Albemarle Corporation $ALB Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Albemarle stake by 13,478.5% to 18.48 million shares, representing 15.66% ownership valued at approximately $2.50 billion. Institutional investors collectively own 92.87% of the company.
• Albemarle reported quarterly earnings of $3.75 per share, beating estimates of $3.20, while revenue rose 31.1% year over year to $1.74 billion. Despite the earnings beat, shares opened at $122.33, well below their 50-day and 200-day moving averages.
• Analyst sentiment remains a “Moderate Buy,” with 15 Buy, nine Hold and two Sell ratings and an average price target of $190.04, although several firms recently reduced their targets or downgraded the stock.

California State Teachers Retirement System boosted its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 13,478.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,483,447 shares of the specialty chemicals company's stock after buying an additional 18,347,324 shares during the quarter. California State Teachers Retirement System owned 15.66% of Albemarle worth $2,495,820,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Addison Advisors LLC bought a new stake in shares of Albemarle during the 2nd quarter worth $28,000. Elyxium Wealth LLC acquired a new position in shares of Albemarle in the 4th quarter worth $34,000. Sound Income Strategies LLC raised its position in shares of Albemarle by 190.1% during the first quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company's stock worth $52,000 after purchasing an additional 192 shares during the period. Root Financial Partners LLC lifted its holdings in shares of Albemarle by 121.5% during the fourth quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company's stock valued at $42,000 after purchasing an additional 164 shares during the last quarter. Finally, Dakota Community Bank & Trust NA purchased a new stake in shares of Albemarle during the first quarter valued at $54,000. Institutional investors own 92.87% of the company's stock.

Albemarle Stock Down 2.8%

NYSE:ALB opened at $122.33 on Friday. The business's fifty day moving average price is $127.41 and its 200 day moving average price is $157.31. The firm has a market capitalization of $14.43 billion, a price-to-earnings ratio of 453.09, a PEG ratio of 0.74 and a beta of 1.33. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22. Albemarle Corporation has a 1-year low of $71.25 and a 1-year high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping analysts' consensus estimates of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the company posted $0.11 EPS. The business's quarterly revenue was up 31.1% compared to the same quarter last year. On average, sell-side analysts forecast that Albemarle Corporation will post 11.39 earnings per share for the current fiscal year.

Albemarle Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend 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 yield of 1.3%. Albemarle's payout ratio is presently 600.00%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ALB shares. Truist Financial decreased their price target on Albemarle from $245.00 to $225.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Weiss Ratings lowered shares of Albemarle from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, September 1st. Wall Street Zen cut shares of Albemarle from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Rothschild & Co Redburn decreased their target price on shares of Albemarle from $188.00 to $170.00 and set a "neutral" rating for the company in a report on Wednesday, July 1st. Finally, Royal Bank Of Canada cut their price target on shares of Albemarle from $166.00 to $157.00 and set an "outperform" rating on the stock in a report on Monday, August 10th. Fifteen analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $190.04.

Albemarle Company Profile

Albemarle Corporation NYSE: ALB is a global specialty chemicals company that develops, manufactures and markets products used in energy storage, transportation, electronics, construction, agriculture, pharmaceuticals and other industrial applications. The company operates through three principal businesses: Energy Storage, Specialties and Ketjen.

Albemarle is one of the major producers of lithium and lithium compounds, including lithium carbonate and lithium hydroxide, which are used in rechargeable batteries for electric vehicles, portable electronics and stationary energy storage systems.

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