Bank of New York Mellon Corp Lowers Holdings in Albemarle Corporation $ALB

Key Points

• Bank of New York Mellon cut its Albemarle stake by 3.6% in the first quarter, though it still held 858,221 shares worth about $154.1 million at quarter-end.
• Albemarle reported better-than-expected quarterly results, posting EPS of $2.95 versus the $1.24 estimate and revenue of $1.43 billion, up 32.7% year over year.
• Analyst sentiment remains constructive: the stock has a Moderate Buy consensus with an average price target of $200.52, despite recent insider selling by CEO J Kent Masters.

Bank of New York Mellon Corp reduced its stake in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 3.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 858,221 shares of the specialty chemicals company's stock after selling 32,106 shares during the period. Bank of New York Mellon Corp owned approximately 0.73% of Albemarle worth $154,076,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Three Seasons Wealth LLC increased its holdings in Albemarle by 146.2% in the first quarter. Three Seasons Wealth LLC now owns 15,178 shares of the specialty chemicals company's stock valued at $2,731,000 after buying an additional 9,013 shares in the last quarter. Ethos Financial Group LLC boosted its stake in shares of Albemarle by 82.5% during the 1st quarter. Ethos Financial Group LLC now owns 4,731 shares of the specialty chemicals company's stock worth $851,000 after acquiring an additional 2,138 shares in the last quarter. Sigma Planning Corp boosted its stake in shares of Albemarle by 2.3% during the 1st quarter. Sigma Planning Corp now owns 2,952 shares of the specialty chemicals company's stock worth $530,000 after acquiring an additional 66 shares in the last quarter. Adell Harriman & Carpenter Inc. acquired a new stake in shares of Albemarle during the 1st quarter valued at about $251,000. Finally, Checchi Capital Advisers LLC acquired a new stake in shares of Albemarle during the 1st quarter valued at about $243,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Albemarle Stock Performance

NYSE ALB opened at $120.84 on Monday. The company has a market cap of $14.25 billion, a PE ratio of -35.44 and a beta of 1.34. The stock's 50 day simple moving average is $156.46 and its 200-day simple moving average is $168.29. Albemarle Corporation has a 1-year low of $64.95 and a 1-year high of $221.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, beating analysts' consensus estimates of $1.24 by $1.71. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The firm's revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.18) EPS. As a group, equities research analysts anticipate that Albemarle Corporation will post 13.07 EPS for the current fiscal year.

Albemarle Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a $0.405 dividend. The ex-dividend date was Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a yield of 1.3%. Albemarle's dividend payout ratio is currently -47.51%.

Analyst Ratings Changes

Several equities analysts recently weighed in on ALB shares. Weiss Ratings upgraded Albemarle from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, May 7th. Citigroup upgraded Albemarle from a "neutral" rating to a "buy" rating and set a $225.00 price target on the stock in a research report on Thursday, June 18th. Oppenheimer raised their price objective on Albemarle from $216.00 to $222.00 and gave the company an "outperform" rating in a report on Monday, April 13th. Royal Bank Of Canada set a $166.00 price objective on Albemarle in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Albemarle from $210.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. One research 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 given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $200.52.

Insiders Place Their Bets

In related news, CEO J Kent Masters sold 16,393 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of the transaction, the chief executive officer directly owned 87,519 shares in the company, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.42% of the company's stock.

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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