WealthPlan Investment Management LLC Lowers Holdings in Albemarle Corporation $ALB

WealthPlan Investment Management LLC trimmed its holdings in Albemarle Corporation (NYSE:ALB) by 51.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 33,041 shares of the specialty chemicals company’s stock after selling 34,458 shares during the period. WealthPlan Investment Management LLC’s holdings in Albemarle were worth $4,673,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of Albemarle by 3.7% in the third quarter. Dimensional Fund Advisors LP now owns 1,475,832 shares of the specialty chemicals company’s stock valued at $119,710,000 after acquiring an additional 52,698 shares in the last quarter. Northern Trust Corp lifted its position in shares of Albemarle by 1.8% in the third quarter. Northern Trust Corp now owns 1,263,734 shares of the specialty chemicals company’s stock valued at $102,464,000 after acquiring an additional 22,856 shares in the last quarter. Phoenix Financial Ltd. bought a new stake in Albemarle in the 4th quarter worth approximately $130,415,000. Worldquant Millennium Advisors LLC increased its stake in Albemarle by 60.9% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 784,083 shares of the specialty chemicals company’s stock worth $49,138,000 after acquiring an additional 296,861 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Albemarle by 4,338.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock valued at $104,444,000 after purchasing an additional 721,793 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Stock Down 5.6%

Shares of NYSE:ALB opened at $180.46 on Friday. Albemarle Corporation has a 52-week low of $53.70 and a 52-week high of $221.00. The stock has a market cap of $21.28 billion, a P/E ratio of -52.92, a price-to-earnings-growth ratio of 0.91 and a beta of 1.36. The business’s 50 day moving average is $182.00 and its 200 day moving average is $158.29. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the firm earned ($0.18) earnings per share. Albemarle’s revenue was up 32.7% compared to the same quarter last year. Sell-side analysts predict that Albemarle Corporation will post 12.45 EPS for the current year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a dividend of $0.405 per share. The ex-dividend date is Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a yield of 0.9%. Albemarle’s dividend payout ratio is currently -47.51%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ALB. Scotiabank upped their price objective on Albemarle from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. cut their target price on Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Evercore upped their target price on Albemarle from $100.00 to $180.00 in a research note on Wednesday, February 18th. Morgan Stanley upped their target price on Albemarle from $170.00 to $189.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 28th. Finally, Oppenheimer increased their price objective on Albemarle from $216.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Albemarle has a consensus rating of “Moderate Buy” and an average target price of $200.26.

Insiders Place Their Bets

In other Albemarle news, CEO J Kent Masters sold 11,783 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the completion of the sale, the chief executive officer owned 134,628 shares in the company, valued at $22,995,808.68. This represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.42% of the stock is currently owned by corporate insiders.

Albemarle Company 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.