Bank of Nova Scotia Sells 158,288 Shares of Albemarle Corporation $ALB

Key Points

• Bank of Nova Scotia reduced its Albemarle stake by 77.6% in the first quarter, selling 158,288 shares and retaining 45,693 shares valued at approximately $8.2 million. Institutional investors collectively own 92.87% of ALB.
• Albemarle reported strong quarterly results, with EPS of $2.95 versus the $1.24 consensus estimate and revenue of $1.43 billion, up 32.7% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $199.87, while CEO J. Kent Masters sold 16,393 shares. The company also declared a quarterly dividend of $0.41 per share, implying a 1.4% yield.

Bank of Nova Scotia cut its holdings in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 77.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,693 shares of the specialty chemicals company's stock after selling 158,288 shares during the quarter. Bank of Nova Scotia's holdings in Albemarle were worth $8,203,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in Albemarle by 25.5% in the first quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company's stock worth $229,000 after purchasing an additional 654 shares during the period. Integrated Wealth Concepts LLC grew its position in shares of Albemarle by 26.2% during the first 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 position in Albemarle during the first quarter valued at $208,000. Empowered Funds LLC purchased a new stake in Albemarle in the first quarter worth $411,000. Finally, EverSource Wealth Advisors LLC lifted its stake in 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 acquiring an additional 483 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.

Insider Activity

In related news, CEO J Kent Masters sold 16,393 shares of the company's stock in a transaction 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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.42% of the company's stock.

Albemarle Stock Up 0.0%

ALB opened at $114.88 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 company has a market capitalization of $13.55 billion, a PE ratio of -33.69 and a beta of 1.34. Albemarle Corporation has a fifty-two week low of $64.95 and a fifty-two week high of $221.00. The business has a 50-day moving average of $148.42 and a 200-day moving average of $167.38.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings results 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 business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. Albemarle's revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.18) EPS. Equities research analysts forecast that Albemarle Corporation will post 12.86 EPS for the current fiscal year.

Albemarle Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, September 11th. This is a positive change from Albemarle's previous quarterly dividend of $0.41. Albemarle's payout ratio is presently -47.51%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Rothschild & Co Redburn decreased their target price on shares of Albemarle from $188.00 to $170.00 and set a "neutral" rating for the company in a research note on Wednesday, July 1st. Truist Financial reduced their target price on shares of Albemarle from $260.00 to $245.00 and set a "buy" rating on the stock in a report on Monday, July 20th. Vertical Research upgraded shares of Albemarle from a "hold" rating to a "buy" rating and set a $224.00 price target on the stock in a research note on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft raised their price target on Albemarle from $210.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Finally, Morgan Stanley increased their target price on Albemarle from $170.00 to $189.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 28th. Fifteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $199.87.

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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