Caisse de depot et placement du Quebec Takes $8.90 Million Position in Albemarle Corporation $ALB

Key Points

• Caisse de dépôt et placement du Québec acquired 65,893 Albemarle shares worth approximately $8.9 million, representing about 0.06% of the company. Institutional investors and hedge funds collectively own 92.87% of ALB.
• Albemarle reported quarterly revenue of $1.74 billion and adjusted earnings of $3.75 per share, exceeding analyst estimates of $1.61 billion and $3.20, respectively. Revenue increased 31.1% year over year.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $190.04, although several firms recently reduced their targets. Shares opened at $137.34, while the company continues to pay a $0.41 quarterly dividend.

Caisse de depot et placement du Quebec acquired a new stake in Albemarle Corporation (NYSE:ALB - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 65,893 shares of the specialty chemicals company's stock, valued at approximately $8,898,000. Caisse de depot et placement du Quebec owned about 0.06% of Albemarle at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Pinkerton Wealth LLC acquired a new stake in Albemarle in the fourth quarter valued at $2,785,000. BW Gestao de Investimentos Ltda. raised its position in Albemarle by 181.8% during the 4th quarter. BW Gestao de Investimentos Ltda. now owns 132,250 shares of the specialty chemicals company's stock worth $18,705,000 after purchasing an additional 85,320 shares during the last quarter. Great Lakes Advisors LLC acquired a new position in Albemarle during the 2nd quarter worth about $4,246,000. NFJ Investment Group LLC bought a new stake in shares of Albemarle in the 2nd quarter valued at about $23,328,000. Finally, Hsbc Holdings PLC grew its position in shares of Albemarle by 47.4% in the 4th quarter. Hsbc Holdings PLC now owns 230,690 shares of the specialty chemicals company's stock valued at $32,655,000 after buying an additional 74,202 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Stock Up 1.2%

Shares of Albemarle stock opened at $137.34 on Friday. The stock's 50-day moving average is $129.26 and its 200 day moving average is $159.74. Albemarle Corporation has a one year low of $71.25 and a one year high of $221.00. The firm has a market cap of $16.21 billion, a price-to-earnings ratio of 508.69 and a beta of 1.33. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the business posted $0.11 EPS. Albemarle's revenue for the quarter was up 31.1% compared to the same quarter last year. Equities research analysts anticipate that Albemarle Corporation will post 11.39 EPS for the current year.

Albemarle Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a dividend of $0.41 per share. This is an increase from Albemarle's previous quarterly dividend of $0.41. The ex-dividend date of this dividend 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 (DPR) is currently 600.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ALB shares. Citigroup lowered their price objective on Albemarle from $225.00 to $175.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Vertical Research upgraded Albemarle from a "hold" rating to a "buy" rating and set a $224.00 target price on the stock in a report on Tuesday, May 26th. Royal Bank Of Canada decreased their target price on shares of Albemarle from $166.00 to $157.00 and set an "outperform" rating for the company in a research report on Monday, August 10th. JPMorgan Chase & Co. lowered their price target on shares of Albemarle from $160.00 to $140.00 and set a "neutral" rating for the company in a report on Tuesday, August 25th. Finally, Zacks Research lowered shares of Albemarle from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 20th. Fifteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $190.04.

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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