1832 Asset Management L.P. Reduces Position in Albemarle Co. (NYSE:ALB)

1832 Asset Management L.P. decreased its position in Albemarle Co. (NYSE:ALBFree Report) by 99.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 735 shares of the specialty chemicals company’s stock after selling 256,620 shares during the period. 1832 Asset Management L.P.’s holdings in Albemarle were worth $106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALB. Deutsche Bank AG raised its stake in shares of Albemarle by 5.4% in the third quarter. Deutsche Bank AG now owns 283,876 shares of the specialty chemicals company’s stock worth $48,270,000 after purchasing an additional 14,593 shares during the last quarter. Roffman Miller Associates Inc. PA boosted its holdings in shares of Albemarle by 430.7% in the 4th quarter. Roffman Miller Associates Inc. PA now owns 43,119 shares of the specialty chemicals company’s stock valued at $6,230,000 after acquiring an additional 34,994 shares during the last quarter. Kestra Advisory Services LLC increased its stake in shares of Albemarle by 80.3% in the third quarter. Kestra Advisory Services LLC now owns 19,757 shares of the specialty chemicals company’s stock worth $3,359,000 after acquiring an additional 8,799 shares during the period. Commerce Bank increased its stake in shares of Albemarle by 5.2% in the fourth quarter. Commerce Bank now owns 10,667 shares of the specialty chemicals company’s stock worth $1,541,000 after acquiring an additional 525 shares during the period. Finally, Pinnacle Associates Ltd. raised its holdings in shares of Albemarle by 235.9% during the fourth quarter. Pinnacle Associates Ltd. now owns 12,107 shares of the specialty chemicals company’s stock worth $1,749,000 after purchasing an additional 8,503 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ALB shares. Berenberg Bank raised Albemarle from a “hold” rating to a “buy” rating and increased their price target for the stock from $130.00 to $160.00 in a research report on Thursday, April 11th. Vertical Research lowered Albemarle from a “buy” rating to a “hold” rating and set a $145.00 target price on the stock. in a report on Friday, March 8th. Mizuho boosted their price target on Albemarle from $112.00 to $128.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. Loop Capital cut their target price on shares of Albemarle from $168.00 to $162.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, Wells Fargo & Company boosted their target price on shares of Albemarle from $135.00 to $145.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, Albemarle currently has a consensus rating of “Hold” and a consensus price target of $165.16.

Get Our Latest Research Report on Albemarle

Insider Buying and Selling

In other Albemarle news, CAO John Clarence Barichivich III sold 1,475 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $132.17, for a total value of $194,950.75. Following the completion of the sale, the chief accounting officer now directly owns 4,743 shares of the company’s stock, valued at approximately $626,882.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO John Clarence Barichivich III sold 1,475 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $132.17, for a total value of $194,950.75. Following the completion of the sale, the chief accounting officer now owns 4,743 shares of the company’s stock, valued at approximately $626,882.31. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Mark Richard Mummert sold 843 shares of Albemarle stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total transaction of $114,251.79. Following the sale, the senior vice president now directly owns 6,802 shares in the company, valued at approximately $921,875.06. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.

Albemarle Trading Down 0.8 %

Shares of ALB stock opened at $114.07 on Tuesday. Albemarle Co. has a fifty-two week low of $106.69 and a fifty-two week high of $247.44. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.91 and a current ratio of 2.84. The stock’s fifty day moving average is $123.63 and its two-hundred day moving average is $125.79. The firm has a market capitalization of $13.41 billion, a P/E ratio of 41.48, a PEG ratio of 2.88 and a beta of 1.61.

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

Albemarle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.40 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.60 annualized dividend and a dividend yield of 1.40%. Albemarle’s dividend payout ratio is presently 58.18%.

Albemarle Profile

(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

Want to see what other hedge funds are holding ALB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Albemarle Co. (NYSE:ALBFree Report).

Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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