Core Capital Management & Research inc. Makes New Investment in Albemarle Corporation $ALB

Key Points

• Core Capital Management & Research purchased 15,316 Albemarle shares in the second quarter, valued at approximately $2.19 million. Institutional investors collectively own 92.87% of the company.
• 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 opened at $126.22, well below its 52-week high of $221.00. Analysts maintain a “Moderate Buy” consensus with an average price target of $190.04, and the company declared a $0.41 quarterly dividend.

Core Capital Management & Research inc. bought a new position in Albemarle Corporation (NYSE:ALB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,316 shares of the specialty chemicals company's stock, valued at approximately $2,194,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Addison Advisors LLC purchased a new position in Albemarle during the second quarter worth about $28,000. BOKF NA boosted its holdings in Albemarle by 5,771.4% in the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company's stock valued at $33,000 after purchasing an additional 404 shares in the last quarter. Elyxium Wealth LLC acquired a new position in Albemarle during the 4th quarter worth approximately $34,000. EverSource Wealth Advisors LLC raised its stake in shares of Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company's stock worth $36,000 after buying an additional 483 shares in the last quarter. Finally, Fiduciary Financial Advisors acquired a new stake in shares of Albemarle in the 2nd quarter valued at approximately $41,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Albemarle Stock Down 2.6%

ALB opened at $126.22 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09. The company has a market cap of $14.89 billion, a price-to-earnings ratio of 467.49, a PEG ratio of 0.76 and a beta of 1.33. Albemarle Corporation has a one year low of $71.25 and a one year high of $221.00. The business's fifty day moving average is $127.67 and its two-hundred day moving average is $157.63.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the company posted $0.11 EPS. The business's revenue was up 31.1% on a year-over-year basis. Analysts anticipate that Albemarle Corporation will post 11.39 EPS for the current fiscal year.

Albemarle Increases Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 1.3%. This is a boost from Albemarle's previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Friday, September 11th. Albemarle's payout ratio is currently 600.00%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. UBS Group decreased their price target on Albemarle from $205.00 to $175.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. Robert W. Baird reduced their target price on Albemarle from $236.00 to $224.00 and set a "neutral" rating for the company in a report on Thursday, June 18th. Berenberg Bank boosted their target price 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. Rothschild & Co Redburn lowered their price target on shares of Albemarle from $188.00 to $170.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 1st. Finally, Zacks Research downgraded shares of Albemarle from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Fifteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target 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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