Empowered Funds LLC Makes New $9.54 Million Investment in Albemarle Corporation $ALB

Key Points

• Empowered Funds LLC acquired 70,655 Albemarle shares worth approximately $9.54 million, giving it a 0.06% stake. Institutional investors collectively own 92.87% of the company.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $190.04, although several firms recently lowered targets or issued neutral ratings.
• Albemarle reported stronger-than-expected quarterly results, with EPS of $3.75 and revenue of $1.74 billion, up 31.1% year over year. The company also declared a $0.41 quarterly dividend, representing a 1.2% yield.

Empowered Funds LLC purchased a new stake in Albemarle Corporation (NYSE:ALB - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 70,655 shares of the specialty chemicals company's stock, valued at approximately $9,541,000. Empowered Funds LLC owned approximately 0.06% of Albemarle at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALB. Evexia Wealth LLC lifted its stake in Albemarle by 2.3% in the 1st quarter. Evexia Wealth LLC now owns 2,088 shares of the specialty chemicals company's stock valued at $387,000 after purchasing an additional 47 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Albemarle by 2.5% during the fourth quarter. Parallel Advisors LLC now owns 2,468 shares of the specialty chemicals company's stock worth $349,000 after buying an additional 60 shares during the last quarter. Eaton Financial Holdings Company LLC increased its holdings in shares of Albemarle by 1.2% during the fourth quarter. Eaton Financial Holdings Company LLC now owns 5,769 shares of the specialty chemicals company's stock worth $816,000 after buying an additional 66 shares in the last quarter. Sigma Planning Corp increased its holdings in shares of Albemarle by 2.3% during the first quarter. Sigma Planning Corp now owns 2,952 shares of the specialty chemicals company's stock worth $530,000 after buying an additional 66 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC lifted its stake in shares of Albemarle by 1.9% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 3,592 shares of the specialty chemicals company's stock valued at $508,000 after acquiring an additional 67 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ALB has been the topic of a number of research reports. Weiss Ratings upgraded Albemarle from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 18th. Rothschild & Co Redburn decreased their price target on shares of Albemarle from $188.00 to $170.00 and set a "neutral" rating for the company in a research report on Wednesday, July 1st. Wall Street Zen downgraded shares of Albemarle from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Robert W. Baird cut their price target on shares of Albemarle from $236.00 to $224.00 and set a "neutral" rating on the stock in a report on Thursday, June 18th. Finally, Berenberg Bank boosted their price objective on shares of Albemarle from $153.00 to $192.00 and gave the stock a "hold" rating in a research note on Tuesday, June 2nd. Fifteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $190.04.

Albemarle Stock Performance

Shares of ALB stock opened at $137.34 on Friday. The firm has a 50 day moving average of $129.26 and a 200-day moving average of $159.74. The company has a market cap of $16.21 billion, a price-to-earnings ratio of 508.69 and a beta of 1.33. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22. Albemarle Corporation has a 52 week low of $71.25 and a 52 week high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping analysts' consensus estimates of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The business had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same period last year, the company posted $0.11 earnings per share. The business's quarterly revenue was up 31.1% on a year-over-year basis. On average, equities analysts forecast that Albemarle Corporation will post 11.39 earnings per share for the current 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 issued a dividend of $0.41 per share. This is a positive change 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 is Friday, September 11th. Albemarle's dividend payout ratio is presently 600.00%.

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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