Blue Capital Inc. Takes $3.22 Million Position in Albemarle Corporation $ALB

Key Points

• Blue Capital Inc. initiated a new position in Albemarle during the first quarter, buying 17,946 shares valued at about $3.22 million. The stake represents roughly 2.1% of Blue Capital’s portfolio and is its 12th-largest holding.
• Wall Street sentiment on Albemarle is broadly positive, with several firms raising price targets and the consensus rating sitting at “Moderate Buy”. The average analyst price target is $199.58.
• Albemarle recently reported stronger-than-expected quarterly results, posting $2.95 EPS versus the $1.24 estimate and revenue of $1.43 billion, up 32.7% year over year. The company also paid a quarterly dividend of $0.405 per share, or $1.62 annualized.

Blue Capital Inc. acquired a new position in shares of Albemarle Corporation (NYSE:ALB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,946 shares of the specialty chemicals company's stock, valued at approximately $3,222,000. Albemarle makes up about 2.1% of Blue Capital Inc.'s portfolio, making the stock its 12th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in ALB. Strategic Advocates LLC bought a new stake in shares of Albemarle in the third quarter valued at about $25,000. MH & Associates Securities Management Corp ADV acquired a new position in Albemarle during the 4th quarter worth approximately $26,000. BOKF NA grew its stake in shares of Albemarle by 5,771.4% during the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company's stock worth $33,000 after acquiring an additional 404 shares in the last quarter. Elyxium Wealth LLC acquired a new stake in shares of Albemarle in the fourth quarter valued at approximately $34,000. Finally, EverSource Wealth Advisors LLC raised its holdings 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 valued at $36,000 after purchasing an additional 483 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ALB. Zacks Research upgraded shares of Albemarle from a "hold" rating to a "strong-buy" rating in a report on Monday, May 11th. Bank of America lifted their price target on shares of Albemarle from $190.00 to $225.00 and gave the company a "buy" rating in a research note on Tuesday, April 21st. Argus boosted their price target on shares of Albemarle from $185.00 to $230.00 and gave the stock a "buy" rating in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Albemarle from $210.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings upgraded Albemarle from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $199.58.

Albemarle Price Performance

Shares of NYSE ALB opened at $135.27 on Friday. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The business's 50 day moving average price is $171.23 and its two-hundred day moving average price is $169.44. The company has a market cap of $15.95 billion, a PE ratio of -39.67, a price-to-earnings-growth ratio of 0.66 and a beta of 1.34. Albemarle Corporation has a twelve month low of $64.24 and a twelve month high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same period last year, the firm posted ($0.18) earnings per share. The business's revenue was up 32.7% on a year-over-year basis. On average, analysts predict that Albemarle Corporation will post 12.98 EPS for the current year.

Albemarle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, June 12th. Albemarle's payout ratio is -47.51%.

Insider Buying and Selling

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the company's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer directly owned 87,519 shares in the company, valued at $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.42% of the stock is currently owned by company insiders.

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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