Wedge Capital Management L L P NC reduced its position in shares of Albemarle Corporation (NYSE:ALB) by 8.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 73,285 shares of the specialty chemicals company’s stock after selling 6,968 shares during the period. Wedge Capital Management L L P NC’s holdings in Albemarle Corporation were worth $7,734,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Carroll Financial Associates Inc. increased its position in shares of Albemarle Corporation by 0.3% in the second quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock worth $103,000 after buying an additional 3 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in shares of Albemarle Corporation by 0.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,458 shares of the specialty chemicals company’s stock worth $154,000 after buying an additional 4 shares during the period. Benedict Financial Advisors Inc. increased its position in shares of Albemarle Corporation by 0.3% in the second quarter. Benedict Financial Advisors Inc. now owns 7,233 shares of the specialty chemicals company’s stock worth $856,000 after buying an additional 21 shares during the period. Ferguson Wellman Capital Management Inc. increased its position in shares of Albemarle Corporation by 1.0% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 3,534 shares of the specialty chemicals company’s stock worth $373,000 after buying an additional 34 shares during the period. Finally, Wealthsource Partners LLC increased its position in shares of Albemarle Corporation by 1.3% in the first quarter. Wealthsource Partners LLC now owns 2,795 shares of the specialty chemicals company’s stock worth $295,000 after buying an additional 35 shares during the period. 86.22% of the stock is owned by institutional investors.

Shares of Albemarle Corporation (NYSE ALB) opened at 111.88 on Wednesday. The firm has a market cap of $12.36 billion, a PE ratio of 14.31 and a beta of 1.59. The firm has a 50-day moving average of $114.08 and a 200 day moving average of $107.15. Albemarle Corporation has a 52 week low of $75.11 and a 52 week high of $123.48.

Albemarle Corporation (NYSE:ALB) last posted its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.02. The company had revenue of $737.25 million during the quarter, compared to analyst estimates of $735.50 million. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.93 earnings per share. Equities research analysts predict that Albemarle Corporation will post $4.36 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 1.14%. Albemarle Corporation’s payout ratio is currently 16.41%.

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A number of brokerages have recently commented on ALB. Morgan Stanley decreased their price objective on shares of Albemarle Corporation from $100.00 to $72.00 and set an “equal weight” rating for the company in a research report on Thursday, May 25th. Royal Bank Of Canada lifted their price objective on shares of Albemarle Corporation from $132.00 to $136.00 and gave the company an “outperform” rating in a research report on Monday, May 8th. Nomura reissued a “buy” rating and issued a $124.00 price objective on shares of Albemarle Corporation in a research report on Friday, May 5th. Piper Jaffray Companies reissued an “overweight” rating and issued a $47.00 price objective on shares of Albemarle Corporation in a research report on Thursday, June 29th. Finally, SunTrust Banks, Inc. downgraded shares of Albemarle Corporation from a “buy” rating to a “hold” rating and set a $121.00 price objective for the company. in a research report on Wednesday, August 9th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Albemarle Corporation has a consensus rating of “Buy” and an average price target of $106.69.

In other Albemarle Corporation news, Chairman Luther C. Iv Kissam sold 50,000 shares of the stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $110.08, for a total transaction of $5,504,000.00. Following the completion of the transaction, the chairman now owns 252,917 shares in the company, valued at $27,841,103.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Scott Tozier sold 25,000 shares of the stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $110.13, for a total transaction of $2,753,250.00. Following the transaction, the chief financial officer now owns 57,506 shares of the company’s stock, valued at approximately $6,333,135.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,000 shares of company stock valued at $11,499,850. 0.74% of the stock is owned by company insiders.

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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Institutional Ownership by Quarter for Albemarle Corporation (NYSE:ALB)

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