Cerity Partners LLC trimmed its stake in Albemarle Corporation (NYSE:ALB - Free Report) by 30.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,447 shares of the specialty chemicals company's stock after selling 9,057 shares during the period. Cerity Partners LLC's holdings in Albemarle were worth $1,473,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. Concurrent Investment Advisors LLC bought a new position in Albemarle in the 1st quarter worth approximately $271,000. Envestnet Asset Management Inc. increased its position in Albemarle by 3.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 184,426 shares of the specialty chemicals company's stock worth $13,282,000 after buying an additional 6,487 shares during the period. O Shaughnessy Asset Management LLC bought a new position in Albemarle in the 4th quarter worth approximately $218,000. Renaissance Technologies LLC increased its position in Albemarle by 2,151.9% in the 4th quarter. Renaissance Technologies LLC now owns 60,800 shares of the specialty chemicals company's stock worth $5,234,000 after buying an additional 58,100 shares during the period. Finally, Sowell Financial Services LLC bought a new position in Albemarle in the 1st quarter worth approximately $303,000. 92.87% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have commented on ALB shares. Wells Fargo & Company lifted their price target on Albemarle from $60.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. KeyCorp decreased their price objective on Albemarle from $95.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, July 14th. TD Securities decreased their price objective on Albemarle from $115.00 to $65.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Wall Street Zen raised Albemarle to a "sell" rating in a report on Monday, May 5th. Finally, Truist Financial decreased their price objective on Albemarle from $85.00 to $65.00 and set a "hold" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Albemarle presently has an average rating of "Hold" and an average price target of $91.00.
Check Out Our Latest Stock Report on Albemarle
Albemarle Price Performance
ALB traded down $0.94 during trading on Friday, hitting $83.24. The company's stock had a trading volume of 1,600,566 shares, compared to its average volume of 3,320,763. The firm's 50 day moving average price is $64.33 and its two-hundred day moving average price is $69.93. The company has a quick ratio of 1.26, a current ratio of 2.11 and a debt-to-equity ratio of 0.39. Albemarle Corporation has a 12 month low of $49.43 and a 12 month high of $113.91. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of -7.49 and a beta of 1.63.
Albemarle (NYSE:ALB - Get Free Report) last released its earnings results on Wednesday, April 30th. The specialty chemicals company reported ($0.18) earnings per share for the quarter, topping analysts' consensus estimates of ($0.62) by $0.44. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.18 billion. Albemarle had a negative return on equity of 1.92% and a negative net margin of 22.39%. The firm's quarterly revenue was down 20.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.26 earnings per share. Sell-side analysts forecast that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.
Albemarle Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.95%. Albemarle's payout ratio is currently -14.57%.
About Albemarle
(
Free Report)
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.
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