revenue for the quarter was up 151.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 EPS. Equities research analysts predict that Albemarle Co. will post 20.99 EPS for the current year.
Albemarle Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 16th will be issued a dividend of $0.395 per share. This represents a $1.58 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Thursday, December 15th. Albemarle’s payout ratio is 11.98%.
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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