State Street Corp increased its position in shares of Albemarle Co. (NYSE:ALB) by 6.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,256,385 shares of the specialty chemicals company’s stock after buying an additional 417,021 shares during the quarter. State Street Corp owned 6.84% of Albemarle worth $507,101,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Gs Investments Inc. grew its stake in Albemarle by 0.9% in the second quarter. Gs Investments Inc. now owns 19,007 shares of the specialty chemicals company’s stock valued at $1,338,000 after purchasing an additional 175 shares in the last quarter. Regent Investment Management LLC grew its stake in Albemarle by 1.4% in the third quarter. Regent Investment Management LLC now owns 13,070 shares of the specialty chemicals company’s stock valued at $909,000 after purchasing an additional 175 shares in the last quarter. NEXT Financial Group Inc grew its stake in Albemarle by 71.1% in the second quarter. NEXT Financial Group Inc now owns 433 shares of the specialty chemicals company’s stock valued at $31,000 after purchasing an additional 180 shares in the last quarter. Pitcairn Co. grew its stake in Albemarle by 3.2% in the second quarter. Pitcairn Co. now owns 6,006 shares of the specialty chemicals company’s stock valued at $423,000 after purchasing an additional 188 shares in the last quarter. Finally, HNP Capital LLC grew its stake in Albemarle by 2.4% in the third quarter. HNP Capital LLC now owns 8,097 shares of the specialty chemicals company’s stock valued at $544,000 after purchasing an additional 192 shares in the last quarter. Institutional investors and hedge funds own 92.10% of the company’s stock.
A number of research firms have weighed in on ALB. BMO Capital Markets decreased their price target on Albemarle from $95.00 to $80.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. They noted that the move was a valuation call. Bank of America downgraded Albemarle from a “buy” rating to an “underperform” rating in a research note on Monday, October 28th. Gabelli began coverage on Albemarle in a research note on Thursday, September 12th. They issued a “buy” rating and a $109.00 price target for the company. ValuEngine upgraded Albemarle from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley decreased their price target on Albemarle from $60.00 to $50.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Four analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $84.04.
Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, November 6th. The specialty chemicals company reported $1.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.49 by $0.04. The business had revenue of $879.70 million during the quarter, compared to analysts’ expectations of $883.67 million. Albemarle had a return on equity of 15.94% and a net margin of 16.27%. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period last year, the firm posted $1.31 EPS. As a group, sell-side analysts forecast that Albemarle Co. will post 6.07 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.368 per share. This is a boost from Albemarle’s previous quarterly dividend of $0.37. This represents a $1.47 annualized dividend and a yield of 2.25%. The ex-dividend date is Thursday, December 12th. Albemarle’s dividend payout ratio (DPR) is presently 26.82%.
In related news, CEO Luther C. Iv Kissam sold 36,000 shares of Albemarle stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.00, for a total transaction of $2,520,000.00. Following the completion of the sale, the chief executive officer now directly owns 334,046 shares of the company’s stock, valued at approximately $23,383,220. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.02% of the company’s stock.
Albemarle Company Profile
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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