Northwestern Mutual Wealth Management Co. Purchases 30,394 Shares of Albemarle Corporation $ALB

Northwestern Mutual Wealth Management Co. boosted its position in Albemarle Corporation (NYSE:ALB) by 163.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 48,950 shares of the specialty chemicals company’s stock after buying an additional 30,394 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Albemarle were worth $6,610,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ALB. Addison Advisors LLC acquired a new position in shares of Albemarle in the 2nd quarter valued at $28,000. Elyxium Wealth LLC bought a new position in Albemarle during the fourth quarter worth about $34,000. Sound Income Strategies LLC grew its stake in Albemarle by 190.1% in the first quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock valued at $52,000 after acquiring an additional 192 shares during the period. Root Financial Partners LLC grew its stake in Albemarle by 121.5% in the fourth quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock valued at $42,000 after acquiring an additional 164 shares during the period. Finally, Dakota Community Bank & Trust NA bought a new stake in shares of Albemarle in the first quarter worth about $54,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Robert W. Baird cut their price target on Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. Rothschild & Co Redburn dropped their target price on Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 1st. Weiss Ratings upgraded Albemarle from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 18th. Scotiabank reduced their price target on Albemarle from $200.00 to $190.00 and set a “sector outperform” rating for the company in a research report on Monday, August 10th. Finally, Berenberg Bank raised their price target on shares of Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a research note on Tuesday, June 2nd. Fifteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $190.04.

Albemarle Price Performance

ALB stock opened at $137.65 on Thursday. The company has a 50 day simple moving average of $128.35 and a 200 day simple moving average of $159.04. The stock has a market cap of $16.24 billion, a price-to-earnings ratio of 509.83, a P/E/G ratio of 0.79 and a beta of 1.33. Albemarle Corporation has a 1 year low of $71.25 and a 1 year high of $221.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the business earned $0.11 earnings per share. Albemarle’s revenue was up 31.1% compared to the same quarter last year. Research analysts anticipate that Albemarle Corporation will post 11.39 EPS for the current fiscal year.

Albemarle Increases Dividend

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

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.