Bank of Nova Scotia Trims Stock Position in Albemarle Co. (NYSE:ALB)

Bank of Nova Scotia trimmed its holdings in Albemarle Co. (NYSE:ALBGet Rating) by 41.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,727 shares of the specialty chemicals company’s stock after selling 3,988 shares during the period. Bank of Nova Scotia’s holdings in Albemarle were worth $1,198,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Covestor Ltd raised its holdings in shares of Albemarle by 51.2% in the first quarter. Covestor Ltd now owns 130 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 44 shares during the last quarter. Hazlett Burt & Watson Inc. purchased a new stake in shares of Albemarle in the first quarter valued at about $35,000. Riverview Trust Co raised its holdings in shares of Albemarle by 92.3% in the second quarter. Riverview Trust Co now owns 175 shares of the specialty chemicals company’s stock valued at $37,000 after buying an additional 84 shares during the last quarter. MCF Advisors LLC purchased a new stake in shares of Albemarle in the first quarter valued at about $45,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new position in shares of Albemarle during the first quarter worth about $55,000. 81.80% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Down 0.2 %

Shares of NYSE ALB opened at $276.98 on Friday. Albemarle Co. has a 12-month low of $169.93 and a 12-month high of $334.55. The company has a market capitalization of $32.45 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 0.85 and a beta of 1.41. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.73 and a quick ratio of 1.08. The firm’s 50-day moving average is $279.38 and its two-hundred day moving average is $253.09.

Albemarle (NYSE:ALBGet Rating) last announced its quarterly earnings data on Thursday, November 3rd. The specialty chemicals company reported $7.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.99 by $0.51. The business had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.21 billion. Albemarle had a net margin of 27.77% and a return on equity of 26.84%. The company’s quarterly revenue was up 151.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.05 earnings per share. Equities analysts anticipate that Albemarle Co. will post 21 EPS for the current fiscal year.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Friday, December 16th will be paid a dividend of $0.395 per share. This represents a $1.58 annualized dividend and a dividend yield of 0.57%. The ex-dividend date is Thursday, December 15th. Albemarle’s payout ratio is 11.98%.

Analysts Set New Price Targets

ALB has been the topic of a number of recent analyst reports. Oppenheimer reiterated an “outperform” rating and set a $440.00 price target on shares of Albemarle in a research note on Wednesday, October 26th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Albemarle from $305.00 to $325.00 in a research note on Monday, November 7th. Bank of America boosted their price target on shares of Albemarle from $262.00 to $332.00 and gave the stock a “neutral” rating in a research note on Monday, October 3rd. Credit Suisse Group boosted their price target on shares of Albemarle from $196.00 to $200.00 and gave the stock an “underperform” rating in a research note on Thursday, November 3rd. Finally, UBS Group upped their target price on shares of Albemarle from $218.00 to $265.00 and gave the stock a “neutral” rating in a research report on Thursday, August 4th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Albemarle has an average rating of “Hold” and an average price target of $297.74.

Insider Activity at Albemarle

In related news, EVP Karen G. Narwold sold 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $285.66, for a total transaction of $642,735.00. Following the transaction, the executive vice president now owns 11,444 shares of the company’s stock, valued at $3,269,093.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Albemarle news, insider Eric Norris sold 2,390 shares of the stock in a transaction that occurred on Tuesday, November 8th. The shares were sold at an average price of $307.80, for a total transaction of $735,642.00. Following the transaction, the insider now owns 15,564 shares of the company’s stock, valued at $4,790,599.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Karen G. Narwold sold 2,250 shares of the stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $285.66, for a total transaction of $642,735.00. Following the transaction, the executive vice president now directly owns 11,444 shares in the company, valued at approximately $3,269,093.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,962 shares of company stock valued at $4,911,107. Company insiders own 0.25% of the company’s stock.

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

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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