Brandywine Global Investment Management LLC Has $4.37 Million Position in Albemarle Corporation (ALB)
Brandywine Global Investment Management LLC reduced its stake in Albemarle Corporation (NYSE:ALB) by 0.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 41,444 shares of the specialty chemicals company’s stock after selling 14 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Albemarle Corporation were worth $4,374,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Zacks Investment Management lifted its holdings in Albemarle Corporation by 2.4% in the 2nd quarter. Zacks Investment Management now owns 4,767 shares of the specialty chemicals company’s stock worth $503,000 after purchasing an additional 111 shares during the last quarter. Global Financial Private Capital LLC lifted its holdings in Albemarle Corporation by 6.1% in the 2nd quarter. Global Financial Private Capital LLC now owns 11,010 shares of the specialty chemicals company’s stock worth $1,162,000 after purchasing an additional 637 shares during the last quarter. Cobalt Capital Management Inc. acquired a new stake in Albemarle Corporation in the 2nd quarter worth approximately $3,166,000. Evercore Wealth Management LLC lifted its holdings in Albemarle Corporation by 724.5% in the 2nd quarter. Evercore Wealth Management LLC now owns 2,020 shares of the specialty chemicals company’s stock worth $213,000 after purchasing an additional 1,775 shares during the last quarter. Finally, Hancock Holding Co. acquired a new stake in Albemarle Corporation in the 2nd quarter worth approximately $977,000. Hedge funds and other institutional investors own 83.77% of the company’s stock.
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Shares of Albemarle Corporation (ALB) opened at 139.66 on Friday. The company has a market capitalization of $15.43 billion, a PE ratio of 17.86 and a beta of 1.67. The stock’s 50 day moving average price is $124.49 and its 200-day moving average price is $113.88. Albemarle Corporation has a 52-week low of $76.32 and a 52-week high of $140.10.
Albemarle Corporation (NYSE:ALB) last released its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.02. The company had revenue of $737.25 million during the quarter, compared to analysts’ expectations of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The business’s revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm posted $0.93 earnings per share. On average, analysts expect that Albemarle Corporation will post $4.37 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 0.92%. Albemarle Corporation’s payout ratio is currently 16.41%.
In related news, EVP Karen G. Narwold sold 11,500 shares of Albemarle Corporation stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the completion of the sale, the executive vice president now directly owns 36,620 shares of the company’s stock, valued at approximately $4,246,089. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Matthew Juneau sold 5,397 shares of Albemarle Corporation stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $115.77, for a total value of $624,810.69. Following the sale, the executive vice president now directly owns 360 shares of the company’s stock, valued at $41,677.20. The disclosure for this sale can be found here. Company insiders own 0.74% of the company’s stock.
Several equities research analysts recently weighed in on the company. Zacks Investment Research raised Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 price target on the stock in a research report on Friday, July 7th. Robert W. Baird reaffirmed an “outperform” rating and issued a $135.00 price target (up from $125.00) on shares of Albemarle Corporation in a research report on Tuesday, July 18th. They noted that the move was a valuation call. BidaskClub downgraded Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 price target on shares of Albemarle Corporation in a research report on Thursday, June 29th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 price target on shares of Albemarle Corporation in a research report on Friday, June 16th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $115.11.
About Albemarle Corporation
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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