Clare Market Investments LLC Acquires Shares of 7,605 Albemarle Corporation $ALB

Clare Market Investments LLC bought a new position in Albemarle Corporation (NYSE:ALB) during the first quarter, HoldingsChannel.com reports. The fund bought 7,605 shares of the specialty chemicals company’s stock, valued at approximately $1,365,000.

Other large investors have also recently made changes to their positions in the company. Ascentis Independent Advisors purchased a new position in Albemarle in the 1st quarter worth about $696,000. K.J. Harrison & Partners Inc purchased a new stake in Albemarle in the 1st quarter valued at about $1,628,000. Praxis Investment Management Inc. boosted its position in Albemarle by 17.2% in the 1st quarter. Praxis Investment Management Inc. now owns 3,582 shares of the specialty chemicals company’s stock valued at $643,000 after buying an additional 525 shares during the period. Level Wealth Management LLC bought a new position in Albemarle in the 1st quarter worth about $1,792,000. Finally, QRG Capital Management Inc. increased its position in shares of Albemarle by 9.5% during the first quarter. QRG Capital Management Inc. now owns 4,777 shares of the specialty chemicals company’s stock worth $858,000 after acquiring an additional 414 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares of the company’s stock, valued at $16,078,990.68. The trade was a 15.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.42% of the company’s stock.

Albemarle Stock Performance

Shares of ALB stock opened at $130.95 on Tuesday. The firm has a market cap of $15.44 billion, a price-to-earnings ratio of -38.41 and a beta of 1.34. Albemarle Corporation has a 52-week low of $64.95 and a 52-week high of $221.00. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The company’s 50 day moving average is $168.86 and its 200 day moving average is $169.48.

Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.Albemarle’s revenue was up 32.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.18) earnings per share. On average, sell-side analysts anticipate that Albemarle Corporation will post 12.98 EPS for the current fiscal year.

Albemarle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were given a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a yield of 1.2%. Albemarle’s dividend payout ratio (DPR) is presently -47.51%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ALB. Robert W. Baird decreased their price target on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating for the company in a research note on Thursday, June 18th. Berenberg Bank raised their price objective on Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a report on Tuesday, June 2nd. Zacks Research raised Albemarle from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 11th. Citigroup raised Albemarle from a “neutral” rating to a “buy” rating and set a $225.00 price target on the stock in a research report on Thursday, June 18th. Finally, Truist Financial raised their price target on Albemarle from $245.00 to $260.00 and gave the company a “buy” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Albemarle currently has an average rating of “Moderate Buy” and a consensus price target of $199.58.

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.