Albemarle Corporation (NYSE:ALB) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC cut its stake in Albemarle Corporation (NYSE:ALB) by 85.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,698 shares of the specialty chemicals company’s stock after selling 32,166 shares during the period. Nuveen Asset Management LLC’s holdings in Albemarle Corporation were worth $602,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ALB. Vanguard Group Inc. boosted its position in shares of 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 last quarter. BlackRock Inc. boosted its position in shares of 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 last quarter. State Street Corp boosted its position in shares of Albemarle Corporation by 0.5% in the first quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock valued at $671,675,000 after buying an additional 30,662 shares during the last quarter. Jennison Associates LLC boosted its position in shares of 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 last quarter. Finally, FMR LLC boosted its position in shares of Albemarle Corporation by 3.9% in the first quarter. FMR LLC now owns 2,269,067 shares of the specialty chemicals company’s stock valued at $239,703,000 after buying an additional 84,189 shares during the last quarter. Hedge funds and other institutional investors own 85.39% of the company’s stock.

Shares of Albemarle Corporation (ALB) traded down 3.02% during mid-day trading on Wednesday, reaching $111.92. The company’s stock had a trading volume of 1,155,940 shares. The company has a market capitalization of $12.40 billion, a price-to-earnings ratio of 27.20 and a beta of 1.59. The company’s 50 day moving average price is $112.68 and its 200-day moving average price is $106.00. Albemarle Corporation has a 1-year low of $75.11 and a 1-year high of $119.99.

Albemarle Corporation (NYSE:ALB) last issued its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.02. The business had revenue of $737.25 million during the quarter, compared to the consensus estimate of $735.50 million. Albemarle Corporation had a return on equity of 11.73% and a net margin of 31.49%. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 EPS. Analysts predict that Albemarle Corporation will post $4.37 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders 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 dividend yield of 1.11%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio (DPR) is 16.41%.

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Several research analysts recently weighed in on the company. Zacks Investment Research cut Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Monday, April 24th. BidaskClub cut Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Robert W. Baird reiterated an “outperform” rating and set a $135.00 price target (up from $125.00) on shares of Albemarle Corporation in a research report on Tuesday, July 18th. They noted that the move was a valuation call. SunTrust Banks, Inc. cut Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Piper Jaffray Companies reiterated an “overweight” rating and set a $47.00 price target on shares of Albemarle Corporation in a research report on Thursday, June 29th. Six research 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 company. The company presently has an average rating of “Buy” and a consensus target price of $105.50.

In related news, CFO Scott Tozier sold 25,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 57,506 shares in the company, valued at approximately $6,333,135.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Douglas L. Maine sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $107.94, for a total value of $1,079,400.00. Following the completion of the sale, the director now owns 24,150 shares in the company, valued at approximately $2,606,751. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,000 shares of company stock valued at $11,499,850. 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.