CenterBook Partners LP Acquires Shares of 47,627 Albemarle Corporation $ALB

CenterBook Partners LP acquired a new stake in Albemarle Corporation (NYSE:ALB) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 47,627 shares of the specialty chemicals company’s stock, valued at approximately $3,862,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ALB. Readystate Asset Management LP purchased a new position in shares of Albemarle in the 3rd quarter valued at $2,063,000. NEOS Investment Management LLC boosted its stake in Albemarle by 45.1% in the third quarter. NEOS Investment Management LLC now owns 12,544 shares of the specialty chemicals company’s stock valued at $1,017,000 after acquiring an additional 3,897 shares in the last quarter. Zions Bancorporation National Association UT grew its holdings in shares of Albemarle by 155.7% during the third quarter. Zions Bancorporation National Association UT now owns 2,506 shares of the specialty chemicals company’s stock worth $203,000 after purchasing an additional 1,526 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of Albemarle by 0.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 41,621 shares of the specialty chemicals company’s stock worth $3,375,000 after purchasing an additional 286 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Albemarle by 28.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 34,576 shares of the specialty chemicals company’s stock valued at $2,803,000 after purchasing an additional 7,654 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of ALB opened at $170.92 on Thursday. The company has a current ratio of 2.23, a quick ratio of 1.57 and a debt-to-equity ratio of 0.41. The stock’s 50 day moving average is $160.48 and its two-hundred day moving average is $117.44. Albemarle Corporation has a twelve month low of $49.43 and a twelve month high of $195.68. The firm has a market capitalization of $20.14 billion, a PE ratio of -29.73, a P/E/G ratio of 1.88 and a beta of 1.44.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the business earned ($1.09) earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. Research analysts anticipate that Albemarle Corporation will post -0.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ALB shares. Royal Bank Of Canada lifted their price target on Albemarle from $200.00 to $216.00 and gave the stock an “outperform” rating in a research report on Tuesday. Mizuho lifted their price objective on shares of Albemarle from $156.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 12th. HSBC upgraded shares of Albemarle from a “hold” rating to a “buy” rating and set a $200.00 target price for the company in a research note on Monday, January 19th. Berenberg Bank boosted their price target on Albemarle from $75.00 to $135.00 and gave the company a “hold” rating in a research report on Tuesday, January 6th. Finally, Morgan Stanley upped their price objective on Albemarle from $147.00 to $170.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Albemarle has a consensus rating of “Moderate Buy” and an average price target of $167.52.

Albemarle Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.