Wright Investors Service Inc. raised its stake in shares of Albemarle Corporation (NYSE:ALB) by 17.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,245 shares of the specialty chemicals company’s stock after buying an additional 485 shares during the period. Wright Investors Service Inc.’s holdings in Albemarle Corporation were worth $342,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in ALB. BlackRock Inc. boosted its position in Albemarle Corporation by 2,805.3% in the first quarter. BlackRock Inc. now owns 8,310,717 shares of the specialty chemicals company’s stock valued at $877,947,000 after buying an additional 8,024,668 shares during the period. Vanguard Group Inc. boosted its position in Albemarle Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 12,287,799 shares of the specialty chemicals company’s stock valued at $1,298,083,000 after buying an additional 725,702 shares during the period. Jennison Associates LLC boosted its position in Albemarle Corporation by 14.0% in the first quarter. Jennison Associates LLC now owns 5,705,825 shares of the specialty chemicals company’s stock valued at $602,763,000 after buying an additional 702,388 shares during the period. KAMES CAPITAL plc boosted its position in Albemarle Corporation by 2,716.6% in the first quarter. KAMES CAPITAL plc now owns 322,788 shares of the specialty chemicals company’s stock valued at $34,099,000 after buying an additional 311,328 shares during the period. Finally, Barings LLC purchased a new position in Albemarle Corporation during the first quarter valued at approximately $29,862,000. Hedge funds and other institutional investors own 86.17% of the company’s stock.
Shares of Albemarle Corporation (NYSE ALB) traded up 0.59% on Friday, reaching $119.50. The company’s stock had a trading volume of 630,561 shares. Albemarle Corporation has a 52-week low of $75.11 and a 52-week high of $119.99. The firm has a 50 day moving average of $111.82 and a 200 day moving average of $105.71. The company has a market cap of $13.23 billion, a PE ratio of 29.04 and a beta of 1.59.
Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings results on Wednesday, May 3rd. The specialty chemicals company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.10. The company had revenue of $722.06 million during the quarter, compared to the consensus estimate of $678.74 million. Albemarle Corporation had a net margin of 17.02% and a return on equity of 11.97%. Analysts predict that Albemarle Corporation will post $4.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 annualized dividend and a dividend yield of 1.08%. Albemarle Corporation’s dividend payout ratio (DPR) is presently 31.22%.
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A number of equities analysts have recently issued reports on ALB shares. Jefferies Group LLC reissued a “buy” rating and issued a $120.00 target price on shares of Albemarle Corporation in a report on Friday, June 16th. Needham & Company LLC reissued a “buy” rating and issued a $36.00 target price on shares of Albemarle Corporation in a report on Thursday, June 29th. Royal Bank Of Canada reissued a “buy” rating and issued a $132.00 target price on shares of Albemarle Corporation in a report on Tuesday, April 18th. Nomura reissued a “buy” rating and issued a $124.00 target price on shares of Albemarle Corporation in a report on Friday, May 5th. Finally, Zacks Investment Research raised Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a report on Friday, July 7th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $104.80.
In related news, Director Douglas L. Maine sold 10,000 shares of the business’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $107.94, for a total value of $1,079,400.00. Following the sale, the director now owns 24,150 shares of the company’s stock, valued at $2,606,751. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Karen G. Narwold sold 20,000 shares of the business’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $108.16, for a total transaction of $2,163,200.00. Following the completion of the sale, the executive vice president now directly owns 45,120 shares in the company, valued at approximately $4,880,179.20. The disclosure for this sale can be found here. Insiders have sold 105,000 shares of company stock valued at $11,499,850 over the last quarter. Company insiders own 0.74% of the company’s stock.
Albemarle Corporation Company Profile
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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