Chevy Chase Trust Holdings Inc. cut its stake in shares of Albemarle Corporation (NYSE:ALB) by 1.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 95,413 shares of the specialty chemicals company’s stock after selling 1,626 shares during the period. Chevy Chase Trust Holdings Inc. owned about 0.09% of Albemarle Corporation worth $10,070,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Benjamin F. Edwards & Company Inc. raised its position in shares of Albemarle Corporation by 0.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,454 shares of the specialty chemicals company’s stock valued at $154,000 after buying an additional 5 shares during the period. Van ECK Associates Corp increased its stake in Albemarle Corporation by 18.7% in the first quarter. Van ECK Associates Corp now owns 1,614 shares of the specialty chemicals company’s stock valued at $171,000 after buying an additional 254 shares in the last quarter. Cullinan Associates Inc. purchased a new stake in Albemarle Corporation during the first quarter valued at approximately $201,000. Conning Inc. purchased a new stake in Albemarle Corporation during the first quarter valued at approximately $205,000. Finally, Pacer Advisors Inc. increased its stake in Albemarle Corporation by 3.5% in the first quarter. Pacer Advisors Inc. now owns 1,944 shares of the specialty chemicals company’s stock valued at $205,000 after buying an additional 66 shares in the last quarter. 85.39% of the stock is currently owned by hedge funds and other institutional investors.
Albemarle Corporation (ALB) opened at 119.60 on Monday. The company has a market cap of $13.25 billion, a P/E ratio of 29.06 and a beta of 1.59. The firm has a 50-day moving average price of $111.82 and a 200-day moving average price of $105.71. Albemarle Corporation has a 52 week low of $75.11 and a 52 week high of $119.99.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle Corporation’s payout ratio is 31.22%.
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Several equities research analysts have recently commented on the company. Morgan Stanley decreased their price objective on Albemarle Corporation from $100.00 to $72.00 and set an “equal weight” rating for the company in a report on Thursday, May 25th. Royal Bank Of Canada restated a “buy” rating and set a $132.00 price objective on shares of Albemarle Corporation in a report on Tuesday, April 18th. Needham & Company LLC restated a “buy” rating and set a $36.00 price objective on shares of Albemarle Corporation in a report on Thursday, June 29th. KeyCorp boosted their price objective on Albemarle Corporation from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, June 12th. Finally, Aegis restated a “buy” rating on shares of Albemarle Corporation in a report on Friday, July 7th. Five research 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’s stock. The company presently has a consensus rating of “Buy” and an average target price of $105.50.
In other Albemarle Corporation news, Chairman Luther C. Iv Kissam sold 50,000 shares of Albemarle Corporation stock in a transaction on Friday, July 7th. The stock was sold at an average price of $110.08, for a total value of $5,504,000.00. Following the completion of the sale, the chairman now owns 252,917 shares of the company’s stock, valued at approximately $27,841,103.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Scott Tozier sold 25,000 shares of Albemarle Corporation stock in a transaction on Friday, July 7th. The stock was sold at an average price of $110.13, for a total value of $2,753,250.00. Following the completion of the sale, the chief financial officer now directly 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. Insiders have sold 105,000 shares of company stock valued at $11,499,850 in the last quarter. 0.74% of the stock is owned by company insiders.
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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