Albemarle Corporation $ALB Position Trimmed by HB Wealth Management LLC

Key Points

• HB Wealth Management cut its Albemarle stake by 5.2% in the second quarter, selling 20,945 shares and retaining 382,612 shares worth approximately $51.7 million. Institutional investors collectively own 92.87% of the company.
• Analysts maintain a generally positive outlook, with 15 Buy, nine Hold, and two Sell ratings, resulting in a consensus “Moderate Buy” rating and an average price target of $190.04.
• Albemarle reported quarterly earnings of $3.75 per share and revenue of $1.74 billion, beating estimates and delivering 31.1% year-over-year revenue growth. Shares opened at $126.51, while the company continued its quarterly dividend of $0.41 per share.

HB Wealth Management LLC decreased its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 5.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 382,612 shares of the specialty chemicals company's stock after selling 20,945 shares during the period. HB Wealth Management LLC owned about 0.32% of Albemarle worth $51,664,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Addison Advisors LLC purchased a new position in Albemarle during the second quarter valued at approximately $28,000. Elyxium Wealth LLC acquired a new stake in shares of Albemarle during the 4th quarter valued at $34,000. Sound Income Strategies LLC grew its holdings in shares of Albemarle by 190.1% during the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company's stock valued at $52,000 after acquiring an additional 192 shares in the last quarter. Root Financial Partners LLC grew its holdings in shares of Albemarle by 121.5% during the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company's stock valued at $42,000 after acquiring an additional 164 shares in the last quarter. Finally, Dakota Community Bank & Trust NA acquired a new position in shares of Albemarle in the first quarter worth $54,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Albemarle from $210.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Citigroup dropped their target price on Albemarle from $225.00 to $175.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Rothschild & Co Redburn cut their price target on Albemarle from $188.00 to $170.00 and set a "neutral" rating for the company in a research note on Wednesday, July 1st. Vertical Research upgraded Albemarle from a "hold" rating to a "buy" rating and set a $224.00 price target for the company in a report on Tuesday, May 26th. Finally, Zacks Research cut Albemarle from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 20th. Fifteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $190.04.

Albemarle Stock Down 4.3%

Shares of ALB stock opened at $126.51 on Friday. The stock's 50 day simple moving average is $128.03 and its 200 day simple moving average is $158.57. Albemarle Corporation has a twelve month low of $71.25 and a twelve month high of $221.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09. The company has a market capitalization of $14.93 billion, a price-to-earnings ratio of 468.57, a PEG ratio of 0.74 and a beta of 1.33.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, beating the consensus estimate of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the company posted $0.11 earnings per share. The company's revenue for the quarter was up 31.1% compared to the same quarter last year. As a group, research analysts predict that Albemarle Corporation will post 11.39 EPS for the current year.

Albemarle Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a $0.41 dividend. The ex-dividend date is Friday, September 11th. This is a boost from Albemarle's previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.3%. Albemarle's dividend payout ratio is presently 600.00%.

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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