Skba Capital Management LLC lessened its holdings in shares of Albemarle Corporation (NYSE:ALB) by 10.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,200 shares of the specialty chemicals company’s stock after selling 250 shares during the quarter. Skba Capital Management LLC’s holdings in Albemarle Corporation were worth $232,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Carroll Financial Associates Inc. increased its stake in Albemarle Corporation by 0.3% during the 2nd quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock valued at $103,000 after purchasing an additional 3 shares in the last quarter. Smithfield Trust Co. boosted its holdings in Albemarle Corporation by 16.1% during the 2nd quarter. Smithfield Trust Co. now owns 1,008 shares of the specialty chemicals company’s stock worth $106,000 after acquiring an additional 140 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Albemarle Corporation by 0.3% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,454 shares of the specialty chemicals company’s stock worth $154,000 after acquiring an additional 5 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Albemarle Corporation by 18.7% in the 1st quarter. Van ECK Associates Corp now owns 1,614 shares of the specialty chemicals company’s stock worth $171,000 after buying an additional 254 shares during the last quarter. Finally, Cornerstone Advisors Inc. boosted its holdings in shares of Albemarle Corporation by 26.8% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock worth $185,000 after buying an additional 370 shares during the last quarter. Institutional investors and hedge funds own 84.01% of the company’s stock.
Albemarle Corporation (NYSE:ALB) traded up 1.10% during mid-day trading on Friday, hitting $127.39. The stock had a trading volume of 756,824 shares. The stock has a market cap of $14.07 billion, a price-to-earnings ratio of 16.29 and a beta of 1.61. The stock’s 50-day moving average price is $116.66 and its 200-day moving average price is $110.57. Albemarle Corporation has a 12 month low of $75.78 and a 12 month high of $127.83.
Albemarle Corporation (NYSE:ALB) last released its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.11 by $0.02. The business had revenue of $737.25 million during the quarter, compared to analyst estimates of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the business posted $0.93 earnings per share. On average, analysts predict that Albemarle Corporation will post $4.37 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.32 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a yield of 1.02%. Albemarle Corporation’s dividend payout ratio (DPR) is presently 16.41%.
In other Albemarle Corporation news, EVP Karen G. Narwold sold 11,500 shares of Albemarle Corporation stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the completion of the sale, the executive vice president now directly owns 36,620 shares of the company’s stock, valued at approximately $4,246,089. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Matthew Juneau sold 5,397 shares of Albemarle Corporation stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $115.77, for a total value of $624,810.69. Following the sale, the executive vice president now owns 360 shares in the company, valued at approximately $41,677.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 121,897 shares of company stock valued at $13,458,086. 0.74% of the stock is currently owned by company insiders.
ALB has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 price target on the stock in a report on Friday, July 7th. Robert W. Baird restated an “outperform” rating and issued a $135.00 price objective (up from $125.00) on shares of Albemarle Corporation in a research note on Tuesday, July 18th. They noted that the move was a valuation call. BidaskClub cut Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Needham & Company LLC restated a “buy” rating and issued a $36.00 price objective on shares of Albemarle Corporation in a research note on Thursday, June 29th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $120.00 price objective on shares of Albemarle Corporation in a research note on Friday, June 16th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $110.94.
Albemarle Corporation Profile
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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