Alps Advisors Inc. increased its stake in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 16.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,939 shares of the specialty chemicals company's stock after buying an additional 12,896 shares during the quarter. Alps Advisors Inc. owned about 0.08% of Albemarle worth $6,693,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in ALB. Norges Bank acquired a new stake in shares of Albemarle during the fourth quarter worth about $39,405,000. Vanguard Group Inc. lifted its stake in Albemarle by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 14,594,499 shares of the specialty chemicals company's stock valued at $1,256,294,000 after acquiring an additional 359,014 shares during the period. Pictet Asset Management Holding SA boosted its holdings in shares of Albemarle by 36.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,192,527 shares of the specialty chemicals company's stock valued at $102,653,000 after acquiring an additional 320,150 shares during the last quarter. Manning & Napier Advisors LLC increased its stake in shares of Albemarle by 17.4% in the first quarter. Manning & Napier Advisors LLC now owns 1,167,520 shares of the specialty chemicals company's stock worth $84,085,000 after acquiring an additional 173,441 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Albemarle by 6,393.1% in the first quarter. GAMMA Investing LLC now owns 152,394 shares of the specialty chemicals company's stock worth $10,975,000 after acquiring an additional 150,047 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts have commented on ALB shares. JPMorgan Chase & Co. lowered their price target on shares of Albemarle from $80.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, May 6th. KeyCorp lowered their target price on Albemarle from $102.00 to $95.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen raised Albemarle to a "sell" rating in a report on Monday, May 5th. Truist Financial decreased their price target on Albemarle from $85.00 to $65.00 and set a "hold" rating for the company in a report on Monday, April 14th. Finally, Morgan Stanley lowered their price objective on Albemarle from $68.00 to $58.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 6th. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Albemarle has an average rating of "Hold" and an average target price of $91.29.
View Our Latest Analysis on ALB
Albemarle Price Performance
Shares of Albemarle stock traded down $3.20 during trading hours on Friday, reaching $71.07. 4,090,339 shares of the company's stock were exchanged, compared to its average volume of 2,881,012. The business has a fifty day moving average of $60.96 and a two-hundred day moving average of $70.75. The company has a market capitalization of $8.36 billion, a P/E ratio of -6.39 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 Corporation has a 1 year low of $49.43 and a 1 year high of $113.91.
Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.18 billion. Albemarle had a negative net margin of 22.39% and a negative return on equity of 1.92%. Albemarle's quarterly revenue was down 20.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.26 earnings per share. As a group, research analysts predict that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.
Albemarle Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a $0.405 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.62 annualized dividend and a dividend yield of 2.28%. Albemarle's dividend payout ratio is presently -14.57%.
About Albemarle
(
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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