Albemarle Corporation $ALB Shares Bought by AEGON ASSET MANAGEMENT UK Plc

Key Points

• AEGON Asset Management UK increased its Albemarle stake by 5,070.9% in the third quarter, adding 83,924 shares to hold 85,579 shares valued at about $9.1 million.
• Albemarle beat quarterly earnings and revenue estimates, reporting EPS of $2.58 and revenue of $1.55 billion; revenue rose 18.8% year over year.
• Shares opened at $98.96, near their one-year low. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $174.05.

AEGON ASSET MANAGEMENT UK Plc grew its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 5,070.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,579 shares of the specialty chemicals company's stock after buying an additional 83,924 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc owned 0.07% of Albemarle worth $9,053,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Addison Advisors LLC purchased a new stake in shares of Albemarle during the 2nd quarter worth $28,000. Dakota Community Bank & Trust NA acquired a new position in Albemarle during the first quarter worth approximately $54,000. Fiduciary Financial Advisors purchased a new stake in Albemarle in the second quarter valued at approximately $41,000. Valley National Advisers Inc. lifted its stake in Albemarle by 3,700.0% in the third quarter. Valley National Advisers Inc. now owns 304 shares of the specialty chemicals company's stock valued at $32,000 after buying an additional 296 shares during the last quarter. Finally, Jones Financial Companies Lllp acquired a new stake in shares of Albemarle in the second quarter valued at approximately $42,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Albemarle Stock Down 0.3%

Shares of Albemarle stock opened at $98.96 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35. The business has a 50-day moving average of $106.82 and a 200-day moving average of $147.47. The company has a market capitalization of $11.68 billion, a PE ratio of 23.90, a P/E/G ratio of 0.57 and a beta of 1.34. Albemarle Corporation has a 1-year low of $89.77 and a 1-year high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last released its earnings results on Wednesday, November 4th. The specialty chemicals company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.05. Albemarle had a net margin of 10.40% and a return on equity of 15.23%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. The firm's revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities analysts forecast that Albemarle Corporation will post 11.23 EPS for the current fiscal year.

Albemarle Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ALB shares. Wall Street Zen lowered shares of Albemarle from a "buy" rating to a "hold" rating in a research report on Saturday. Mizuho raised Albemarle from a "neutral" rating to an "outperform" rating and set a $130.00 price target for the company in a report on Wednesday, October 14th. BMO Capital Markets reiterated an "outperform" rating and issued a $175.00 price target on shares of Albemarle in a report on Tuesday, October 6th. Morgan Stanley reduced their price objective on shares of Albemarle from $161.00 to $105.00 and set an "equal weight" rating for the company in a research note on Monday. Finally, Zacks Research downgraded shares of Albemarle from a "hold" rating to a "strong sell" rating in a report on Friday, October 9th. Fifteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Albemarle has a consensus rating of "Moderate Buy" and a consensus target price of $174.05.

About Albemarle

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.

Want to see what other hedge funds are holding ALB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Albemarle Corporation (NYSE:ALB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.