Freestone Grove Partners LP Takes Position in Albemarle Corporation $ALB

Freestone Grove Partners LP bought a new stake in Albemarle Corporation (NYSE:ALB - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 10,614 shares of the specialty chemicals company's stock, valued at approximately $1,433,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Addison Advisors LLC acquired a new position in Albemarle in the second quarter valued at $28,000. BOKF NA increased its position in shares of Albemarle by 5,771.4% during the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company's stock worth $33,000 after purchasing an additional 404 shares in the last quarter. Elyxium Wealth LLC acquired a new stake in shares of Albemarle during the fourth quarter worth about $34,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Albemarle by 536.7% in the 2nd 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 during the last quarter. Finally, Fiduciary Financial Advisors purchased a new stake in shares of Albemarle in the 2nd quarter valued at about $41,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Price Performance

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

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

Albemarle Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a $0.41 dividend. The ex-dividend date of this dividend is Friday, September 11th. This is an increase from Albemarle's previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.2%. Albemarle's dividend payout ratio is presently 600.00%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ALB. Jefferies Financial Group decreased their target price on Albemarle from $244.00 to $211.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Wall Street Zen lowered Albemarle from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. UBS Group reduced their price objective on Albemarle from $205.00 to $175.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Zacks Research downgraded Albemarle from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Albemarle from $210.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Fifteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $190.04.

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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