Albemarle Corporation (NYSE:ALB) Stock Position Raised by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its position in Albemarle Corporation (NYSE:ALB - Free Report) by 3.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 184,426 shares of the specialty chemicals company's stock after acquiring an additional 6,487 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.16% of Albemarle worth $13,282,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Albemarle in the 4th quarter valued at approximately $34,000. Orion Capital Management LLC purchased a new stake in shares of Albemarle in the 4th quarter valued at approximately $35,000. SJS Investment Consulting Inc. purchased a new stake in shares of Albemarle in the 1st quarter valued at approximately $32,000. Allianz SE purchased a new stake in shares of Albemarle in the 4th quarter valued at approximately $44,000. Finally, Chapman Financial Group LLC purchased a new stake in shares of Albemarle in the 4th quarter valued at approximately $60,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Albemarle Price Performance

NYSE:ALB opened at $77.12 on Friday. The company has a 50-day moving average of $62.75 and a 200-day moving average of $70.11. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of -6.94 and a beta of 1.63. Albemarle Corporation has a 52 week low of $49.43 and a 52 week high of $113.91. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.26 and a current ratio of 2.11.

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

Albemarle Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ALB. Wells Fargo & Company increased their target price on shares of Albemarle from $60.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Wall Street Zen upgraded shares of Albemarle to a "sell" rating in a research report on Monday, May 5th. Piper Sandler set a $68.00 target price on shares of Albemarle and gave the stock an "underweight" rating in a research report on Wednesday, May 14th. KeyCorp cut their target price on shares of Albemarle from $95.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, July 14th. Finally, Scotiabank cut their target price on shares of Albemarle from $75.00 to $65.00 and set a "sector perform" rating for the company in a research report on Tuesday, May 6th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $91.00.

Albemarle 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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