Albemarle Corporation (NYSE:ALB) Position Lessened by Tredje AP fonden

Key Points

• Tredje AP fonden significantly reduced its stake in Albemarle Corporation by 87.3% in the first quarter, selling 109,868 shares and leaving them with 16,037 shares valued at approximately $1.15 million.
• Albemarle's quarterly earnings reported $0.11 per share, exceeding analysts' expectations of ($0.83), with revenue of $1.33 billion, though year-over-year revenue declined by 7.0%.
• The company announced a quarterly dividend of $0.405 per share, representing an annualized yield of 2.35%, with shareholders of record set to receive it on October 1st.

Tredje AP fonden lowered its position in Albemarle Corporation (NYSE:ALB - Free Report) by 87.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,037 shares of the specialty chemicals company's stock after selling 109,868 shares during the period. Tredje AP fonden's holdings in Albemarle were worth $1,155,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Grandfield & Dodd LLC boosted its holdings in Albemarle by 5.2% during the first quarter. Grandfield & Dodd LLC now owns 243,036 shares of the specialty chemicals company's stock valued at $17,503,000 after purchasing an additional 12,014 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of Albemarle during the first quarter valued at $271,000. Envestnet Asset Management Inc. lifted its holdings in shares of Albemarle by 3.6% during the first quarter. Envestnet Asset Management Inc. now owns 184,426 shares of the specialty chemicals company's stock valued at $13,282,000 after acquiring an additional 6,487 shares during the period. O Shaughnessy Asset Management LLC bought a new position in shares of Albemarle during the fourth quarter valued at $218,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Albemarle by 2,151.9% during the fourth quarter. Renaissance Technologies LLC now owns 60,800 shares of the specialty chemicals company's stock valued at $5,234,000 after acquiring an additional 58,100 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.

Albemarle Price Performance

Shares of ALB stock opened at $68.89 on Thursday. The business has a fifty day simple moving average of $65.61 and a 200 day simple moving average of $69.57. The company has a market cap of $8.11 billion, a P/E ratio of -6.20 and a beta of 1.63. Albemarle Corporation has a twelve month low of $49.43 and a twelve month high of $113.91. The company has a quick ratio of 1.26, a current ratio of 2.11 and a debt-to-equity ratio of 0.39.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of ($0.83) by $0.94. Albemarle had a negative return on equity of 1.92% and a negative net margin of 22.39%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the previous year, the company posted $0.04 EPS. Albemarle's quarterly revenue was down 7.0% compared to the same quarter last year. On average, sell-side analysts forecast that Albemarle Corporation will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

The company also recently announced 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. This represents a $1.62 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Friday, September 12th. Albemarle's dividend payout ratio is presently -14.57%.

Wall Street Analysts Forecast Growth

ALB has been the subject of a number of research analyst reports. Piper Sandler set a $68.00 target price on shares of Albemarle and gave the company an "underweight" rating in a research note on Wednesday, May 14th. Citigroup cut their price target on Albemarle from $85.00 to $64.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Truist Financial lowered their price target on shares of Albemarle from $85.00 to $65.00 and set a "hold" rating for the company in a report on Monday, April 14th. Baird R W lowered shares of Albemarle from a "hold" rating to a "strong sell" rating in a report on Tuesday. Finally, Wall Street Zen raised shares of Albemarle to a "sell" rating in a report on Monday, May 5th. Six investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Albemarle has an average rating of "Hold" and a consensus target price of $91.00.

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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