Korea Investment CORP Lowers Position in Albemarle Corporation $ALB

Key Points

• Korea Investment CORP reduced its stake in Albemarle Corporation by 55.4%, now owning 44,770 shares valued at approximately $3.22 million.
• Albemarle's recent quarterly earnings outperformed expectations, reporting earnings per share of $0.11 compared to a consensus estimate of ($0.83).
• The company announced a quarterly dividend of $0.405 per share, representing an annual yield of 2.0%, with the ex-dividend date set for September 12th.

Korea Investment CORP decreased its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 55.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,770 shares of the specialty chemicals company's stock after selling 55,708 shares during the quarter. Korea Investment CORP's holdings in Albemarle were worth $3,224,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Aviso Financial Inc. boosted its holdings in shares of Albemarle by 37.6% in the first quarter. Aviso Financial Inc. now owns 21,986 shares of the specialty chemicals company's stock worth $1,583,000 after buying an additional 6,011 shares during the last quarter. Versor Investments LP purchased a new position in shares of Albemarle in the first quarter worth approximately $282,000. Algert Global LLC purchased a new position in shares of Albemarle in the first quarter worth approximately $811,000. Gen Wealth Partners Inc boosted its holdings in shares of Albemarle by 15.5% in the first quarter. Gen Wealth Partners Inc now owns 6,357 shares of the specialty chemicals company's stock worth $458,000 after buying an additional 855 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Albemarle by 7.3% in the first quarter. American Century Companies Inc. now owns 31,849 shares of the specialty chemicals company's stock worth $2,294,000 after buying an additional 2,164 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Albemarle Price Performance

Shares of Albemarle stock traded down $0.05 on Friday, hitting $84.87. 1,731,221 shares of the company traded hands, compared to its average volume of 4,224,362. The stock has a market capitalization of $9.99 billion, a P/E ratio of -9.11 and a beta of 1.63. 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 Corporation has a 52 week low of $49.43 and a 52 week high of $113.91. The business has a 50-day simple moving average of $73.75 and a 200 day simple moving average of $68.19.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the previous year, the business posted $0.04 earnings per share. Albemarle's quarterly revenue was down 7.0% on a year-over-year basis. Albemarle has set its FY 2025 guidance at EPS. Research analysts expect that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a dividend of $0.405 per share. The ex-dividend date is Friday, September 12th. This represents a $1.62 dividend on an annualized basis and a yield of 1.9%. Albemarle's payout ratio is -17.38%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Mizuho set a $76.00 price objective on shares of Albemarle in a report on Tuesday, July 15th. TD Securities lowered their price target on shares of Albemarle from $115.00 to $65.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. lifted their price target on shares of Albemarle from $60.00 to $80.00 and gave the company a "neutral" rating in a report on Monday, August 18th. Scotiabank lifted their price target on shares of Albemarle from $65.00 to $70.00 and gave the company a "sector perform" rating in a report on Friday, August 1st. Finally, Piper Sandler set a $68.00 price target on shares of Albemarle and gave the company an "underweight" rating in a report on Wednesday, May 14th. Three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $86.47.

Albemarle Company Profile

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.