Assenagon Asset Management S.A. Has $8.50 Million Stake in Albemarle Corporation $ALB

Key Points

• Assenagon Asset Management increased its Albemarle stake by 37.6% in the first quarter, ending with 47,334 shares valued at about $8.5 million.
• Albemarle reported strong quarterly results, posting EPS of $2.95 versus estimates of $1.24 and revenue of $1.43 billion, with sales up 32.7% year over year.
• The company declared a quarterly dividend of $0.405 per share, while CEO J. Kent Masters sold 16,393 shares in May; analysts currently rate the stock a Moderate Buy with a consensus price target of $202.54.

Assenagon Asset Management S.A. grew its position in Albemarle Corporation (NYSE:ALB - Free Report) by 37.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,334 shares of the specialty chemicals company's stock after purchasing an additional 12,929 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Albemarle were worth $8,498,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Cidel Asset Management Inc. acquired a new position in Albemarle in the first quarter valued at $229,000. Krilogy Financial LLC bought a new position in shares of Albemarle in the 1st quarter worth about $315,000. CPC Advisors LLC bought a new position in shares of Albemarle in the 1st quarter worth about $1,603,000. SG Americas Securities LLC lifted its stake in shares of Albemarle by 44.5% in the 1st quarter. SG Americas Securities LLC now owns 180,759 shares of the specialty chemicals company's stock valued at $32,452,000 after purchasing an additional 55,642 shares during the period. Finally, Evolve Private Wealth LLC acquired a new position in shares of Albemarle in the 1st quarter valued at about $423,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Stock Performance

Shares of ALB opened at $133.69 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The stock has a 50-day moving average of $176.64 and a 200-day moving average of $169.40. The company has a market cap of $15.77 billion, a PE ratio of -39.21, a P/E/G ratio of 0.64 and a beta of 1.31. Albemarle Corporation has a one year low of $60.64 and a one year high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the company earned ($0.18) earnings per share. The company's quarterly revenue was up 32.7% on a year-over-year basis. On average, equities research analysts predict that Albemarle Corporation will post 12.98 EPS for the current fiscal year.

Albemarle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, June 12th. Albemarle's dividend payout ratio (DPR) is currently -47.51%.

Insider Activity

In related news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of the sale, the chief executive officer owned 87,519 shares of the company's stock, valued at approximately $16,078,990.68. This trade represents a 15.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.42% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Weiss Ratings raised Albemarle from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, May 7th. Berenberg Bank boosted their price target on Albemarle from $153.00 to $192.00 and gave the company a "hold" rating in a research note on Tuesday, June 2nd. Wells Fargo & Company increased their price target on Albemarle from $165.00 to $200.00 and gave the stock an "equal weight" rating in a report on Friday, May 8th. Truist Financial raised their price objective on shares of Albemarle from $245.00 to $260.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Finally, Rothschild & Co Redburn lowered shares of Albemarle from a "buy" rating to a "neutral" rating and set a $188.00 price objective for the company. in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $202.54.

About Albemarle

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company's bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world's foremost chemical producers.

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