Cibc World Market Inc. Makes New $3.09 Million Investment in Albemarle Corporation $ALB

Key Points

• CIBC World Markets purchased 22,855 Albemarle shares worth approximately $3.09 million during the second quarter. Institutional investors collectively own 92.87% of ALB.
• Albemarle reported quarterly EPS of $3.75, beating estimates of $3.20, while revenue rose 31.1% year over year to $1.74 billion.
• ALB shares recently traded at $134.59, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $190.04, despite several target-price reductions.

Cibc World Market Inc. bought a new position in shares of Albemarle Corporation (NYSE:ALB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 22,855 shares of the specialty chemicals company's stock, valued at approximately $3,086,000.

Other institutional investors have also made changes to their positions in the company. Addison Advisors LLC acquired a new position in Albemarle in the second quarter valued at about $28,000. Elyxium Wealth LLC bought a new position in shares of Albemarle in the 4th quarter valued at $34,000. Torren Management LLC bought a new position in shares of Albemarle in the 4th quarter valued at $38,000. Sound Income Strategies LLC raised its holdings in shares of Albemarle by 190.1% during the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company's stock worth $52,000 after buying an additional 192 shares in the last quarter. Finally, Root Financial Partners LLC raised its holdings in shares of Albemarle by 121.5% during the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company's stock worth $42,000 after buying an additional 164 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Albemarle Trading Up 1.1%

Shares of ALB stock opened at $134.59 on Thursday. The firm has a market capitalization of $15.88 billion, a P/E ratio of 498.50 and a beta of 1.33. Albemarle Corporation has a twelve month low of $71.25 and a twelve month high of $221.00. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22. The stock's fifty day simple moving average is $130.20 and its 200 day simple moving average is $160.09.

Albemarle (NYSE:ALB - Get Free Report) last issued its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.20 by $0.55. The business had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The business's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.11 EPS. As a group, sell-side analysts predict that Albemarle Corporation will post 11.63 EPS for the current fiscal year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a $0.41 dividend. This is an increase from Albemarle's previous quarterly dividend of $0.41. This represents a $1.64 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, September 11th. Albemarle's payout ratio is currently 600.00%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ALB. Scotiabank dropped their price objective on Albemarle from $200.00 to $190.00 and set a "sector outperform" rating for the company in a research report on Monday, August 10th. Mizuho lowered their target price on Albemarle from $205.00 to $185.00 and set a "neutral" rating for the company in a research note on Wednesday, July 1st. UBS Group dropped their target price on shares of Albemarle from $205.00 to $175.00 and set a "buy" rating for the company in a report on Friday, August 7th. Wall Street Zen downgraded shares of Albemarle from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Zacks Research lowered shares of Albemarle from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Fifteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Albemarle presently has an average rating of "Moderate Buy" and a consensus target price of $190.04.

Albemarle Company 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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