Albemarle Corporation $ALB Shares Bought by CIBC Asset Management Inc

Key Points

• CIBC Asset Management increased its Albemarle stake by 74.1% in the fourth quarter, buying 11,218 more shares and bringing its total position to 26,361 shares worth about $3.73 million.
• Albemarle reported strong quarterly results, posting EPS of $2.95 versus $1.24 expected and revenue of $1.43 billion, with revenue up 32.7% year over year.
• The company announced a quarterly dividend of $0.405 per share, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average price target of $203.04.

CIBC Asset Management Inc raised its stake in Albemarle Corporation (NYSE:ALB - Free Report) by 74.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,361 shares of the specialty chemicals company's stock after acquiring an additional 11,218 shares during the period. CIBC Asset Management Inc's holdings in Albemarle were worth $3,728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Strategic Advocates LLC acquired a new position in Albemarle in the third quarter valued at $25,000. MH & Associates Securities Management Corp ADV purchased a new stake in shares of Albemarle in the fourth quarter valued at about $26,000. BOKF NA raised its holdings in shares of Albemarle by 5,771.4% in the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company's stock valued at $33,000 after buying an additional 404 shares during the last quarter. Elyxium Wealth LLC purchased a new stake in shares of Albemarle in the fourth quarter valued at about $34,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Albemarle by 536.7% in the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company's stock valued at $36,000 after buying an additional 483 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Albemarle Stock Performance

ALB opened at $155.73 on Monday. The stock has a market cap of $18.37 billion, a P/E ratio of -45.67, a P/E/G ratio of 0.78 and a beta of 1.31. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The stock's 50 day simple moving average is $183.54 and its 200 day simple moving average is $166.10. Albemarle Corporation has a 1-year low of $55.90 and a 1-year high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $1.24 by $1.71. The business had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The company's revenue was up 32.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.18) EPS. As a group, equities analysts anticipate that Albemarle Corporation will post 12.39 EPS for the current fiscal year.

Albemarle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, June 12th. Albemarle's dividend payout ratio (DPR) is -47.51%.

Insider Buying and Selling at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the completion of the transaction, the chief executive officer directly owned 87,519 shares in the company, valued at $16,078,990.68. The trade was a 15.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.42% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ALB. UBS Group upped their target price on shares of Albemarle from $230.00 to $264.00 and gave the company a "buy" rating in a report on Friday, May 8th. Zacks Research raised shares of Albemarle from a "hold" rating to a "strong-buy" rating in a report on Monday, May 11th. Royal Bank Of Canada upped their target price on shares of Albemarle from $253.00 to $257.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Evercore upped their target price on shares of Albemarle from $100.00 to $180.00 in a report on Wednesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Albemarle from $210.00 to $250.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $203.04.

About Albemarle

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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