Albemarle Corporation $ALB Stock Position Increased by Pacific Heights Asset Management LLC

Key Points

• Pacific Heights Asset Management LLC increased its position in Albemarle Corporation by 85.7% during the second quarter, owning approximately 0.11% of the company with a value of $8.15 million as of the latest reporting period.
• Albemarle's shares opened at $91.42, with a market capitalization of $10.76 billion and a one-year price range between $49.43 and $113.91.
• The company reported an EPS of $0.11 for the last quarter, surpassing analysts' expectations, while its quarterly revenue was $1.33 billion, marking a 7% decline year-over-year.

Pacific Heights Asset Management LLC lifted its position in Albemarle Corporation (NYSE:ALB - Free Report) by 85.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 130,000 shares of the specialty chemicals company's stock after buying an additional 60,000 shares during the period. Pacific Heights Asset Management LLC owned approximately 0.11% of Albemarle worth $8,147,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. National Pension Service grew 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 worth $33,000 after acquiring an additional 193 shares during the last quarter. Costello Asset Management INC acquired a new position in shares of Albemarle in the 1st quarter worth $36,000. ST Germain D J Co. Inc. acquired a new position in shares of Albemarle in the 2nd quarter worth $47,000. Evermay Wealth Management LLC grew 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 worth $48,000 after acquiring an additional 306 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Albemarle by 54.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 727 shares of the specialty chemicals company's stock worth $52,000 after acquiring an additional 256 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

Albemarle Stock Performance

Shares of NYSE ALB opened at $91.42 on Wednesday. The business's 50-day moving average price is $84.54 and its two-hundred day moving average price is $70.52. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.31 and a quick ratio of 1.47. Albemarle Corporation has a one year low of $49.43 and a one year high of $113.91. The company has a market capitalization of $10.76 billion, a P/E ratio of -9.81 and a beta of 1.65.

Albemarle (NYSE:ALB - Get Free Report) last issued its earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of ($0.83) by $0.94. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the company posted $0.04 earnings per share. The business's quarterly revenue was down 7.0% compared to the same quarter last year. Albemarle has set its FY 2025 guidance at EPS. Analysts anticipate that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ALB. Mizuho lifted their target price on Albemarle from $78.00 to $92.00 and gave the stock a "neutral" rating in a report on Friday, October 3rd. TD Cowen lifted their price target on Albemarle from $70.00 to $85.00 and gave the company a "hold" rating in a report on Thursday, October 9th. Scotiabank lifted their price target on Albemarle from $65.00 to $70.00 and gave the company a "sector perform" rating in a report on Friday, August 1st. Truist Financial lifted their price target on Albemarle from $72.00 to $87.00 and gave the company a "hold" rating in a report on Monday. Finally, Bank of America reiterated a "neutral" rating and set a $100.00 price target (up previously from $95.00) on shares of Albemarle in a report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fourteen have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $92.41.

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.

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