Albemarle Corporation $ALB Shares Bought by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its Albemarle stake by 1,435.1% in the third quarter, purchasing 36,150 additional shares for a total holding of 38,669 shares valued at approximately $4.09 million.
• Institutional investors own 92.87% of Albemarle, while the stock recently traded at $91—near its 52-week low of $88.01 and substantially below its 52-week high of $221.
• Analyst sentiment is mixed, with the stock carrying an average “Hold” rating and a $179.41 price target; Albemarle also reported quarterly revenue growth of 31.1% and earnings that exceeded consensus estimates.

International Assets Investment Management LLC grew its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 1,435.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 38,669 shares of the specialty chemicals company's stock after purchasing an additional 36,150 shares during the quarter. International Assets Investment Management LLC's holdings in Albemarle were worth $4,090,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of ALB. Primecap Management Co. CA bought a new position in Albemarle in the second quarter worth $358,101,000. Renaissance Technologies LLC raised its position in Albemarle by 78.5% in the 1st quarter. Renaissance Technologies LLC now owns 730,745 shares of the specialty chemicals company's stock valued at $131,191,000 after purchasing an additional 321,400 shares during the last quarter. Deutsche Bank AG bought a new stake in Albemarle during the 2nd quarter worth about $131,049,000. Sei Investments Co. raised its position in Albemarle by 0.7% in the 1st quarter. Sei Investments Co. now owns 652,674 shares of the specialty chemicals company's stock worth $117,178,000 after purchasing an additional 4,374 shares during the last quarter. Finally, Amundi increased its position in Albemarle by 40.5% in the second quarter. Amundi now owns 827,874 shares of the specialty chemicals company's stock worth $111,784,000 after purchasing an additional 238,774 shares during the period. 92.87% of the stock is owned by institutional investors.

Albemarle Price Performance

Shares of Albemarle stock opened at $91.00 on Monday. The firm has a market cap of $10.74 billion, a PE ratio of 337.05, a P/E/G ratio of 0.54 and a beta of 1.34. The business's 50 day simple moving average is $111.88 and its 200 day simple moving average is $149.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09. Albemarle Corporation has a 52-week low of $88.01 and a 52-week high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share 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 the consensus estimate of $1.61 billion. During the same quarter in the prior year, the firm posted $0.11 EPS. The business's revenue was up 31.1% on a year-over-year basis. On average, analysts predict that Albemarle Corporation will post 11.15 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 18th will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, December 18th. Albemarle's dividend payout ratio is currently 607.41%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ALB. Morgan Stanley restated a "reduce" rating and set a $161.00 target price on shares of Albemarle in a research report on Monday, August 10th. Royal Bank Of Canada lowered their price target on Albemarle from $157.00 to $129.00 and set an "outperform" rating for the company in a report on Thursday, October 15th. Zacks Research cut Albemarle from a "hold" rating to a "strong sell" rating in a report on Friday, October 9th. JPMorgan Chase & Co. decreased their price objective on Albemarle from $160.00 to $140.00 and set a "neutral" rating for the company in a research report on Tuesday, August 25th. Finally, Weiss Ratings cut Albemarle from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, October 23rd. Fifteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $179.41.

Albemarle Profile

Albemarle Corporation NYSE: ALB is a global specialty chemicals company headquartered in Charlotte, North Carolina. The company develops, manufactures, and markets engineered chemicals used in energy storage, transportation, refining, pharmaceuticals, agriculture, consumer products, and other industrial applications.

Albemarle is one of the world's major producers of lithium and supplies lithium compounds, including lithium carbonate and lithium hydroxide, for use in rechargeable batteries for electric vehicles, portable electronics, and grid energy-storage systems.

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