Essex Investment Management Co. LLC Has $9.15 Million Holdings in Albemarle Co. (NYSE:ALB)

Essex Investment Management Co. LLC lessened its position in Albemarle Co. (NYSE:ALB) by 5.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,300 shares of the specialty chemicals company’s stock after selling 3,173 shares during the quarter. Albemarle makes up about 1.1% of Essex Investment Management Co. LLC’s investment portfolio, making the stock its 10th largest holding. Essex Investment Management Co. LLC’s holdings in Albemarle were worth $9,147,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ALB. TCI Wealth Advisors Inc. grew its stake in shares of Albemarle by 43.0% in the second quarter. TCI Wealth Advisors Inc. now owns 173 shares of the specialty chemicals company’s stock worth $29,000 after acquiring an additional 52 shares during the last quarter. IFP Advisors Inc grew its position in Albemarle by 1.2% during the 2nd quarter. IFP Advisors Inc now owns 4,637 shares of the specialty chemicals company’s stock valued at $783,000 after purchasing an additional 56 shares during the last quarter. Perigon Wealth Management LLC increased its stake in Albemarle by 2.3% during the 2nd quarter. Perigon Wealth Management LLC now owns 2,666 shares of the specialty chemicals company’s stock valued at $449,000 after purchasing an additional 59 shares in the last quarter. Neuberger Berman Group LLC raised its holdings in Albemarle by 2.9% in the first quarter. Neuberger Berman Group LLC now owns 2,276 shares of the specialty chemicals company’s stock worth $329,000 after buying an additional 64 shares during the last quarter. Finally, Delta Financial Advisors LLC lifted its stake in shares of Albemarle by 1.6% in the second quarter. Delta Financial Advisors LLC now owns 4,091 shares of the specialty chemicals company’s stock worth $689,000 after buying an additional 64 shares in the last quarter. 81.13% of the stock is currently owned by institutional investors.

In other news, EVP Karen G. Narwold sold 1,337 shares of the company’s stock in a transaction that occurred on Wednesday, September 8th. The stock was sold at an average price of $243.75, for a total transaction of $325,893.75. Following the transaction, the executive vice president now owns 19,533 shares of the company’s stock, valued at $4,761,168.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Karen G. Narwold sold 10,000 shares of the stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $216.12, for a total value of $2,161,200.00. The disclosure for this sale can be found here. Insiders have sold 23,534 shares of company stock worth $5,298,393 over the last three months. 0.63% of the stock is currently owned by insiders.

Shares of NYSE:ALB traded down $3.58 during mid-day trading on Monday, reaching $222.82. The stock had a trading volume of 11,671 shares, compared to its average volume of 1,399,133. The company has a current ratio of 2.18, a quick ratio of 1.44 and a debt-to-equity ratio of 0.32. The company has a market cap of $26.06 billion, a P/E ratio of 36.63, a price-to-earnings-growth ratio of 4.50 and a beta of 1.57. Albemarle Co. has a 1 year low of $82.54 and a 1 year high of $253.10. The business’s 50 day moving average price is $221.75 and its 200 day moving average price is $182.78.

Albemarle (NYSE:ALB) last posted its earnings results on Tuesday, August 3rd. The specialty chemicals company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. Albemarle had a return on equity of 8.92% and a net margin of 21.78%. The company had revenue of $773.90 million for the quarter, compared to the consensus estimate of $787.72 million. During the same period in the previous year, the business earned $0.86 earnings per share. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. Analysts predict that Albemarle Co. will post 3.57 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 17th will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, September 16th. This represents a $1.56 annualized dividend and a yield of 0.70%. Albemarle’s payout ratio is currently 37.86%.

A number of equities analysts recently weighed in on ALB shares. Bank of America boosted their price objective on shares of Albemarle from $121.00 to $140.00 and gave the stock an “underperform” rating in a report on Friday, August 6th. They noted that the move was a valuation call. Oppenheimer raised their price target on shares of Albemarle from $250.00 to $296.00 and gave the company an “outperform” rating in a report on Monday, September 13th. Loop Capital increased their price objective on shares of Albemarle from $208.00 to $253.00 and gave the company a “buy” rating in a research report on Monday, August 23rd. UBS Group lifted their target price on shares of Albemarle from $240.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 13th. Finally, HSBC lowered Albemarle from a “buy” rating to a “hold” rating in a report on Friday, September 17th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $199.95.

Albemarle Company Profile

Albemarle Corp. engages in developing, manufacturing, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine Specialties, and Catalysts.

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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