Bank of New York Mellon Corp Takes $103.27 Million Position in Albemarle Corporation $ALB

Bank of New York Mellon Corp purchased a new stake in Albemarle Corporation (NYSE:ALB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 764,775 shares of the specialty chemicals company's stock, valued at approximately $103,268,000. Bank of New York Mellon Corp owned 0.65% of Albemarle at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALB. AQR Capital Management LLC lifted its position in Albemarle by 25.5% in the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company's stock valued at $229,000 after acquiring an additional 654 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in Albemarle by 26.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company's stock worth $346,000 after purchasing an additional 996 shares in the last quarter. United Services Automobile Association bought a new stake in Albemarle during the 1st quarter worth approximately $208,000. Empowered Funds LLC purchased a new stake in shares of Albemarle in the first quarter worth approximately $411,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Albemarle by 536.7% in the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company's stock worth $36,000 after purchasing an additional 483 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ALB shares. Scotiabank dropped their target price on Albemarle from $200.00 to $190.00 and set a "sector outperform" rating on the stock in a report on Monday, August 10th. Citigroup lowered their price target on Albemarle from $225.00 to $175.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Robert W. Baird lowered their price target on Albemarle from $236.00 to $224.00 and set a "neutral" rating for the company in a research report on Thursday, June 18th. Deutsche Bank Aktiengesellschaft raised their price objective on Albemarle from $210.00 to $250.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Finally, HSBC upped their target price on shares of Albemarle from $200.00 to $220.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. Fifteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $190.26.

Albemarle Price Performance

Shares of NYSE ALB opened at $141.60 on Tuesday. Albemarle Corporation has a twelve month low of $71.25 and a twelve month high of $221.00. The stock's 50 day moving average price is $131.49 and its 200-day moving average price is $160.50. The company has a market capitalization of $16.71 billion, a PE ratio of 524.46 and a beta of 1.33. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22.

Albemarle (NYSE:ALB - Get Free Report) last released its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.55. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.Albemarle's quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.11 earnings per share. On average, equities analysts anticipate that Albemarle Corporation will post 11.63 EPS for the current year.

Albemarle Increases Dividend

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

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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