Brandywine Global Investment Management LLC Raises Stock Holdings in Albemarle Corporation $ALB

Key Points

• Brandywine Global Investment Management increased its Albemarle stake by 79.1% in the fourth quarter, buying 36,046 additional shares and bringing its holdings to 81,595 shares valued at about $11.5 million.
• Albemarle reported better-than-expected quarterly earnings of $2.95 per share on revenue of $1.43 billion, with revenue up 32.7% year over year. Analysts still expect the company to post 12.39 EPS for the full year.
• The company announced a quarterly dividend of $0.405 per share, payable July 1, while analysts maintained a generally bullish stance with a consensus rating of Moderate Buy and an average target price of $203.04.

Brandywine Global Investment Management LLC grew its position in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 79.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 81,595 shares of the specialty chemicals company's stock after acquiring an additional 36,046 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.07% of Albemarle worth $11,541,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC lifted its position in Albemarle by 2.5% during the fourth quarter. Parallel Advisors LLC now owns 2,468 shares of the specialty chemicals company's stock valued at $349,000 after purchasing an additional 60 shares during the last quarter. Eaton Financial Holdings Company LLC raised its position in shares of Albemarle by 1.2% during the 4th quarter. Eaton Financial Holdings Company LLC now owns 5,769 shares of the specialty chemicals company's stock valued at $816,000 after buying an additional 66 shares in the last quarter. Signature Estate & Investment Advisors LLC lifted its holdings in shares of Albemarle by 1.9% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 3,592 shares of the specialty chemicals company's stock valued at $508,000 after acquiring an additional 67 shares during the last quarter. Assetmark Inc. increased its stake in Albemarle by 10.9% during the fourth quarter. Assetmark Inc. now owns 782 shares of the specialty chemicals company's stock worth $111,000 after acquiring an additional 77 shares during the last quarter. Finally, BNP Paribas raised its position in Albemarle by 3.3% during the fourth quarter. BNP Paribas now owns 2,423 shares of the specialty chemicals company's stock valued at $343,000 after purchasing an additional 78 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Up 1.8%

Shares of ALB opened at $152.59 on Wednesday. The firm has a fifty day moving average price of $182.51 and a 200-day moving average price of $166.49. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $18.00 billion, a P/E ratio of -44.75, a P/E/G ratio of 0.76 and a beta of 1.30. Albemarle Corporation has a 12-month low of $55.90 and a 12-month high of $221.00.

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 during the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The firm's revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.18) EPS. Equities research analysts expect that Albemarle Corporation will post 12.39 earnings per share for the current year.

Albemarle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be paid a $0.405 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.62 annualized dividend and a yield of 1.1%. Albemarle's dividend payout ratio is -47.51%.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several research firms have recently weighed in on ALB. Berenberg Bank boosted their target price on Albemarle from $153.00 to $192.00 and gave the company a "hold" rating in a research report on Tuesday, June 2nd. Bank of America lifted their price objective on shares of Albemarle from $190.00 to $225.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. Mizuho boosted their price objective on shares of Albemarle from $185.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Argus increased their target price on shares of Albemarle from $185.00 to $230.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Albemarle has a consensus rating of "Moderate Buy" and a consensus target price of $203.04.

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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