Albemarle Corporation $ALB Shares Sold by DNB Asset Management AS

Key Points

• DNB Asset Management AS cut its Albemarle stake by 46.3% in the fourth quarter, reducing its holdings to 22,146 shares valued at about $3.13 million.
• Several other institutions moved into or increased positions in Albemarle, and the stock remains heavily institutionally owned at 92.87%.
• Albemarle reported strong quarterly results, with EPS of $2.95 versus $1.24 expected and revenue of $1.43 billion, while analysts currently maintain a Moderate Buy consensus target of $200.26.

DNB Asset Management AS trimmed its holdings in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 46.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,146 shares of the specialty chemicals company's stock after selling 19,101 shares during the period. DNB Asset Management AS's holdings in Albemarle were worth $3,132,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Phoenix Financial Ltd. acquired a new position in Albemarle during the 4th quarter valued at about $130,415,000. Northwestern Mutual Wealth Management Co. increased its stake in Albemarle by 4,338.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company's stock valued at $104,444,000 after buying an additional 721,793 shares during the period. AQR Capital Management LLC increased its stake in Albemarle by 22,047.4% during the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company's stock valued at $44,613,000 after buying an additional 710,589 shares during the period. Samlyn Capital LLC acquired a new position in Albemarle during the 3rd quarter valued at about $47,088,000. Finally, Caisse de depot et placement du Quebec acquired a new position in Albemarle during the 3rd quarter valued at about $41,239,000. 92.87% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $183.72, for a total value 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. This trade represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.42% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ALB has been the topic of several research analyst reports. HSBC raised their target price on shares of Albemarle from $200.00 to $220.00 and gave the company a "buy" rating in a research note on Monday, April 27th. JPMorgan Chase & Co. lowered their target price on shares of Albemarle from $195.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, February 13th. Robert W. Baird raised their target price on shares of Albemarle from $210.00 to $236.00 in a research note on Thursday, May 7th. Royal Bank Of Canada raised their target price on shares of Albemarle from $245.00 to $253.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. Finally, Scotiabank raised their target price on shares of Albemarle from $200.00 to $215.00 and gave the company an "outperform" rating in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $200.26.

Albemarle Stock Performance

NYSE:ALB opened at $168.82 on Wednesday. Albemarle Corporation has a twelve month low of $53.70 and a twelve month high of $221.00. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $182.39 and a 200-day moving average of $159.78. The firm has a market cap of $19.91 billion, a price-to-earnings ratio of -49.51, a price-to-earnings-growth ratio of 0.88 and a beta of 1.36.

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 for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the firm posted ($0.18) EPS. The business's revenue for the quarter was up 32.7% on a year-over-year basis. Analysts forecast that Albemarle Corporation will post 12.45 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, June 12th. Albemarle's dividend payout ratio (DPR) is presently -47.51%.

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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