CIBC Private Wealth Group LLC Sells 21,744 Shares of Albemarle Co. (NYSE:ALB)

CIBC Private Wealth Group LLC trimmed its position in shares of Albemarle Co. (NYSE:ALBFree Report) by 21.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,491 shares of the specialty chemicals company’s stock after selling 21,744 shares during the period. CIBC Private Wealth Group LLC owned about 0.07% of Albemarle worth $11,774,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ALB. Franklin Resources Inc. increased its holdings in Albemarle by 47.4% during the 4th quarter. Franklin Resources Inc. now owns 5,185,734 shares of the specialty chemicals company’s stock worth $749,235,000 after purchasing an additional 1,667,164 shares during the period. Primecap Management Co. CA grew its position in shares of Albemarle by 55.8% in the 4th quarter. Primecap Management Co. CA now owns 3,476,674 shares of the specialty chemicals company’s stock worth $502,310,000 after buying an additional 1,245,719 shares during the last quarter. Norges Bank bought a new position in shares of Albemarle during the 4th quarter worth approximately $377,341,000. Morgan Stanley lifted its position in Albemarle by 10.3% during the third quarter. Morgan Stanley now owns 1,570,906 shares of the specialty chemicals company’s stock valued at $267,117,000 after acquiring an additional 146,450 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Albemarle by 12.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,555,937 shares of the specialty chemicals company’s stock valued at $224,802,000 after acquiring an additional 174,391 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on ALB shares. Mizuho upped their target price on Albemarle from $112.00 to $128.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Wolfe Research initiated coverage on shares of Albemarle in a report on Friday, March 1st. They issued a “peer perform” rating for the company. Berenberg Bank raised shares of Albemarle from a “hold” rating to a “buy” rating and boosted their price objective for the company from $130.00 to $160.00 in a report on Thursday, April 11th. Loop Capital lowered their price target on Albemarle from $168.00 to $162.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, Vertical Research lowered Albemarle from a “buy” rating to a “hold” rating and set a $145.00 price objective on the stock. in a report on Friday, March 8th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $165.16.

Check Out Our Latest Report on ALB

Albemarle Price Performance

Shares of Albemarle stock opened at $118.65 on Thursday. The firm has a market cap of $13.94 billion, a PE ratio of 43.15, a P/E/G ratio of 3.03 and a beta of 1.61. Albemarle Co. has a twelve month low of $106.69 and a twelve month high of $247.44. The company has a quick ratio of 1.91, a current ratio of 2.84 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average price of $124.54 and a 200 day moving average price of $126.04.

Albemarle (NYSE:ALBGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). Albemarle had a net margin of 4.02% and a return on equity of 14.53%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the firm earned $10.32 earnings per share. The firm’s quarterly revenue was down 47.3% compared to the same quarter last year. Sell-side analysts predict that Albemarle Co. will post 2.49 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.60 annualized dividend and a dividend yield of 1.35%. Albemarle’s dividend payout ratio (DPR) is 58.18%.

Insider Transactions at Albemarle

In related news, SVP Mark Richard Mummert sold 843 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total transaction of $114,251.79. Following the completion of the transaction, the senior vice president now owns 6,802 shares in the company, valued at approximately $921,875.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO John Clarence Barichivich III sold 1,475 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $132.17, for a total transaction of $194,950.75. Following the completion of the transaction, the chief accounting officer now owns 4,743 shares in the company, valued at approximately $626,882.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Mark Richard Mummert sold 843 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total transaction of $114,251.79. Following the transaction, the senior vice president now owns 6,802 shares of the company’s stock, valued at approximately $921,875.06. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

About Albemarle

(Free Report)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.

See Also

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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