Edgestream Partners L.P. bought a new position in Albemarle Corporation (NYSE:ALB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 130,941 shares of the specialty chemicals company's stock, valued at approximately $9,430,000. Edgestream Partners L.P. owned 0.11% of Albemarle at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Assetmark Inc. raised its position in shares of Albemarle by 340.6% in the 4th quarter. Assetmark Inc. now owns 304 shares of the specialty chemicals company's stock worth $26,000 after buying an additional 235 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new position in Albemarle in the fourth quarter valued at about $34,000. Orion Capital Management LLC purchased a new position in Albemarle in the fourth quarter valued at about $35,000. SJS Investment Consulting Inc. purchased a new position in Albemarle in the first quarter valued at about $32,000. Finally, Allianz SE purchased a new position in Albemarle in the fourth quarter valued at about $44,000. 92.87% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research analysts have commented on the company. Piper Sandler set a $68.00 price objective on Albemarle and gave the company an "underweight" rating in a research report on Wednesday, May 14th. Mizuho set a $76.00 price objective on Albemarle in a research report on Tuesday. Wells Fargo & Company raised their price objective on Albemarle from $60.00 to $75.00 and gave the company an "equal weight" rating in a research report on Monday. JPMorgan Chase & Co. cut their price objective on Albemarle from $80.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Finally, UBS Group set a $57.00 price objective on Albemarle and gave the company a "sell" rating in a research report on Friday, July 11th. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Albemarle currently has an average rating of "Hold" and a consensus target price of $91.19.
Check Out Our Latest Analysis on Albemarle
Albemarle Stock Performance
NYSE ALB traded up $0.42 during trading hours on Wednesday, reaching $70.44. The company's stock had a trading volume of 2,866,556 shares, compared to its average volume of 2,892,043. The company has a current ratio of 2.11, a quick ratio of 1.26 and a debt-to-equity ratio of 0.39. The business has a 50-day simple moving average of $61.71 and a 200 day simple moving average of $70.24. Albemarle Corporation has a 52 week low of $49.43 and a 52 week high of $113.91. The stock has a market cap of $8.29 billion, a PE ratio of -6.33 and a beta of 1.63.
Albemarle (NYSE:ALB - Get Free Report) last issued its earnings results on Wednesday, April 30th. The specialty chemicals company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.62) by $0.44. The firm had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.18 billion. Albemarle had a negative net margin of 22.39% and a negative return on equity of 1.92%. Albemarle's revenue was down 20.9% on a year-over-year basis. During the same quarter last year, the company posted $0.26 earnings per share. Equities research analysts predict that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.
Albemarle Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were issued a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.30%. Albemarle's dividend payout ratio (DPR) is presently -14.57%.
Albemarle Company Profile
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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.
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