Envestnet Asset Management Inc. Buys 6,487 Shares of Albemarle Corporation (NYSE:ALB)

Envestnet Asset Management Inc. raised its holdings in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 3.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 184,426 shares of the specialty chemicals company's stock after purchasing an additional 6,487 shares during the quarter. Envestnet Asset Management Inc. owned 0.16% of Albemarle worth $13,282,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALB. Concurrent Investment Advisors LLC purchased a new stake in Albemarle during the first quarter valued at about $271,000. O Shaughnessy Asset Management LLC purchased a new stake in Albemarle during the fourth quarter valued at about $218,000. Renaissance Technologies LLC lifted its holdings in 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 purchasing an additional 58,100 shares during the last quarter. Sowell Financial Services LLC purchased a new stake in Albemarle during the first quarter valued at about $303,000. Finally, GAMMA Investing LLC lifted its holdings in Albemarle by 6,393.1% during the first quarter. GAMMA Investing LLC now owns 152,394 shares of the specialty chemicals company's stock valued at $10,975,000 after purchasing an additional 150,047 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

Albemarle Price Performance

NYSE ALB traded up $6.26 on Tuesday, reaching $83.41. 6,689,329 shares of the stock traded hands, compared to its average volume of 2,954,839. Albemarle Corporation has a 12 month low of $49.43 and a 12 month high of $113.91. The firm's fifty day simple moving average is $62.75 and its 200 day simple moving average is $69.89. The company has a market cap of $9.81 billion, a price-to-earnings ratio of -7.50 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 announced its quarterly earnings data on Wednesday, April 30th. The specialty chemicals company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the company earned $0.26 earnings per share. Albemarle's quarterly revenue was down 20.9% compared to the same quarter last year. As a group, research analysts predict that Albemarle Corporation will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 1.94%. Albemarle's dividend payout ratio is currently -14.57%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ALB. TD Securities dropped their price target on Albemarle from $115.00 to $65.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Scotiabank reduced 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. KeyCorp cut their price objective on Albemarle from $95.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Citigroup lowered their price target on Albemarle from $85.00 to $64.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. decreased their price objective on Albemarle from $80.00 to $60.00 and set a "neutral" rating on the stock in a 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 given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target 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.