Adage Capital Partners GP L.L.C. cut its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 71.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 17,279 shares of the specialty chemicals company's stock after selling 42,500 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Albemarle were worth $1,244,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. SJS Investment Consulting Inc. acquired a new position in shares of Albemarle in the 1st quarter valued at about $32,000. National Pension Service boosted its holdings in shares of Albemarle by 74.5% in the 1st quarter. National Pension Service now owns 452 shares of the specialty chemicals company's stock valued at $33,000 after buying an additional 193 shares during the period. Orion Capital Management LLC acquired a new position in shares of Albemarle in the 4th quarter valued at about $35,000. Costello Asset Management INC acquired a new position in shares of Albemarle in the 1st quarter valued at about $36,000. Finally, Evermay Wealth Management LLC boosted its holdings in shares of Albemarle by 84.1% in the 1st quarter. Evermay Wealth Management LLC now owns 670 shares of the specialty chemicals company's stock valued at $48,000 after buying an additional 306 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.
Albemarle Price Performance
Shares of NYSE:ALB traded up $0.98 during trading on Friday, reaching $76.03. The company had a trading volume of 2,507,644 shares, compared to its average volume of 3,779,952. The firm's fifty day moving average is $76.73 and its 200 day moving average is $67.96. The firm has a market capitalization of $8.95 billion, a PE ratio of -8.16 and a beta of 1.65. Albemarle Corporation has a twelve month low of $49.43 and a twelve month high of $113.91. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.47 and a current ratio of 2.31.
Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of ($0.83) by $0.94. Albemarle had a negative net margin of 18.61% and a negative return on equity of 1.87%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the business posted $0.04 EPS. The business's revenue for the quarter was down 7.0% compared to the same quarter last year. Albemarle has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Albemarle Corporation will post -0.04 EPS for the current year.
Albemarle Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, September 12th. Albemarle's payout ratio is presently -17.38%.
Analysts Set New Price Targets
ALB has been the topic of several recent research reports. Mizuho set a $76.00 price objective on shares of Albemarle in a research report on Tuesday, July 15th. KeyCorp reiterated a "sector weight" rating on shares of Albemarle in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of Albemarle from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. JPMorgan Chase & Co. lifted their price objective on shares of Albemarle from $60.00 to $80.00 and gave the company a "neutral" rating in a research report on Monday, August 18th. Finally, Baird R W downgraded shares of Albemarle from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 29th. Three investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $86.47.
Read Our Latest Stock Report on ALB
Albemarle Profile
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Free Report)
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.
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