Goldman Sachs Group Inc. Increases Stake in Albemarle Corporation $ALB

Goldman Sachs Group Inc. grew its holdings in shares of Albemarle Corporation (NYSE:ALB) by 57.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,241,106 shares of the specialty chemicals company’s stock after purchasing an additional 453,881 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Albemarle were worth $175,542,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. AQR Capital Management LLC lifted its stake in shares of Albemarle by 25.5% in the first quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock worth $229,000 after buying an additional 654 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in Albemarle by 26.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock valued at $346,000 after acquiring an additional 996 shares in the last quarter. United Services Automobile Association purchased a new stake in Albemarle during the 1st quarter valued at about $208,000. Empowered Funds LLC acquired a new stake in Albemarle in the 1st quarter valued at about $411,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Albemarle by 536.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after acquiring an additional 483 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Stock Up 0.2%

ALB stock opened at $155.73 on Monday. Albemarle Corporation has a one year low of $55.90 and a one year high of $221.00. The firm has a market cap of $18.37 billion, a PE ratio of -45.67, a PEG ratio of 0.78 and a beta of 1.31. The firm’s 50 day moving average price is $183.54 and its 200-day moving average price is $166.10. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The company 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 posted ($0.18) earnings per share. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. On average, equities research analysts anticipate that Albemarle Corporation will post 12.39 EPS for the current year.

Albemarle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, June 12th. Albemarle’s dividend payout ratio (DPR) is presently -47.51%.

Insider Transactions at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the sale, the chief executive officer directly owned 87,519 shares in the company, valued at approximately $16,078,990.68. The trade was a 15.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

ALB has been the topic of several recent research reports. Wells Fargo & Company boosted their target price on Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Argus lifted their price objective on Albemarle from $185.00 to $230.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. lowered their price objective on Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Robert W. Baird upped their target price on Albemarle from $210.00 to $236.00 in a report on Thursday, May 7th. Finally, Bank of America raised their target price on Albemarle from $190.00 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $203.04.

About Albemarle

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.