Albemarle Corporation $ALB Stock Purchased by Bokf Na

Key Points

• Bokf Na significantly increased its Albemarle stake by 5,857.7% in the third quarter, acquiring 11,364 additional shares for a total position valued at approximately $1.22 million. Institutional investors collectively own 92.87% of the company.
• Albemarle shares opened at $91.00, near their 12-month low of $88.01 and well below the 12-month high of $221.00. The stock’s consensus analyst rating is “Hold,” with an average price target of $179.41.
• The company reported quarterly earnings of $3.75 per share and revenue of $1.74 billion, exceeding analyst estimates, while declaring a quarterly dividend of $0.41 per share, equivalent to a 1.8% annual yield.

Bokf Na increased its stake in Albemarle Corporation (NYSE:ALB - Free Report) by 5,857.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,558 shares of the specialty chemicals company's stock after buying an additional 11,364 shares during the period. Bokf Na's holdings in Albemarle were worth $1,223,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALB. Addison Advisors LLC bought a new stake in Albemarle in the second quarter worth $28,000. Sound Income Strategies LLC grew its stake in shares of Albemarle by 190.1% in the first quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company's stock worth $52,000 after acquiring an additional 192 shares during the last quarter. Dakota Community Bank & Trust NA bought a new position in shares of Albemarle during the first quarter valued at $54,000. Fiduciary Financial Advisors bought a new position in shares of Albemarle during the second quarter valued at $41,000. Finally, Valley National Advisers Inc. raised its position in shares of Albemarle by 3,700.0% in the 3rd quarter. Valley National Advisers Inc. now owns 304 shares of the specialty chemicals company's stock worth $32,000 after purchasing an additional 296 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

Albemarle Stock Down 2.4%

Shares of Albemarle stock opened at $91.00 on Friday. The company has a market cap of $10.74 billion, a price-to-earnings ratio of 337.05, a price-to-earnings-growth ratio of 0.54 and a beta of 1.36. The company's 50 day moving average is $111.88 and its 200 day moving average is $149.82. Albemarle Corporation has a twelve month low of $88.01 and a twelve month 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.

Albemarle (NYSE:ALB - Get Free Report) last posted its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping analysts' consensus estimates of $3.20 by $0.55. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The firm's revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 EPS. Research analysts anticipate that Albemarle Corporation will post 11.15 EPS for the current year.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Friday, December 18th will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, December 18th. Albemarle's payout ratio is currently 607.41%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. UBS Group reduced their price objective on shares of Albemarle from $175.00 to $150.00 and set a "buy" rating for the company in a research note on Monday, October 5th. Argus dropped 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. Weiss Ratings downgraded shares of Albemarle from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, October 23rd. Morgan Stanley reiterated a "reduce" rating and set a $161.00 price target on shares of Albemarle in a report on Monday, August 10th. Finally, Truist Financial reduced their price target on shares of Albemarle from $225.00 to $185.00 and set a "buy" rating for the company in a research report on Tuesday, October 20th. Fifteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $179.41.

Albemarle Profile

Albemarle Corporation NYSE: ALB is a global specialty chemicals company headquartered in Charlotte, North Carolina. The company develops, manufactures, and markets engineered chemicals used in energy storage, transportation, refining, pharmaceuticals, agriculture, consumer products, and other industrial applications.

Albemarle is one of the world's major producers of lithium and supplies lithium compounds, including lithium carbonate and lithium hydroxide, for use in rechargeable batteries for electric vehicles, portable electronics, and grid energy-storage systems.

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