Chapin Davis Inc. Acquires Shares of 51,039 Albemarle Corporation $ALB

Key Points

• Chapin Davis Inc. acquired a new stake of 51,039 shares of Albemarle (~$7.22 million), representing about 1.7% of its holdings and making ALB its 16th-largest position.
• Albemarle reported Q results with an EPS loss of ($0.53) versus the ($0.40) estimate while revenue rose 15.9% to $1.43 billion, and the stock opened at $187.08 and was trading down about 6.2%.
• CEO J. Kent Masters sold 11,783 shares (an 8.05% reduction in his ownership), institutional investors own roughly 92.9% of the stock, and Albemarle pays a quarterly dividend of $0.405 (≈0.9% yield).

Chapin Davis Inc. acquired a new stake in shares of Albemarle Corporation (NYSE:ALB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 51,039 shares of the specialty chemicals company's stock, valued at approximately $7,219,000. Albemarle makes up about 1.7% of Chapin Davis Inc.'s holdings, making the stock its 16th biggest position.

A number of other hedge funds also recently bought and sold shares of the company. Keybank National Association OH lifted its stake in Albemarle by 3.0% during the fourth quarter. Keybank National Association OH now owns 5,277 shares of the specialty chemicals company's stock valued at $746,000 after buying an additional 155 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in Albemarle during the fourth quarter valued at about $70,000. AMG National Trust Bank purchased a new stake in Albemarle during the fourth quarter valued at about $228,000. Wealthfront Advisers LLC lifted its position in shares of Albemarle by 33.2% in the fourth quarter. Wealthfront Advisers LLC now owns 5,645 shares of the specialty chemicals company's stock worth $798,000 after purchasing an additional 1,406 shares in the last quarter. Finally, Certuity LLC purchased a new stake in shares of Albemarle in the fourth quarter worth approximately $225,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Trading Down 6.2%

Shares of ALB stock opened at $187.08 on Wednesday. Albemarle Corporation has a 12 month low of $53.70 and a 12 month high of $215.71. The company has a quick ratio of 1.57, a current ratio of 2.23 and a debt-to-equity ratio of 0.41. The business's 50 day moving average is $177.51 and its two-hundred day moving average is $150.91. The company has a market cap of $22.05 billion, a PE ratio of -32.54, a price-to-earnings-growth ratio of 1.43 and a beta of 1.43.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the business earned ($1.09) EPS. The company's revenue for the quarter was up 15.9% on a year-over-year basis. Equities analysts predict that Albemarle Corporation will post 8.72 EPS for the current year.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were issued a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 0.9%. The ex-dividend date was Friday, March 13th. Albemarle's dividend payout ratio (DPR) is -28.17%.

Analyst Upgrades and Downgrades

ALB has been the subject of a number of research analyst reports. Wells Fargo & Company set a $165.00 price target on shares of Albemarle in a research report on Monday, February 16th. Morgan Stanley increased their price target on shares of Albemarle from $170.00 to $189.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Robert W. Baird reissued a "neutral" rating and issued a $210.00 price target on shares of Albemarle in a research report on Friday, April 17th. Rothschild & Co Redburn lowered shares of Albemarle from a "buy" rating to a "neutral" rating and set a $188.00 price target for the company. in a research report on Wednesday, April 22nd. Finally, HSBC increased their price target on shares of Albemarle from $200.00 to $220.00 and gave the stock a "buy" rating in a research report on Monday. Thirteen analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $178.28.

Insider Buying and Selling

In other Albemarle news, CEO J Kent Masters sold 11,783 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the transaction, the chief executive officer owned 134,628 shares in the company, valued at $22,995,808.68. This trade represents a 8.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.42% of the stock is currently owned by company insiders.

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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