Aberdeen Group plc Sells 28,862 Shares of Albemarle Corporation $ALB

Key Points

• Aberdeen Group plc has significantly reduced its stake in Albemarle Corporation by 74.8%, holding 9,748 shares valued at $696,000 after selling 28,862 shares in the first quarter.
• Albemarle reported quarterly earnings of $0.11 per share, beating expectations and totaling revenues of $1.33 billion, although their revenue was down 7% year-over-year.
• A quarterly dividend of $0.405 per share will be paid out on October 1st, representing an annualized yield of 2.0%, with an ex-dividend date set for September 12th.

Aberdeen Group plc lowered its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 74.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,748 shares of the specialty chemicals company's stock after selling 28,862 shares during the period. Aberdeen Group plc's holdings in Albemarle were worth $696,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Orion Capital Management LLC purchased a new position in Albemarle in the fourth quarter worth $35,000. SJS Investment Consulting Inc. purchased a new position in Albemarle in the first quarter worth $32,000. National Pension Service boosted its position in Albemarle by 74.5% in the first quarter. National Pension Service now owns 452 shares of the specialty chemicals company's stock worth $33,000 after purchasing an additional 193 shares during the last quarter. Costello Asset Management INC purchased a new position in Albemarle in the first quarter worth $36,000. Finally, Evermay Wealth Management LLC boosted its position in Albemarle by 84.1% in the first quarter. Evermay Wealth Management LLC now owns 670 shares of the specialty chemicals company's stock worth $48,000 after purchasing an additional 306 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on ALB. Deutsche Bank Aktiengesellschaft set a $74.00 price objective on Albemarle and gave the stock a "hold" rating in a research report on Monday, August 4th. Scotiabank upped their price target on Albemarle from $65.00 to $70.00 and gave the company a "sector perform" rating in a research report on Friday, August 1st. Baird R W cut Albemarle from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 29th. Wall Street Zen raised Albemarle from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, KeyCorp reaffirmed a "sector weight" rating on shares of Albemarle in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $90.67.

Albemarle Price Performance

ALB traded up $6.04 during trading on Wednesday, reaching $87.57. 3,708,112 shares of the company were exchanged, compared to its average volume of 3,545,739. The company's 50-day moving average is $72.12 and its two-hundred day moving average is $67.92. The company has a market cap of $10.31 billion, a price-to-earnings ratio of -9.38 and a beta of 1.63. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.38. Albemarle Corporation has a 12-month low of $49.43 and a 12-month high of $113.91.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.83) by $0.94. The business had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.23 billion. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.The firm's quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.04 EPS. Albemarle has set its FY 2025 guidance at EPS. Research analysts forecast that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, September 12th. Albemarle's dividend payout ratio is currently -17.38%.

Albemarle Company Profile

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.