Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Albemarle Co. (NYSE:ALB) by 20.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,530 shares of the specialty chemicals company’s stock after purchasing an additional 780 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Albemarle were worth $350,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of ALB. Amundi Pioneer Asset Management Inc. raised its holdings in Albemarle by 0.3% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 176,692 shares of the specialty chemicals company’s stock worth $14,484,000 after buying an additional 460 shares during the last quarter. Synovus Financial Corp boosted its stake in Albemarle by 34.6% during the 1st quarter. Synovus Financial Corp now owns 1,054 shares of the specialty chemicals company’s stock valued at $59,000 after purchasing an additional 271 shares during the last quarter. Texas Permanent School Fund increased its holdings in Albemarle by 2.4% during the 1st quarter. Texas Permanent School Fund now owns 19,206 shares of the specialty chemicals company’s stock worth $1,083,000 after purchasing an additional 444 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of Albemarle by 7,475.8% in the first quarter. Steward Partners Investment Advisory LLC now owns 2,500 shares of the specialty chemicals company’s stock worth $140,000 after purchasing an additional 2,467 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Albemarle by 46.8% in the first quarter. Janney Montgomery Scott LLC now owns 25,331 shares of the specialty chemicals company’s stock valued at $1,428,000 after purchasing an additional 8,073 shares in the last quarter. 89.77% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently commented on ALB. Berenberg Bank downgraded Albemarle from a “hold” rating to a “sell” rating and increased their price target for the company from $65.00 to $68.00 in a research report on Monday, July 27th. Zacks Investment Research upgraded Albemarle from a “sell” rating to a “hold” rating and set a $102.00 target price on the stock in a research note on Wednesday. KeyCorp lowered shares of Albemarle from a “sector weight” rating to an “underweight” rating and set a $60.00 price target for the company. in a research report on Monday, June 22nd. Citigroup boosted their target price on shares of Albemarle from $78.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Finally, ValuEngine upgraded shares of Albemarle from a “sell” rating to a “hold” rating in a research note on Monday, August 3rd. Five analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $80.22.
Shares of ALB traded down $0.64 during midday trading on Friday, hitting $92.54. 12,682 shares of the stock were exchanged, compared to its average volume of 965,911. The firm has a market cap of $10.60 billion, a P/E ratio of 22.62, a P/E/G ratio of 3.56 and a beta of 1.41. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.01 and a current ratio of 1.61. The stock has a fifty day simple moving average of $88.65 and a 200 day simple moving average of $75.46. Albemarle Co. has a 52-week low of $48.89 and a 52-week high of $99.81.
Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $0.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.14. Albemarle had a net margin of 12.99% and a return on equity of 13.33%. As a group, equities research analysts forecast that Albemarle Co. will post 3.49 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 18th will be given a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Thursday, September 17th. Albemarle’s dividend payout ratio is presently 25.50%.
In other news, Director Luther C. Iv Kissam sold 150,001 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $90.71, for a total value of $13,606,590.71. Following the sale, the director now directly owns 225,812 shares in the company, valued at approximately $20,483,406.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.07% of the company’s stock.
Albemarle Company Profile
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications 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, life science, pharmaceutical, and other markets.
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