Gateway Investment Advisers LLC decreased its stake in Albemarle Corporation (NYSE:ALB) by 3.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,445 shares of the specialty chemicals company’s stock after selling 271 shares during the period. Gateway Investment Advisers LLC’s holdings in Albemarle Corporation were worth $891,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Thrivent Financial for Lutherans raised its position in shares of Albemarle Corporation by 7.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 3,940 shares of the specialty chemicals company’s stock worth $339,000 after buying an additional 260 shares during the last quarter. Kentucky Retirement Systems purchased a new position in shares of Albemarle Corporation during the fourth quarter worth approximately $703,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Albemarle Corporation during the fourth quarter worth approximately $314,000. Chevy Chase Trust Holdings Inc. raised its position in shares of Albemarle Corporation by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 97,039 shares of the specialty chemicals company’s stock worth $10,251,000 after buying an additional 2,995 shares during the last quarter. Finally, Rathbone Brothers plc raised its stake in Albemarle Corporation by 40.5% in the first quarter. Rathbone Brothers plc now owns 6,690 shares of the specialty chemicals company’s stock valued at $707,000 after buying an additional 1,930 shares during the last quarter. Hedge funds and other institutional investors own 86.22% of the company’s stock.
Shares of Albemarle Corporation (NYSE ALB) traded down 1.15% during trading on Thursday, hitting $112.11. The stock had a trading volume of 1,045,990 shares. The stock has a market cap of $12.39 billion, a price-to-earnings ratio of 14.34 and a beta of 1.59. The stock’s 50-day moving average is $114.34 and its 200-day moving average is $107.20. Albemarle Corporation has a 12-month low of $75.11 and a 12-month high of $123.48.
Albemarle Corporation (NYSE:ALB) last posted its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.02. The firm 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%. Albemarle Corporation’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.93 EPS. On average, equities research analysts expect that Albemarle Corporation will post $4.36 EPS 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 paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio is currently 16.41%.
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Several equities research analysts have recently issued reports on ALB shares. Zacks Investment Research raised Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a research note on Friday, July 7th. Robert W. Baird reiterated an “outperform” rating and issued a $135.00 price target (up from $125.00) on shares of Albemarle Corporation in a report on Tuesday, July 18th. They noted that the move was a valuation call. BidaskClub downgraded Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 price target on shares of Albemarle Corporation in a report on Thursday, June 29th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 price target on shares of Albemarle Corporation in a report on Friday, June 16th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $109.61.
In other news, Chairman Luther C. Iv Kissam sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, July 7th. The shares were 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 directly owns 252,917 shares of the company’s stock, valued at approximately $27,841,103.36. The sale was disclosed in a document filed with the SEC, which is available at 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 transaction of $1,079,400.00. Following the completion of the sale, the director now directly owns 24,150 shares of the company’s stock, valued at $2,606,751. The disclosure for this sale can be found here. Over the last ninety days, insiders 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.
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