Global Retirement Partners LLC Acquires New Stake in Albemarle Corporation $ALB

Key Points

• Global Retirement Partners acquired 12,176 Albemarle shares worth approximately $1.64 million in the second quarter. Institutional investors collectively own 92.87% of ALB.
• Analyst sentiment remains positive but mixed: Albemarle has a “Moderate Buy” consensus rating from 26 analysts, with an average price target of $190.26, despite several recent target reductions and rating downgrades.
• Albemarle reported quarterly EPS of $3.75, beating estimates by $0.55, while revenue rose 31.1% year over year to $1.74 billion. The company maintained its quarterly dividend at $0.41 per share, equivalent to a 1.2% yield.

Global Retirement Partners LLC purchased a new position in Albemarle Corporation (NYSE:ALB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 12,176 shares of the specialty chemicals company's stock, valued at approximately $1,644,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ALB. SCS Capital Management LLC bought a new position in shares of Albemarle during the second quarter valued at $5,541,000. Bank of New York Mellon Corp purchased a new position in shares of Albemarle in the second quarter worth approximately $103,268,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Albemarle in the 2nd quarter worth $511,000. State of Wyoming bought a new stake in Albemarle during the second quarter valued at about $167,000. Finally, ABN AMRO Bank N.V. bought a new position in shares of Albemarle during the 2nd quarter valued at approximately $364,000. 92.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALB. HSBC increased their price target on Albemarle from $200.00 to $220.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. UBS Group decreased their price target on shares of Albemarle from $205.00 to $175.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. Wall Street Zen lowered Albemarle from a "buy" rating to a "hold" rating in a research note on Saturday. Zacks Research cut shares of Albemarle from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Finally, Royal Bank Of Canada lowered their target price on shares of Albemarle from $166.00 to $157.00 and set an "outperform" rating for the company in a report on Monday, August 10th. Fifteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $190.26.

Albemarle Stock Down 1.4%

Shares of ALB opened at $134.22 on Tuesday. The firm has a market capitalization of $15.84 billion, a P/E ratio of 497.13 and a beta of 1.33. Albemarle Corporation has a 12-month low of $71.25 and a 12-month high of $221.00. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22. The firm has a fifty day moving average price of $133.73 and a 200-day moving average price of $161.80.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, beating analysts' consensus estimates of $3.20 by $0.55. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter last year, the business posted $0.11 EPS. Equities research analysts expect that Albemarle Corporation will post 11.91 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. Shareholders of record on Friday, September 11th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, September 11th. This is an increase from Albemarle's previous quarterly dividend of $0.41. Albemarle's payout ratio is 600.00%.

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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