Mystic Asset Management Inc. Makes New $768,000 Investment in Albemarle Corporation $ALB

Mystic Asset Management Inc. bought a new stake in shares of Albemarle Corporation (NYSE:ALB) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 5,686 shares of the specialty chemicals company’s stock, valued at approximately $768,000.

Several other large investors have also recently added to or reduced their stakes in ALB. Addison Advisors LLC acquired a new position in shares of Albemarle in the second quarter valued at $28,000. BOKF NA boosted its position in Albemarle by 5,771.4% in the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after buying an additional 404 shares in the last quarter. Elyxium Wealth LLC acquired a new position in shares of Albemarle in the 4th quarter worth approximately $34,000. EverSource Wealth Advisors LLC grew its position in Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after acquiring an additional 483 shares during the last quarter. Finally, Torren Management LLC acquired a new stake in Albemarle during the 4th quarter valued at $38,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of NYSE ALB opened at $134.59 on Friday. The company has a fifty day moving average price of $132.59 and a 200 day moving average price of $160.86. The firm has a market cap of $15.88 billion, a PE ratio of 498.50 and a beta of 1.33. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22. Albemarle Corporation has a 1-year low of $71.25 and a 1-year high of $221.00.

Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.55. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter last year, the business posted $0.11 EPS. Research analysts predict that Albemarle Corporation will post 11.91 earnings per share for the current fiscal year.

Albemarle Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a $0.41 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. This is a boost from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s payout ratio is 600.00%.

Analyst Upgrades and Downgrades

ALB has been the subject of a number of research analyst reports. Jefferies Financial Group cut their price target on Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Scotiabank reduced their price target on Albemarle from $200.00 to $190.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 10th. Argus upped their target price on shares of Albemarle from $185.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Rothschild & Co Redburn reduced their target price on Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. Finally, UBS Group lowered their price target on Albemarle from $205.00 to $175.00 and set a “buy” rating for the company in a report on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Albemarle presently has an average rating of “Moderate Buy” and an average price target of $190.26.

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.