Janney Capital Management LLC Buys New Holdings in Albemarle Co. (ALB)
Janney Capital Management LLC bought a new stake in Albemarle Co. (NYSE:ALB) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,500 shares of the specialty chemicals company’s stock, valued at approximately $340,000.
A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Albemarle by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,501,329 shares of the specialty chemicals company’s stock valued at $1,319,389,000 after purchasing an additional 213,530 shares during the period. Jennison Associates LLC raised its position in Albemarle by 21.4% in the third quarter. Jennison Associates LLC now owns 7,797,076 shares of the specialty chemicals company’s stock valued at $1,062,819,000 after purchasing an additional 1,375,546 shares during the period. Bank of New York Mellon Corp raised its position in Albemarle by 258.1% in the third quarter. Bank of New York Mellon Corp now owns 4,561,987 shares of the specialty chemicals company’s stock valued at $621,845,000 after purchasing an additional 3,287,989 shares during the period. TIAA CREF Investment Management LLC raised its position in Albemarle by 69.2% in the second quarter. TIAA CREF Investment Management LLC now owns 1,661,821 shares of the specialty chemicals company’s stock valued at $175,389,000 after purchasing an additional 679,453 shares during the period. Finally, Janus Henderson Group PLC raised its position in Albemarle by 95.3% in the third quarter. Janus Henderson Group PLC now owns 1,595,684 shares of the specialty chemicals company’s stock valued at $217,507,000 after purchasing an additional 778,649 shares during the period. Hedge funds and other institutional investors own 88.10% of the company’s stock.
ALB has been the topic of several research reports. KeyCorp reissued a “buy” rating and issued a $125.00 price objective on shares of Albemarle in a research report on Sunday, September 3rd. Oppenheimer initiated coverage on Albemarle in a research report on Wednesday, August 16th. They issued an “outperform” rating and a $133.00 price objective on the stock. Robert W. Baird reissued a “hold” rating and issued a $135.00 price objective on shares of Albemarle in a research report on Wednesday, November 1st. Instinet raised their price objective on Albemarle from $134.00 to $146.00 and gave the company a “buy” rating in a research report on Monday, September 18th. Finally, Jefferies Group raised their price objective on Albemarle from $156.00 to $162.00 and gave the company a “buy” rating in a research report on Tuesday, November 14th. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $128.45.
Shares of Albemarle Co. (ALB) opened at $130.36 on Wednesday. Albemarle Co. has a 52-week low of $85.60 and a 52-week high of $144.99. The stock has a market capitalization of $14,490.39, a PE ratio of 32.46, a PEG ratio of 1.98 and a beta of 1.69. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.56 and a current ratio of 2.11.
Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, November 8th. The specialty chemicals company reported $1.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.01. Albemarle had a return on equity of 11.61% and a net margin of 30.07%. The business had revenue of $755.00 million for the quarter, compared to analyst estimates of $732.19 million. During the same period in the previous year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up 15.4% compared to the same quarter last year. research analysts predict that Albemarle Co. will post 4.46 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a $0.32 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.28 dividend on an annualized basis and a yield of 0.98%. Albemarle’s dividend payout ratio (DPR) is 16.56%.
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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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