Albemarle Corporation $ALB Stock Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Albemarle stake by 94.2% in the third quarter, bringing its holdings to 396,182 shares valued at approximately $41.9 million. Institutional investors collectively own 92.87% of the company.
• Albemarle reported quarterly revenue of $1.74 billion and earnings of $3.75 per share, exceeding analyst estimates, while revenue rose 31.1% year over year.
• ALB shares opened at $95.41, down sharply from their 52-week high of $221. Analysts maintain a “Moderate Buy” consensus with an average price target of $180.74, and the company raised its quarterly dividend to $0.41 per share.

Assenagon Asset Management S.A. lifted its position in Albemarle Corporation (NYSE:ALB - Free Report) by 94.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 396,182 shares of the specialty chemicals company's stock after buying an additional 192,186 shares during the period. Assenagon Asset Management S.A. owned approximately 0.34% of Albemarle worth $41,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Primecap Management Co. CA bought a new position in shares of Albemarle in the second quarter worth approximately $358,101,000. Deutsche Bank AG purchased a new stake in shares of Albemarle in the second quarter worth $131,049,000. Bank of New York Mellon Corp purchased a new stake in shares of Albemarle in the second quarter worth $103,268,000. Nykredit A S bought a new stake in shares of Albemarle during the 2nd quarter valued at $78,121,000. Finally, Altshuler Shaham Ltd bought a new stake in shares of Albemarle during the 1st quarter valued at $94,815,000. Institutional investors own 92.87% of the company's stock.

Albemarle Stock Down 2.8%

Shares of ALB stock opened at $95.41 on Friday. The stock has a market cap of $11.26 billion, a P/E ratio of 353.37, a PEG ratio of 0.56 and a beta of 1.36. Albemarle Corporation has a 52 week low of $88.01 and a 52 week high of $221.00. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22. The company's fifty day simple moving average is $119.34 and its two-hundred day simple moving average is $145.71.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, beating the consensus estimate of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the firm earned $0.11 EPS. The business's revenue was up 31.1% on a year-over-year basis. Analysts predict that Albemarle Corporation will post 11.33 EPS for the current fiscal year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 11th were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, September 11th. This is a positive change from Albemarle's previous quarterly dividend of $0.4050. Albemarle's dividend payout ratio is presently 607.41%.

Analyst Ratings Changes

A number of research firms recently weighed in on ALB. Argus lowered their target price on shares of Albemarle from $230.00 to $135.00 and set a "buy" rating on the stock in a research note on Wednesday, October 7th. Morgan Stanley reiterated a "reduce" rating and issued a $161.00 price target on shares of Albemarle in a research note on Monday, August 10th. Scotiabank decreased their price target on Albemarle from $200.00 to $190.00 and set a "sector outperform" rating on the stock in a report on Monday, August 10th. Jefferies Financial Group decreased their price target on Albemarle from $244.00 to $211.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $175.00 price objective on shares of Albemarle in a research report on Tuesday, October 6th. Sixteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $180.74.

About Albemarle

Albemarle Corporation NYSE: ALB is a global specialty chemicals company that develops, manufactures and markets materials used in energy storage, transportation, consumer products and industrial applications. The company is best known for its lithium business, which supplies lithium compounds used in rechargeable batteries for electric vehicles, portable electronics and energy-storage systems.

Albemarle also produces bromine-based specialty chemicals used in areas such as fire safety, water treatment, pharmaceutical manufacturing and other industrial processes.

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