Hsbc Holdings PLC Boosts Holdings in Albemarle Corporation $ALB

Hsbc Holdings PLC raised its position in Albemarle Corporation (NYSE:ALB) by 47.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 230,690 shares of the specialty chemicals company’s stock after purchasing an additional 74,202 shares during the period. Hsbc Holdings PLC’s holdings in Albemarle were worth $32,655,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. MH & Associates Securities Management Corp ADV purchased a new stake in shares of Albemarle in the fourth quarter worth $26,000. Elyxium Wealth LLC bought a new stake in Albemarle during the fourth quarter valued at $34,000. Torren Management LLC purchased a new position in Albemarle during the fourth quarter worth about $38,000. Root Financial Partners LLC grew its position in Albemarle by 121.5% during the fourth quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock worth $42,000 after buying an additional 164 shares in the last quarter. Finally, Strategic Advocates LLC bought a new position in Albemarle in the 3rd quarter worth about $25,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Price Performance

ALB opened at $149.94 on Wednesday. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $17.68 billion, a P/E ratio of -43.97, a PEG ratio of 0.79 and a beta of 1.30. The stock has a 50-day moving average price of $179.40 and a 200-day moving average price of $169.04. Albemarle Corporation has a 12-month low of $58.60 and a 12-month high of $221.00.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.Albemarle’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.18) EPS. Equities analysts predict that Albemarle Corporation will post 12.39 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, June 12th. Albemarle’s payout ratio is presently -47.51%.

Insider Activity

In related news, CEO J Kent Masters sold 16,393 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. This trade represents a 15.78% decrease in their position. The transaction was disclosed in a document filed 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

Several analysts have weighed in on ALB shares. Wells Fargo & Company raised their price target on Albemarle from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Berenberg Bank upped their price objective on shares of Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a research report on Tuesday, June 2nd. Truist Financial raised their target price on shares of Albemarle from $245.00 to $260.00 and gave the company a “buy” rating in a research note on Friday, May 8th. HSBC lifted their target price on shares of Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Finally, UBS Group boosted their price target on shares of Albemarle from $230.00 to $264.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Albemarle has a consensus rating of “Moderate Buy” and a consensus price target of $202.54.

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.