Fjarde AP Fonden Fourth Swedish National Pension Fund Invests $6.22 Million in Albemarle Corporation $ALB

Key Points

• Fjarde AP Fonden opened a new position in Albemarle, buying 44,000 shares worth about $6.22 million in the fourth quarter. Several other hedge funds also added to or initiated holdings in the specialty chemicals company.
• Wall Street sentiment on Albemarle remains constructive, with analysts giving it an average rating of “Moderate Buy” and an average price target of $203.04. Recent firms such as Jefferies, Argus, and Berenberg also raised their price targets.
• Albemarle recently beat quarterly expectations, reporting $2.95 EPS versus the expected $1.24 and revenue of $1.43 billion. The company also announced a quarterly dividend of $0.405 per share, payable July 1.

Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new position in shares of Albemarle Corporation (NYSE:ALB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 44,000 shares of the specialty chemicals company's stock, valued at approximately $6,223,000.

Other hedge funds also recently modified their holdings of the company. MH & Associates Securities Management Corp ADV acquired a new position in shares of Albemarle during the fourth quarter worth $26,000. Elyxium Wealth LLC acquired a new position in shares of Albemarle during the fourth quarter worth $34,000. Torren Management LLC acquired a new position in shares of Albemarle during the fourth quarter worth $38,000. Root Financial Partners LLC lifted its holdings in shares of Albemarle by 121.5% during the fourth quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company's stock worth $42,000 after purchasing an additional 164 shares during the period. Finally, Strategic Advocates LLC acquired a new position in shares of Albemarle during the third quarter worth $25,000. Institutional investors and hedge funds own 92.87% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ALB. Berenberg Bank lifted their price target on shares of Albemarle from $153.00 to $192.00 and gave the stock a "hold" rating in a report on Tuesday, June 2nd. Jefferies Financial Group boosted their target price on shares of Albemarle from $230.00 to $244.00 in a report on Monday, May 11th. Argus boosted their target price on shares of Albemarle from $185.00 to $230.00 and gave the company a "buy" rating in a report on Monday, May 11th. Evercore boosted their target price on shares of Albemarle from $100.00 to $180.00 in a report on Wednesday, February 18th. Finally, Robert W. Baird boosted their target price on shares of Albemarle from $210.00 to $236.00 in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $203.04.

Albemarle Trading Up 0.2%

Shares of ALB stock opened at $155.73 on Monday. The company has a market cap of $18.37 billion, a P/E ratio of -45.67, a PEG ratio of 0.78 and a beta of 1.31. The stock has a 50 day simple moving average of $183.54 and a two-hundred day simple moving average of $166.10. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. Albemarle Corporation has a fifty-two week low of $55.90 and a fifty-two week high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, beating the consensus estimate of $1.24 by $1.71. The firm had revenue of $1.43 billion during 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 company's quarterly revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.18) earnings per share. Research analysts forecast that Albemarle Corporation will post 12.39 earnings per share for the current year.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a dividend of $0.405 per share. The ex-dividend date is Friday, June 12th. This represents a $1.62 annualized dividend and a dividend yield of 1.0%. Albemarle's payout ratio is currently -47.51%.

Insider Activity at Albemarle

In other news, CEO J Kent Masters sold 16,393 shares of the business'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 transaction of $3,011,721.96. Following the completion of the sale, the chief executive officer owned 87,519 shares in the company, valued at $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.42% of the stock is currently owned by corporate insiders.

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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