The Manufacturers Life Insurance Company grew its stake in Albemarle Corporation (NYSE:ALB) by 9.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 125,549 shares of the specialty chemicals company’s stock after acquiring an additional 10,625 shares during the quarter. The Manufacturers Life Insurance Company owned 0.11% of Albemarle Corporation worth $13,252,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Albemarle Corporation by 2.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock valued at $102,000 after acquiring an additional 20 shares during the last quarter. Carroll Financial Associates Inc. increased its stake in Albemarle Corporation by 0.3% during the 2nd quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock worth $103,000 after purchasing an additional 3 shares in the last quarter. Smithfield Trust Co. increased its stake in Albemarle Corporation by 16.1% during the 2nd quarter. Smithfield Trust Co. now owns 1,008 shares of the specialty chemicals company’s stock worth $106,000 after purchasing an additional 140 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Albemarle Corporation by 0.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,458 shares of the specialty chemicals company’s stock worth $154,000 after purchasing an additional 4 shares in the last quarter. Finally, Cornerstone Advisors Inc. increased its stake in Albemarle Corporation by 26.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock worth $185,000 after purchasing an additional 370 shares in the last quarter. 83.67% of the stock is owned by institutional investors.
Albemarle Corporation (NYSE:ALB) opened at 139.49 on Friday. The firm’s 50-day moving average price is $131.33 and its 200-day moving average price is $116.26. The firm has a market cap of $15.41 billion, a P/E ratio of 17.84 and a beta of 1.67. Albemarle Corporation has a 52-week low of $76.32 and a 52-week high of $140.10.
Albemarle Corporation (NYSE:ALB) last released its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.02. The firm 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 11.59% and a net margin of 31.49%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 earnings per share. Equities research analysts expect that Albemarle Corporation will post $4.38 EPS for the current year.
ALB has been the subject of a number of research reports. 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 research note on Friday, July 7th. Robert W. Baird reissued an “outperform” rating and set a $135.00 target price (up from $125.00) on shares of Albemarle Corporation in a research note on Tuesday, July 18th. They noted that the move was a valuation call. BidaskClub cut Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Oppenheimer Holdings, Inc. increased their target price on Albemarle Corporation from $133.00 to $157.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Needham & Company LLC reissued a “buy” rating and set a $36.00 target price on shares of Albemarle Corporation in a research note on Thursday, June 29th. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $123.63.
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In other news, EVP Matthew Juneau sold 5,397 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $115.77, for a total transaction of $624,810.69. Following the completion of the sale, the executive vice president now owns 360 shares in the company, valued at $41,677.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Karen G. Narwold sold 11,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $115.95, for a total value of $1,333,425.00. Following the sale, the executive vice president now owns 36,620 shares of the company’s stock, valued at approximately $4,246,089. The disclosure for this sale can be found here. 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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