Albemarle Corporation $ALB Shares Purchased by Empowered Funds LLC

Key Points

• Empowered Funds LLC increased its Albemarle stake by 1,455.8% in the first quarter, bringing its holdings to 32,982 shares valued at approximately $5.9 million. Institutional investors and hedge funds collectively own 92.87% of the company.
• Albemarle reported first-quarter EPS of $2.95, well above the $1.24 consensus estimate, while revenue rose 32.7% year over year to $1.43 billion.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $199.22, compared with the stock’s reported price of $117.46; the company also declared a quarterly dividend of $0.41 per share.

Empowered Funds LLC boosted its position in Albemarle Corporation (NYSE:ALB - Free Report) by 1,455.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 32,982 shares of the specialty chemicals company's stock after acquiring an additional 30,862 shares during the period. Empowered Funds LLC's holdings in Albemarle were worth $5,921,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Altfest L J & Co. Inc. purchased a new position in Albemarle during the fourth quarter worth about $1,055,000. Pinkerton Wealth LLC purchased a new stake in Albemarle in the 4th quarter valued at about $2,785,000. BW Gestao de Investimentos Ltda. grew its holdings in Albemarle by 181.8% in the 4th quarter. BW Gestao de Investimentos Ltda. now owns 132,250 shares of the specialty chemicals company's stock valued at $18,705,000 after buying an additional 85,320 shares during the period. Wealth High Governance Capital Ltda acquired a new position in shares of Albemarle during the 4th quarter valued at about $21,585,000. Finally, Hsbc Holdings PLC increased its stake in shares of Albemarle by 47.4% during the 4th quarter. Hsbc Holdings PLC now owns 230,690 shares of the specialty chemicals company's stock valued at $32,655,000 after acquiring an additional 74,202 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Stock Down 0.3%

NYSE ALB opened at $117.46 on Friday. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. Albemarle Corporation has a fifty-two week low of $64.95 and a fifty-two week high of $221.00. The business has a 50 day moving average price of $142.86 and a two-hundred day moving average price of $165.79. The stock has a market cap of $13.85 billion, a PE ratio of -34.45 and a beta of 1.34.

Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $1.71. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the firm posted ($0.18) earnings per share. The business's quarterly revenue was up 32.7% on a year-over-year basis. As a group, sell-side analysts predict that Albemarle Corporation will post 12.79 EPS for the current fiscal year.

Albemarle Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, September 11th. This is a positive change from Albemarle's previous quarterly dividend of $0.41. Albemarle's dividend payout ratio (DPR) is -47.51%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ALB shares. Argus raised their target price on shares of Albemarle from $185.00 to $230.00 and gave the stock a "buy" rating in a research report on Monday, May 11th. Berenberg Bank upped their price target on shares of Albemarle from $153.00 to $192.00 and gave the stock a "hold" rating in a research report on Tuesday, June 2nd. Mizuho cut their price target on shares of Albemarle from $205.00 to $185.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 1st. Oppenheimer increased their price target on shares of Albemarle from $216.00 to $222.00 and gave the stock an "outperform" rating in a research note on Monday, April 13th. Finally, UBS Group lifted their price target on shares of Albemarle from $230.00 to $264.00 and gave the company a "buy" rating in a report on Friday, May 8th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $199.22.

Insider Transactions at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the sale, the chief executive officer owned 87,519 shares of the company's stock, valued at $16,078,990.68. The trade was a 15.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.42% of the stock is owned by company insiders.

Albemarle Profile

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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