Dorsey Wright & Associates Takes $12.09 Million Position in Albemarle Corporation $ALB

Key Points

• Dorsey Wright & Associates opened a new position in Albemarle during Q1, buying 67,339 shares worth about $12.09 million. The stake represents about 1.5% of the fund’s portfolio.
• Albemarle reported strong quarterly earnings, posting EPS of $2.95 versus the $1.24 estimate and revenue of $1.43 billion, up 32.7% year over year. The company also paid a quarterly dividend of $0.405 per share, or $1.62 annualized.
• Despite the recent stock move, analysts remain broadly positive: the consensus rating is Moderate Buy with an average price target of $200.52. Shares were up 1.2% in the session noted, while CEO J. Kent Masters disclosed a stock sale in May.

Dorsey Wright & Associates bought a new position in shares of Albemarle Corporation (NYSE:ALB - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 67,339 shares of the specialty chemicals company's stock, valued at approximately $12,089,000. Albemarle accounts for approximately 1.5% of Dorsey Wright & Associates' portfolio, making the stock its 21st largest holding. Dorsey Wright & Associates owned approximately 0.06% of Albemarle at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. AQR Capital Management LLC raised its holdings in shares of Albemarle by 25.5% during the first quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company's stock valued at $229,000 after acquiring an additional 654 shares during the period. Integrated Wealth Concepts LLC grew its position in Albemarle by 26.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company's stock worth $346,000 after purchasing an additional 996 shares in the last quarter. United Services Automobile Association purchased a new position in Albemarle during the 1st quarter worth approximately $208,000. Empowered Funds LLC acquired a new stake in Albemarle during the 1st quarter valued at $411,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Albemarle by 536.7% in the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company's stock valued at $36,000 after purchasing an additional 483 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Albemarle Stock Up 1.2%

ALB opened at $120.84 on Friday. The firm has a market cap of $14.25 billion, a P/E ratio of -35.44 and a beta of 1.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. The business has a 50 day moving average price of $156.46 and a 200 day moving average price of $168.12. Albemarle Corporation has a twelve month low of $64.95 and a twelve month high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $1.71. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The firm's revenue was up 32.7% compared to the same quarter last year. During the same period last year, the business posted ($0.18) earnings per share. Research analysts forecast that Albemarle Corporation will post 13.06 EPS for the current year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were paid a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, June 12th. Albemarle's dividend payout ratio (DPR) is presently -47.51%.

Insider Buying and Selling at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of the sale, the chief executive officer owned 87,519 shares in the company, valued at approximately $16,078,990.68. This trade represents a 15.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.42% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ALB. Citigroup raised Albemarle from a "neutral" rating to a "buy" rating and set a $225.00 price objective for the company in a research note on Thursday, June 18th. Berenberg Bank lifted their target price on Albemarle from $153.00 to $192.00 and gave the company a "hold" rating in a research note on Tuesday, June 2nd. HSBC upped their target price on Albemarle from $200.00 to $220.00 and gave the company a "buy" rating in a report on Monday, April 27th. Scotiabank raised their price target on shares of Albemarle from $200.00 to $215.00 and gave the stock an "outperform" rating in a report on Thursday, May 14th. Finally, Robert W. Baird lowered their price objective on shares of Albemarle from $236.00 to $224.00 and set a "neutral" rating on the stock in a research report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $200.52.

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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