Bank of America Corp DE Boosts Stock Position in Albemarle Co. (NYSE:ALB)

Bank of America Corp DE raised its position in shares of Albemarle Co. (NYSE:ALBGet Rating) by 181.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,489,347 shares of the specialty chemicals company’s stock after purchasing an additional 959,810 shares during the quarter. Bank of America Corp DE owned 1.27% of Albemarle worth $329,369,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Lowe Wealth Advisors LLC purchased a new position in Albemarle during the first quarter valued at approximately $28,000. Covestor Ltd increased its holdings in shares of Albemarle by 51.2% during the 1st quarter. Covestor Ltd now owns 130 shares of the specialty chemicals company’s stock valued at $29,000 after purchasing an additional 44 shares in the last quarter. Quent Capital LLC purchased a new position in shares of Albemarle during the 4th quarter valued at approximately $31,000. DeDora Capital Inc. purchased a new position in shares of Albemarle during the 1st quarter valued at approximately $34,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in shares of Albemarle during the 1st quarter valued at approximately $35,000. Hedge funds and other institutional investors own 81.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Albemarle from $285.00 to $320.00 and gave the company an “overweight” rating in a report on Tuesday, May 24th. Oppenheimer lifted their target price on shares of Albemarle from $368.00 to $440.00 and gave the company an “outperform” rating in a report on Monday, August 8th. UBS Group boosted their price target on shares of Albemarle from $218.00 to $265.00 and gave the stock a “neutral” rating in a report on Thursday, August 4th. Citigroup boosted their price target on shares of Albemarle from $294.00 to $345.00 and gave the stock a “buy” rating in a report on Friday, September 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Albemarle from $255.00 to $270.00 in a report on Monday, August 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Albemarle has an average rating of “Hold” and an average target price of $284.45.

Albemarle Stock Up 3.4 %

Shares of NYSE:ALB opened at $296.95 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.88 and a quick ratio of 1.20. Albemarle Co. has a 1 year low of $169.93 and a 1 year high of $308.24. The firm has a market capitalization of $34.78 billion, a PE ratio of 133.76, a price-to-earnings-growth ratio of 0.43 and a beta of 1.52. The firm’s 50-day moving average is $257.30 and its two-hundred day moving average is $230.91.

Albemarle (NYSE:ALBGet Rating) last released its quarterly earnings data on Wednesday, August 3rd. The specialty chemicals company reported $3.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.66. Albemarle had a net margin of 6.08% and a return on equity of 15.39%. During the same quarter in the previous year, the company posted $0.89 earnings per share. Analysts predict that Albemarle Co. will post 21.22 EPS for the current year.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 16th will be given a dividend of $0.395 per share. The ex-dividend date is Thursday, September 15th. This represents a $1.58 annualized dividend and a dividend yield of 0.53%. Albemarle’s dividend payout ratio (DPR) is currently 71.17%.

Albemarle 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.

Further Reading

Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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