AXQ Capital LP Acquires 33,718 Shares of Albemarle Corporation $ALB

Key Points

• AXQ Capital significantly increased its Albemarle stake by purchasing 33,718 shares in the second quarter, bringing its holdings to 41,386 shares valued at approximately $5.6 million. Institutional investors collectively own 92.87% of ALB.
• Albemarle reported stronger-than-expected quarterly results, with earnings of $3.75 per share versus the $3.20 consensus estimate and revenue of $1.74 billion, up 31.1% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $190.04, while ALB recently traded at $132.32. The company also announced a quarterly dividend of $0.41 per share, equivalent to a 1.2% annual yield.

AXQ Capital LP raised its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 439.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 41,386 shares of the specialty chemicals company's stock after purchasing an additional 33,718 shares during the quarter. Albemarle accounts for approximately 0.6% of AXQ Capital LP's investment portfolio, making the stock its 12th biggest position. AXQ Capital LP's holdings in Albemarle were worth $5,588,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Orion Capital Management LLC grew its position in Albemarle by 55.0% in the second quarter. Orion Capital Management LLC now owns 620 shares of the specialty chemicals company's stock valued at $84,000 after acquiring an additional 220 shares during the last quarter. Nykredit A S acquired a new position in Albemarle during the 2nd quarter worth approximately $78,121,000. Triumph Capital Management increased its position in Albemarle by 237.6% during the 2nd quarter. Triumph Capital Management now owns 2,701 shares of the specialty chemicals company's stock worth $365,000 after purchasing an additional 1,901 shares in the last quarter. Rehmann Capital Advisory Group lifted its stake in Albemarle by 10.8% in the 2nd quarter. Rehmann Capital Advisory Group now owns 3,327 shares of the specialty chemicals company's stock valued at $449,000 after purchasing an additional 325 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Albemarle in the 2nd quarter valued at approximately $400,000. Institutional investors own 92.87% of the company's stock.

Albemarle Price Performance

ALB stock opened at $132.32 on Friday. The company has a market capitalization of $15.61 billion, a P/E ratio of 490.09, a PEG ratio of 0.81 and a beta of 1.33. The company has a fifty day moving average price of $128.18 and a 200-day moving average price of $158.80. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09. Albemarle Corporation has a 52-week low of $71.25 and a 52-week high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.55. The company had revenue of $1.74 billion for the quarter, compared to analysts' expectations of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. Albemarle's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 earnings per share. As a group, equities analysts expect that Albemarle Corporation will post 11.39 EPS for the current year.

Albemarle Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. This is a boost from Albemarle's previous quarterly dividend of $0.41. Albemarle's payout ratio is currently 600.00%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ALB. Royal Bank Of Canada decreased their target price on shares of Albemarle from $166.00 to $157.00 and set an "outperform" rating on the stock in a research note on Monday, August 10th. Rothschild & Co Redburn dropped their price target on Albemarle from $188.00 to $170.00 and set a "neutral" rating for the company in a research note on Wednesday, July 1st. Wells Fargo & Company raised their price objective on Albemarle from $165.00 to $200.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Berenberg Bank boosted their price objective on Albemarle from $153.00 to $192.00 and gave the stock a "hold" rating in a research report on Tuesday, June 2nd. Finally, Vertical Research raised Albemarle from a "hold" rating to a "buy" rating and set a $224.00 target price for the company in a report on Tuesday, May 26th. Fifteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $190.04.

Albemarle Profile

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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