Albemarle Corporation $ALB Shares Acquired by Ethic Inc.

Key Points

• Ethic Inc. increased its Albemarle stake by 233% in the third quarter, adding 50,167 shares to bring its holdings to 71,694 shares, valued at about $7.6 million.
• Albemarle beat quarterly earnings and revenue estimates: EPS was $2.58 versus $2.53 expected, while revenue rose 18.8% year over year to $1.55 billion.
• Analyst views were mixed, with an average “Moderate Buy” rating and a $174.05 consensus price target; the shares opened at $98.96, well below their 52-week high of $221.

Ethic Inc. lifted its position in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 233.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 71,694 shares of the specialty chemicals company's stock after buying an additional 50,167 shares during the period. Ethic Inc. owned 0.06% of Albemarle worth $7,584,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Addison Advisors LLC acquired a new position in shares of Albemarle in the 2nd quarter valued at $28,000. Valley National Advisers Inc. increased its holdings in shares of Albemarle by 3,700.0% during the 3rd quarter. Valley National Advisers Inc. now owns 304 shares of the specialty chemicals company's stock worth $32,000 after buying an additional 296 shares during the last quarter. NFSG Corp increased its holdings in shares of Albemarle by 470.0% during the 3rd quarter. NFSG Corp now owns 342 shares of the specialty chemicals company's stock worth $36,000 after buying an additional 282 shares during the last quarter. Fiduciary Financial Advisors purchased a new position in shares of Albemarle in the 2nd quarter worth $41,000. Finally, Jones Financial Companies Lllp purchased a new position in shares of Albemarle in the 2nd quarter worth $42,000. Institutional investors and hedge funds own 92.87% of the company's stock.

Albemarle Stock Performance

Albemarle stock opened at $98.96 on Tuesday. The stock has a 50 day moving average of $106.82 and a 200-day moving average of $147.47. The stock has a market cap of $11.68 billion, a P/E ratio of 23.90, a price-to-earnings-growth 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 current ratio of 2.09, a quick ratio of 1.35 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, beating the consensus estimate of $2.53 by $0.05. Albemarle had a return on equity of 15.23% and a net margin of 10.40%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the company posted ($0.19) EPS. The business's revenue was up 18.8% compared to the same quarter last year. On average, analysts expect that Albemarle Corporation will post 11.23 EPS for the current fiscal year.

Albemarle Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ALB. Morgan Stanley reduced their target price on Albemarle from $161.00 to $105.00 and set an "equal weight" rating on the stock in a report on Monday. Barclays cut their price objective on Albemarle from $109.00 to $95.00 and set an "equal weight" rating on the stock in a report on Friday. Wall Street Zen cut Albemarle from a "buy" rating to a "hold" rating in a report on Saturday. BMO Capital Markets reissued an "outperform" rating and set a $175.00 target price on shares of Albemarle in a research report on Tuesday, October 6th. Finally, Mizuho upgraded shares of Albemarle from a "neutral" rating to an "outperform" rating and set a $130.00 price target on the stock in a report on Wednesday, October 14th. Fifteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $174.05.

Albemarle Company Profile

Albemarle Corporation is a specialty chemicals company that produces lithium, bromine and refining catalysts. Its products serve industries including energy storage, transportation, electronics, petroleum refining and pharmaceuticals.

The company supplies lithium compounds used in rechargeable batteries and other applications. It also makes bromine-based products for uses such as flame retardants and water treatment, along with catalysts used in refining petroleum.

Albemarle traces its history to 1887 and is headquartered in Charlotte, North Carolina.

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