Bank of New York Mellon Corp Has $50.02 Million Stake in Albemarle Corporation (NYSE:ALB)

Bank of New York Mellon Corp trimmed its stake in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 14.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 694,517 shares of the specialty chemicals company's stock after selling 114,190 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.59% of Albemarle worth $50,019,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC acquired a new position in shares of Albemarle during the fourth quarter valued at $218,000. Renaissance Technologies LLC increased its position in shares of Albemarle by 2,151.9% during the 4th 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 period. Sowell Financial Services LLC bought a new stake in Albemarle in the first quarter worth about $303,000. Atria Investments Inc raised its holdings in shares of Albemarle by 6.9% in the 4th quarter. Atria Investments Inc now owns 5,575 shares of the specialty chemicals company's stock worth $480,000 after purchasing an additional 359 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings 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 valued at $10,975,000 after buying an additional 150,047 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Albemarle Stock Performance

Albemarle stock traded up $0.94 during trading hours on Monday, hitting $71.92. The stock had a trading volume of 2,710,646 shares, compared to its average volume of 3,194,626. The company has a 50-day moving average of $61.18 and a two-hundred day moving average of $70.36. 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 fifty-two week low of $49.43 and a fifty-two week high of $113.91. The company has a market cap of $8.46 billion, a PE ratio of -6.47 and a beta of 1.63.

Albemarle (NYSE:ALB - Get Free Report) last issued its earnings results on Wednesday, April 30th. The specialty chemicals company reported ($0.18) EPS for the quarter, beating analysts' consensus estimates of ($0.62) by $0.44. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.18 billion. Albemarle had a negative return on equity of 1.92% and a negative net margin of 22.39%. Albemarle's revenue was down 20.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. On average, equities research analysts anticipate 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 was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were given a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Friday, June 13th. Albemarle's dividend payout ratio (DPR) is presently -14.57%.

Analyst Ratings Changes

ALB has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Albemarle from $80.00 to $60.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. Truist Financial reduced their price objective on Albemarle from $85.00 to $65.00 and set a "hold" rating for the company in a research report on Monday, April 14th. Scotiabank dropped their target price on Albemarle from $75.00 to $65.00 and set a "sector perform" rating on the stock in a research report on Tuesday, May 6th. KeyCorp cut their price target on Albemarle from $95.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday. Finally, TD Securities lowered 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. 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 data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $91.62.

About Albemarle

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.