Concurrent Investment Advisors LLC Purchases Shares of 3,759 Albemarle Corporation (NYSE:ALB)

Concurrent Investment Advisors LLC bought a new position in shares of Albemarle Corporation (NYSE:ALB - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund bought 3,759 shares of the specialty chemicals company's stock, valued at approximately $271,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pacific Heights Asset Management LLC grew its holdings in Albemarle by 7.7% during the first quarter. Pacific Heights Asset Management LLC now owns 70,000 shares of the specialty chemicals company's stock valued at $5,041,000 after purchasing an additional 5,000 shares during the period. IFM Investors Pty Ltd grew its stake in shares of Albemarle by 10.9% during the 1st quarter. IFM Investors Pty Ltd now owns 24,945 shares of the specialty chemicals company's stock worth $1,797,000 after acquiring an additional 2,446 shares during the period. OneDigital Investment Advisors LLC increased its holdings in Albemarle by 6.7% in the 1st quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the specialty chemicals company's stock worth $272,000 after acquiring an additional 239 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in Albemarle in the 1st quarter valued at about $1,238,000. Finally, Revisor Wealth Management LLC purchased a new stake in Albemarle during the first quarter valued at about $400,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ALB shares. Scotiabank reduced their target price on shares of Albemarle from $75.00 to $65.00 and set a "sector perform" rating for the company in a research note on Tuesday, May 6th. TD Securities lowered their target price on shares of Albemarle from $115.00 to $65.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Robert W. Baird cut their price target on Albemarle from $77.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Wall Street Zen upgraded Albemarle to a "sell" rating in a research note on Monday, May 5th. Finally, Morgan Stanley cut their target price on Albemarle from $68.00 to $58.00 and set an "underweight" rating for the company in a research note on Tuesday, May 6th. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Albemarle presently has a consensus rating of "Hold" and an average target price of $91.19.

Albemarle Price Performance

NYSE:ALB traded up $0.42 during midday trading on Wednesday, hitting $70.44. The company had a trading volume of 2,879,002 shares, compared to its average volume of 2,892,071. The company has a market capitalization of $8.29 billion, a PE ratio of -6.33 and a beta of 1.63. 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 52-week low of $49.43 and a 52-week high of $113.91. The stock's fifty day moving average price is $61.71 and its 200-day moving average price is $70.24.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The specialty chemicals company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.62) by $0.44. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.18 billion. Albemarle had a negative return on equity of 1.92% and a negative net margin of 22.39%. The company's revenue was down 20.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.26 EPS. As a group, research analysts expect that Albemarle Corporation will post -0.04 earnings per share for the current year.

Albemarle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend was Friday, June 13th. Albemarle's dividend payout ratio (DPR) is presently -14.57%.

Albemarle Company Profile

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.