Envestnet Portfolio Solutions Inc. reduced its stake in Albemarle Corporation (NYSE:ALB - Free Report) by 83.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,106 shares of the specialty chemicals company's stock after selling 29,722 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Albemarle were worth $440,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. IFP Advisors Inc lifted its holdings in shares of Albemarle by 91.6% in the 4th quarter. IFP Advisors Inc now owns 8,882 shares of the specialty chemicals company's stock worth $768,000 after purchasing an additional 4,247 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Albemarle during the 4th quarter valued at $3,816,000. Parkside Financial Bank & Trust raised its holdings in Albemarle by 48.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,477 shares of the specialty chemicals company's stock worth $127,000 after buying an additional 481 shares during the last quarter. U S Global Investors Inc. bought a new position in shares of Albemarle in the fourth quarter valued at $86,000. Finally, SVB Wealth LLC bought a new position in shares of Albemarle in the fourth quarter valued at $623,000. Institutional investors and hedge funds own 92.87% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on ALB shares. Mizuho decreased their target price on shares of Albemarle from $90.00 to $85.00 and set a "neutral" rating for the company in a research report on Friday, March 7th. Scotiabank decreased their price objective on Albemarle from $75.00 to $65.00 and set a "sector perform" rating for the company in a report on Tuesday, May 6th. Robert W. Baird dropped their target price on Albemarle from $77.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. TD Securities cut their target price on Albemarle from $115.00 to $65.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Finally, KeyCorp lowered their price target on Albemarle from $102.00 to $95.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Albemarle has an average rating of "Hold" and a consensus price target of $91.62.
Check Out Our Latest Stock Report on Albemarle
Albemarle Stock Performance
Albemarle stock traded up $0.17 during trading on Tuesday, hitting $62.84. The stock had a trading volume of 3,241,622 shares, compared to its average volume of 2,854,183. The stock's 50 day moving average is $59.44 and its two-hundred day moving average is $71.74. Albemarle Corporation has a 1 year low of $49.43 and a 1 year high of $113.91. The stock has a market cap of $7.39 billion, a price-to-earnings ratio of -5.65 and a beta of 1.63. 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 results on Wednesday, April 30th. The specialty chemicals company reported ($0.18) EPS for the quarter, beating analysts' consensus estimates of ($0.62) by $0.44. The firm had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.18 billion. Albemarle had a negative return on equity of 1.92% and a negative net margin of 22.39%. The business's revenue for the quarter was down 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.26 EPS. As a group, analysts predict that Albemarle Corporation will post -0.04 EPS for the current year.
Albemarle Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, June 13th. Albemarle's dividend payout ratio (DPR) is currently -14.57%.
Albemarle Company Profile
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Free Report)
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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