Clifford Swan Investment Counsel LLC Sells 22,311 Shares of Albemarle Corporation $ALB

Key Points

• Clifford Swan Investment Counsel reduced its Albemarle holdings by 19.5%, selling 22,311 shares and retaining 92,054 shares valued at approximately $12.43 million. Institutional investors collectively own 92.87% of the company.
• Analyst sentiment remains a Moderate Buy, with a consensus price target of $190.04, although some firms downgraded the stock or lowered their targets.
• Albemarle beat quarterly earnings and revenue expectations, reporting $3.75 EPS and $1.74 billion in revenue, while its shares opened at $135.24 and remained well below their 12-month high of $221.

Clifford Swan Investment Counsel LLC cut its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 19.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 92,054 shares of the specialty chemicals company's stock after selling 22,311 shares during the period. Clifford Swan Investment Counsel LLC owned approximately 0.08% of Albemarle worth $12,430,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Addison Advisors LLC acquired a new position in shares of Albemarle during the second quarter valued at about $28,000. Elyxium Wealth LLC bought a new stake in Albemarle during the fourth quarter worth $34,000. Sound Income Strategies LLC raised its holdings in shares of Albemarle by 190.1% in the first quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company's stock valued at $52,000 after purchasing an additional 192 shares during the last quarter. Root Financial Partners LLC increased its stake in Albemarle by 121.5% in the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company's stock valued at $42,000 after buying an additional 164 shares during the last quarter. Finally, Dakota Community Bank & Trust NA purchased a new stake in shares of Albemarle during the first quarter valued at approximately $54,000. Institutional investors and hedge funds own 92.87% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on ALB. Zacks Research lowered shares of Albemarle from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Wall Street Zen downgraded Albemarle from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Citigroup reduced their price target on shares of Albemarle from $225.00 to $175.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Berenberg Bank upped their price objective on shares of Albemarle from $153.00 to $192.00 and gave the stock a "hold" rating in a research report on Tuesday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Albemarle from $210.00 to $250.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Fifteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $190.04.

Albemarle Stock Performance

Shares of NYSE:ALB opened at $135.24 on Tuesday. Albemarle Corporation has a 12 month low of $71.25 and a 12 month high of $221.00. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average price of $128.84 and a 200-day moving average price of $159.47. The company has a market cap of $15.96 billion, a price-to-earnings ratio of 500.91 and a beta of 1.33.

Albemarle (NYSE:ALB - Get Free Report) last posted its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.55. The firm had revenue of $1.74 billion for 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 was up 31.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.11 earnings per share. As a group, equities analysts anticipate that Albemarle Corporation will post 11.39 EPS for the current year.

Albemarle Increases Dividend

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

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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