50,308 Shares in Albemarle Corporation $ALB Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments opened a position in Albemarle, buying 50,308 shares valued at approximately $5.32 million during the third quarter. Institutional investors collectively own 92.87% of the company.
• Albemarle beat quarterly earnings and revenue estimates, reporting EPS of $2.58 and revenue of $1.55 billion, up 18.8% year over year.
• The stock opened at $98.25, well below its 52-week high of $221. Analysts’ consensus rating was “Hold,” with an average price target of $179.41.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Albemarle Corporation (NYSE:ALB - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 50,308 shares of the specialty chemicals company's stock, valued at approximately $5,322,000.

Several other large investors have also recently modified their holdings of ALB. Primecap Management Co. CA purchased a new stake in Albemarle during the second quarter valued at approximately $358,101,000. ProShare Advisors LLC grew its holdings in Albemarle by 69.7% in the third quarter. ProShare Advisors LLC now owns 1,436,117 shares of the specialty chemicals company's stock worth $151,912,000 after purchasing an additional 589,787 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Albemarle by 78.5% in the first quarter. Renaissance Technologies LLC now owns 730,745 shares of the specialty chemicals company's stock worth $131,191,000 after purchasing an additional 321,400 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of Albemarle during the second quarter worth $131,049,000. Finally, Sei Investments Co. increased its position in shares of Albemarle by 0.7% during the first quarter. Sei Investments Co. now owns 652,674 shares of the specialty chemicals company's stock worth $117,178,000 after purchasing an additional 4,374 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Albemarle Price Performance

Shares of NYSE ALB opened at $98.25 on Friday. The business's 50 day moving average price is $108.33 and its 200 day moving average price is $148.24. The firm has a market cap of $11.59 billion, a P/E ratio of 23.73, a P/E/G ratio of 0.57 and a beta of 1.34. Albemarle Corporation has a 52 week low of $89.77 and a 52 week high of $221.00. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22.

Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The specialty chemicals company reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $0.05. Albemarle had a net margin of 10.40% and a return on equity of 15.23%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the firm posted ($0.19) EPS. Albemarle's revenue for the quarter was up 18.8% compared to the same quarter last year. On average, sell-side analysts expect that Albemarle Corporation will post 11.15 earnings per share for the current year.

Albemarle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 18th will be paid a $0.41 dividend. The ex-dividend date is Friday, December 18th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.7%. Albemarle's dividend payout ratio is presently 39.61%.

Key Headlines Impacting Albemarle

Here are the key news stories impacting Albemarle this week:

• Positive Sentiment: Albemarle reported Q3 adjusted earnings of $2.58 per share, ahead of analyst estimates, and revenue of $1.55 billion, also above expectations and up 18.8% year over year. Higher lithium prices drove a sharp profit increase and stronger cash flow, supporting the positive investor case. Read More. · Read More.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Barclays assumed coverage on Albemarle in a report on Monday, October 12th. They set an "equal weight" rating and a $109.00 price objective for the company. UBS Group dropped their target price on Albemarle from $175.00 to $150.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. Truist Financial reduced their target price on Albemarle from $225.00 to $185.00 and set a "buy" rating on the stock in a research report on Tuesday, October 20th. Morgan Stanley reiterated a "reduce" rating and issued a $161.00 price target on shares of Albemarle in a research note on Monday, August 10th. Finally, Scotiabank lowered their price target on Albemarle from $200.00 to $190.00 and set a "sector outperform" rating for the company in a report on Monday, August 10th. Fifteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $179.41.

Albemarle Company Profile

Albemarle Corporation NYSE: ALB is a global specialty chemicals company headquartered in Charlotte, North Carolina. The company develops, manufactures, and markets engineered chemicals used in energy storage, transportation, refining, pharmaceuticals, agriculture, consumer products, and other industrial applications.

Albemarle is one of the world's major producers of lithium and supplies lithium compounds, including lithium carbonate and lithium hydroxide, for use in rechargeable batteries for electric vehicles, portable electronics, and grid energy-storage systems.

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