10,200 Shares in Albemarle Corporation $ALB Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired a new position in Albemarle, buying 10,200 shares valued at about $1.44 million in the fourth quarter.
• Albemarle posted strong quarterly earnings, reporting $2.95 EPS versus $1.24 expected and revenue of $1.43 billion, up 32.7% year over year.
• The company also declared a quarterly dividend of $0.405 per share, payable July 1, while analysts currently rate the stock a Moderate Buy with a consensus price target of $200.26.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Albemarle Corporation (NYSE:ALB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 10,200 shares of the specialty chemicals company's stock, valued at approximately $1,443,000.

Several other hedge funds have also recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in Albemarle by 3.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,475,832 shares of the specialty chemicals company's stock worth $119,710,000 after acquiring an additional 52,698 shares in the last quarter. Northern Trust Corp lifted its stake in Albemarle by 1.8% in the 3rd quarter. Northern Trust Corp now owns 1,263,734 shares of the specialty chemicals company's stock worth $102,464,000 after acquiring an additional 22,856 shares in the last quarter. PGGM Investments lifted its stake in Albemarle by 10.8% in the 3rd quarter. PGGM Investments now owns 1,185,005 shares of the specialty chemicals company's stock worth $96,080,000 after acquiring an additional 115,081 shares in the last quarter. Worldquant Millennium Advisors LLC lifted its stake in Albemarle by 60.9% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 784,083 shares of the specialty chemicals company's stock worth $49,138,000 after acquiring an additional 296,861 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Albemarle by 22,047.4% in the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company's stock worth $44,613,000 after acquiring an additional 710,589 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Performance

Shares of NYSE ALB opened at $180.46 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. The firm has a market cap of $21.28 billion, a price-to-earnings ratio of -52.92, a P/E/G ratio of 0.96 and a beta of 1.36. The business's 50-day simple moving average is $182.00 and its 200-day simple moving average is $158.29. Albemarle Corporation has a 52 week low of $53.70 and a 52 week high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, beating analysts' consensus estimates of $1.24 by $1.71. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The firm's revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.18) EPS. As a group, equities research analysts expect that Albemarle Corporation will post 12.45 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 0.9%. Albemarle's dividend payout ratio is currently -47.51%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ALB shares. JPMorgan Chase & Co. reduced their price objective on Albemarle from $195.00 to $145.00 and set a "neutral" rating for the company in a research note on Friday, February 13th. Jefferies Financial Group increased their price objective on Albemarle from $230.00 to $244.00 in a research note on Monday, May 11th. Royal Bank Of Canada lifted their price objective on Albemarle from $245.00 to $253.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Truist Financial lifted their price objective on Albemarle from $245.00 to $260.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Finally, Berenberg Bank set a $153.00 target price on Albemarle in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Albemarle presently has an average rating of "Moderate Buy" and a consensus price target of $200.26.

Insider Activity at Albemarle

In other news, CEO J Kent Masters sold 11,783 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the transaction, the chief executive officer owned 134,628 shares of the company's stock, valued at approximately $22,995,808.68. This represents a 8.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.42% of the company's stock.

Albemarle Company Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company's bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world's foremost chemical producers.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.