Legacy Capital Partners Inc. trimmed its holdings in Albemarle Co. (NYSE:ALB) by 6.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,533 shares of the specialty chemicals company’s stock after selling 1,110 shares during the quarter. Legacy Capital Partners Inc.’s holdings in Albemarle were worth $2,270,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. IMA Wealth Inc. bought a new position in shares of Albemarle in the fourth quarter valued at about $25,000. American Research & Management Co. acquired a new stake in Albemarle in the first quarter worth about $33,000. Kinloch Capital LLC acquired a new stake in Albemarle in the fourth quarter worth about $48,000. NEXT Financial Group Inc increased its position in Albemarle by 79.4% in the first quarter. NEXT Financial Group Inc now owns 348 shares of the specialty chemicals company’s stock worth $50,000 after purchasing an additional 154 shares during the period. Finally, Pacifica Partners Inc. acquired a new stake in Albemarle in the fourth quarter worth about $53,000. 86.38% of the stock is owned by institutional investors and hedge funds.
ALB opened at $155.80 on Friday. The firm has a market cap of $18.18 billion, a P/E ratio of 43.52, a price-to-earnings-growth ratio of 3.79 and a beta of 1.59. Albemarle Co. has a 52-week low of $55.75 and a 52-week high of $188.35. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.38. The business’s fifty day moving average is $150.10 and its 200-day moving average is $141.68.
The company also recently announced a quarterly dividend, which was paid on Thursday, April 1st. Shareholders of record on Friday, March 12th were given a $0.39 dividend. The ex-dividend date was Thursday, March 11th. This is an increase from Albemarle’s previous quarterly dividend of $0.39. This represents a $1.56 annualized dividend and a yield of 1.00%. Albemarle’s dividend payout ratio (DPR) is currently 25.83%.
In related news, EVP Karen G. Narwold sold 1,478 shares of the firm’s stock in a transaction that occurred on Tuesday, March 2nd. The stock was sold at an average price of $153.89, for a total transaction of $227,449.42. Following the completion of the sale, the executive vice president now owns 43,695 shares of the company’s stock, valued at $6,724,223.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Scott Tozier sold 1,521 shares of the firm’s stock in a transaction that occurred on Tuesday, March 2nd. The stock was sold at an average price of $153.89, for a total value of $234,066.69. Following the sale, the chief financial officer now directly owns 55,905 shares of the company’s stock, valued at approximately $8,603,220.45. The disclosure for this sale can be found here. In the last three months, insiders sold 18,477 shares of company stock valued at $2,818,196. Insiders own 1.07% of the company’s stock.
ALB has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft upgraded Albemarle from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $175.00 to $190.00 in a research report on Monday, February 15th. Evercore ISI upgraded Albemarle from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $160.00 to $200.00 in a research report on Monday. Vertical Research upgraded Albemarle from a “sell” rating to a “hold” rating in a research report on Monday, February 22nd. Smith Barney Citigroup lowered Albemarle from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $132.00 to $175.00 in a research report on Wednesday, January 6th. Finally, Royal Bank of Canada boosted their target price on Albemarle from $130.00 to $135.00 and gave the stock an “underperform” rating in a research report on Monday, March 1st. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. Albemarle currently has an average rating of “Hold” and an average target price of $131.26.
Albemarle Company Profile
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine Specialties, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties; and reagents, such as butyllithium and lithium aluminum hydride for use 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 in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.
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