Primecap Management Co. CA Grows Position in Albemarle Co. (NYSE:ALB)
Primecap Management Co. CA lifted its holdings in Albemarle Co. (NYSE:ALB) by 6.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,415,880 shares of the specialty chemicals company’s stock after acquiring an additional 249,100 shares during the period. Primecap Management Co. CA’s holdings in Albemarle were worth $362,014,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Kinneret Advisory LLC acquired a new stake in Albemarle during the fourth quarter worth about $100,000. Dana Investment Advisors Inc. grew its stake in Albemarle by 29.3% during the fourth quarter. Dana Investment Advisors Inc. now owns 8,081 shares of the specialty chemicals company’s stock worth $623,000 after buying an additional 1,829 shares in the last quarter. Capital Innovations LLC acquired a new stake in Albemarle during the first quarter worth about $244,000. Scout Investments Inc. grew its stake in Albemarle by 4.3% during the first quarter. Scout Investments Inc. now owns 244,329 shares of the specialty chemicals company’s stock worth $20,030,000 after buying an additional 10,113 shares in the last quarter. Finally, Alps Advisors Inc. acquired a new stake in Albemarle during the first quarter worth about $386,000. Institutional investors and hedge funds own 89.84% of the company’s stock.
A number of equities research analysts have issued reports on ALB shares. Jefferies Financial Group reduced their price objective on shares of Albemarle from $114.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, May 20th. They noted that the move was a valuation call. Loop Capital reduced their price objective on shares of Albemarle to $108.00 and set a “buy” rating on the stock in a research note on Thursday, May 16th. reiterated a “buy” rating and set a $157.00 price objective on shares of Albemarle in a research note on Thursday, February 14th. TheStreet downgraded shares of Albemarle from a “b-” rating to a “c+” rating in a research note on Monday, May 20th. Finally, Deutsche Bank increased their price objective on shares of Albemarle from $84.00 to $95.00 and gave the stock a “hold” rating in a research note on Monday, February 25th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $98.98.
Shares of ALB traded down $1.38 during mid-day trading on Friday, reaching $71.38. The company had a trading volume of 8,006 shares, compared to its average volume of 1,394,859. Albemarle Co. has a 1-year low of $63.10 and a 1-year high of $108.74. The company has a current ratio of 1.55, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The company has a market cap of $7.58 billion, a P/E ratio of 13.01, a PEG ratio of 0.75 and a beta of 1.62.
Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, May 8th. The specialty chemicals company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.02. Albemarle had a net margin of 20.54% and a return on equity of 15.53%. The company had revenue of $832.06 million for the quarter, compared to the consensus estimate of $827.94 million. During the same period last year, the company posted $1.30 EPS. The firm’s quarterly revenue was up 1.3% compared to the same quarter last year. On average, equities analysts forecast that Albemarle Co. will post 6.24 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.3675 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 2.06%. Albemarle’s payout ratio is currently 26.82%.
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Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications 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, life science, pharmaceutical, and other markets.
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