Albemarle Corporation (NYSE:ALB) Shares Sold by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI lowered its stake in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 33.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,740 shares of the specialty chemicals company's stock after selling 6,495 shares during the quarter. Commerzbank Aktiengesellschaft FI's holdings in Albemarle were worth $918,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. purchased a new position in shares of Albemarle in the first quarter worth about $32,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Albemarle during the fourth quarter valued at approximately $34,000. Orion Capital Management LLC purchased a new position in Albemarle during the fourth quarter valued at approximately $35,000. Allianz SE purchased a new stake in shares of Albemarle in the fourth quarter valued at approximately $44,000. Finally, Chapman Financial Group LLC purchased a new stake in shares of Albemarle in the fourth quarter valued at approximately $60,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Stock Performance

Albemarle stock traded up $1.38 during mid-day trading on Friday, reaching $77.12. 6,222,650 shares of the company were exchanged, compared to its average volume of 2,930,460. Albemarle Corporation has a twelve month low of $49.43 and a twelve month high of $113.91. The firm's 50-day simple moving average is $62.75 and its two-hundred day simple moving average is $70.11. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.26 and a current ratio of 2.11. The firm has a market cap of $9.07 billion, a PE ratio of -6.94 and a beta of 1.63.

Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The specialty chemicals company reported ($0.18) earnings per share for the quarter, topping analysts' consensus estimates of ($0.62) by $0.44. Albemarle had a negative return on equity of 1.92% and a negative net margin of 22.39%. The company had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same period last year, the firm earned $0.26 EPS. The firm's revenue for the quarter was down 20.9% on a year-over-year basis. Equities analysts predict that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.62 dividend on an annualized basis and a yield of 2.10%. Albemarle's payout ratio is -14.57%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ALB. Piper Sandler set a $68.00 price target on Albemarle and gave the stock an "underweight" rating in a research note on Wednesday, May 14th. Wells Fargo & Company increased their target price on Albemarle from $60.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Monday. Morgan Stanley decreased their target price on Albemarle from $68.00 to $58.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 6th. Truist Financial cut their price target on Albemarle from $85.00 to $65.00 and set a "hold" rating on the stock in a report on Monday, April 14th. Finally, Robert W. Baird dropped their price objective on Albemarle from $77.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $91.00.

About Albemarle

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.