919,426 Shares in Albemarle Corporation $ALB Bought by Phoenix Financial Ltd.

Key Points

• Phoenix Financial Ltd. initiated a large new stake in Albemarle, buying 919,426 shares worth about $130.4 million in the fourth quarter. The position represents about 1.4% of Phoenix’s portfolio and roughly 0.78% of Albemarle.
• Albemarle’s latest earnings beat expectations, with quarterly EPS of $2.95 versus the $1.24 consensus and revenue of $1.43 billion, up 32.7% year over year. Analysts now expect the company to earn 11.37 per share for the current year.
• The stock has drawn mixed-but-generally positive analyst attention, with several firms raising price targets and the consensus rating sitting at Moderate Buy with a target price of $200.26. Albemarle also announced a quarterly dividend of $0.405 per share, payable July 1.

Phoenix Financial Ltd. bought a new position in shares of Albemarle Corporation (NYSE:ALB - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 919,426 shares of the specialty chemicals company's stock, valued at approximately $130,415,000. Albemarle makes up 1.4% of Phoenix Financial Ltd.'s investment portfolio, making the stock its 20th biggest holding. Phoenix Financial Ltd. owned approximately 0.78% of Albemarle at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of 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 buying an additional 710,589 shares in the last quarter. Samlyn Capital LLC purchased a new position in Albemarle during the 3rd quarter valued at about $47,088,000. Caisse de depot et placement du Quebec acquired a new position in Albemarle during the third quarter worth about $41,239,000. Worldquant Millennium Advisors LLC raised its position in Albemarle by 60.9% during the second 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 during the last quarter. Finally, Aquatic Capital Management LLC lifted its holdings in shares of Albemarle by 193.4% in the third quarter. Aquatic Capital Management LLC now owns 388,540 shares of the specialty chemicals company's stock valued at $31,503,000 after purchasing an additional 256,103 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Albemarle Stock Down 5.1%

Shares of ALB opened at $190.73 on Friday. Albemarle Corporation has a fifty-two week low of $53.70 and a fifty-two week high of $221.00. The company's fifty day moving average is $181.76 and its two-hundred day moving average is $158.13. The firm has a market cap of $22.49 billion, a PE ratio of -55.93, a price-to-earnings-growth ratio of 1.10 and a beta of 1.36. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23.

Albemarle (NYSE:ALB - Get Free Report) last issued its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the company posted ($0.18) EPS. The business's quarterly revenue was up 32.7% on a year-over-year basis. Analysts forecast that Albemarle Corporation will post 11.37 earnings per share for the current year.

Albemarle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be issued a $0.405 dividend. The ex-dividend date is Friday, June 12th. This represents a $1.62 annualized dividend and a yield of 0.8%. Albemarle's dividend payout ratio (DPR) is presently -47.51%.

Insiders Place Their Bets

In other Albemarle news, CEO J Kent Masters sold 11,783 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the completion of the sale, the chief executive officer directly owned 134,628 shares in the company, valued at $22,995,808.68. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.42% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on ALB shares. Royal Bank Of Canada increased their price target on shares of Albemarle from $245.00 to $253.00 and gave the company an "outperform" rating in a research report on Monday. Jefferies Financial Group upped their target price on Albemarle from $230.00 to $244.00 in a research note on Monday. Mizuho increased their target price on Albemarle from $185.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Scotiabank raised their price target on Albemarle from $200.00 to $215.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, JPMorgan Chase & Co. decreased their price target on Albemarle from $195.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $200.26.

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.

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