Grandfield & Dodd LLC Acquires Shares of 232,072 Albemarle Corporation $ALB

Key Points

• Grandfield & Dodd LLC acquired 232,072 Albemarle shares worth approximately $31.3 million, representing about 0.20% of the company and 1.6% of the firm’s portfolio.
• Analysts maintain a generally positive outlook, with 15 Buy, nine Hold, and two Sell ratings; the consensus is “Moderate Buy” with an average price target of $190.26.
• Albemarle exceeded quarterly expectations, reporting $3.75 in EPS and $1.74 billion in revenue, while shares opened at $134.22 and the company continued its $0.41 quarterly dividend.

Grandfield & Dodd LLC bought a new position in Albemarle Corporation (NYSE:ALB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 232,072 shares of the specialty chemicals company's stock, valued at approximately $31,337,000. Albemarle makes up approximately 1.6% of Grandfield & Dodd LLC's investment portfolio, making the stock its 17th largest position. Grandfield & Dodd LLC owned 0.20% of Albemarle at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Elyxium Wealth LLC bought a new position in Albemarle in the 4th quarter worth approximately $34,000. Torren Management LLC purchased a new position in Albemarle in the 4th quarter valued at approximately $38,000. Sound Income Strategies LLC raised its holdings in Albemarle by 190.1% during the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company's stock valued at $52,000 after acquiring an additional 192 shares during the period. Root Financial Partners LLC raised its holdings in Albemarle by 121.5% during the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company's stock valued at $42,000 after acquiring an additional 164 shares during the period. Finally, Dakota Community Bank & Trust NA purchased a new stake in shares of Albemarle during the first quarter worth $54,000. Institutional investors own 92.87% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ALB shares. Berenberg Bank raised their price target on Albemarle from $153.00 to $192.00 and gave the stock a "hold" rating in a report on Tuesday, June 2nd. Wells Fargo & Company boosted their price objective on Albemarle from $165.00 to $200.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. UBS Group dropped their price objective on Albemarle from $205.00 to $175.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Wall Street Zen downgraded Albemarle from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Truist Financial reduced their target price on Albemarle from $245.00 to $225.00 and set a "buy" rating for the company in a report on Friday, August 7th. Fifteen equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $190.26.

Albemarle Trading Down 1.4%

Shares of ALB stock opened at $134.22 on Tuesday. 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 52-week low of $71.25 and a 52-week high of $221.00. The company has a market capitalization of $15.84 billion, a PE ratio of 497.13 and a beta of 1.33. The business's fifty day moving average is $133.73 and its 200 day moving average is $161.80.

Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The firm's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the company earned $0.11 earnings per share. On average, equities research analysts anticipate that Albemarle Corporation will post 11.91 EPS for the current fiscal year.

Albemarle Increases Dividend

The firm 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. The ex-dividend date of this dividend is Friday, September 11th. 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%. Albemarle's payout ratio is presently 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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