Envestnet Asset Management Inc. Sells 566 Shares of Albemarle Co. (NYSE:ALB)

Envestnet Asset Management Inc. cut its stake in Albemarle Co. (NYSE:ALBGet Rating) by 0.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 123,295 shares of the specialty chemicals company’s stock after selling 566 shares during the quarter. Envestnet Asset Management Inc. owned about 0.11% of Albemarle worth $27,267,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ALB. National Asset Management Inc. lifted its position in Albemarle by 5.1% in the fourth quarter. National Asset Management Inc. now owns 3,407 shares of the specialty chemicals company’s stock worth $797,000 after buying an additional 165 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Albemarle during the fourth quarter worth $1,741,000. Commonwealth Equity Services LLC lifted its position in shares of Albemarle by 8.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 55,778 shares of the specialty chemicals company’s stock worth $13,039,000 after purchasing an additional 4,336 shares during the last quarter. Desjardins Global Asset Management Inc. bought a new stake in shares of Albemarle during the fourth quarter worth $387,000. Finally, Vestmark Advisory Solutions Inc. lifted its position in shares of Albemarle by 20.6% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 2,281 shares of the specialty chemicals company’s stock worth $533,000 after purchasing an additional 390 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Mizuho lifted their target price on Albemarle from $243.00 to $293.00 in a research report on Friday, May 6th. Credit Suisse Group began coverage on Albemarle in a research report on Monday, June 27th. They set an “underperform” rating and a $185.00 target price for the company. Oppenheimer raised their price target on Albemarle from $307.00 to $368.00 in a research note on Friday, May 6th. Citigroup raised their price target on Albemarle from $262.00 to $279.00 in a research note on Friday, May 6th. Finally, Royal Bank of Canada raised their price target on Albemarle from $300.00 to $314.00 in a research note on Tuesday, May 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Albemarle currently has a consensus rating of “Moderate Buy” and an average target price of $271.05.

Albemarle Trading Down 1.8 %

Albemarle stock opened at $239.96 on Tuesday. The company has a quick ratio of 0.63, a current ratio of 1.11 and a debt-to-equity ratio of 0.33. Albemarle Co. has a 52 week low of $169.93 and a 52 week high of $291.48. The company has a market capitalization of $28.10 billion, a price-to-earnings ratio of 100.82, a price-to-earnings-growth ratio of 0.69 and a beta of 1.58. The stock has a 50-day moving average price of $225.12 and a 200 day moving average price of $215.29.

Albemarle (NYSE:ALBGet Rating) last released its earnings results on Wednesday, May 4th. The specialty chemicals company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.65. Albemarle had a return on equity of 10.35% and a net margin of 7.76%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company posted $1.10 earnings per share. The company’s revenue was up 36.0% compared to the same quarter last year. Sell-side analysts anticipate that Albemarle Co. will post 13.81 EPS for the current year.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 16th will be issued a $0.395 dividend. This represents a $1.58 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date is Thursday, September 15th. Albemarle’s payout ratio is presently 66.39%.

Albemarle Company Profile

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Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties; and reagents, such as butyllithium and lithium aluminum hydride for use in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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