Grimes & Company Inc. Has $290,000 Holdings in Albemarle Corporation (NYSE:ALB)

Grimes & Company Inc. decreased its holdings in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 95.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,029 shares of the specialty chemicals company's stock after selling 85,640 shares during the period. Grimes & Company Inc.'s holdings in Albemarle were worth $290,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Assetmark Inc. raised its position in shares of Albemarle by 340.6% during the 4th quarter. Assetmark Inc. now owns 304 shares of the specialty chemicals company's stock worth $26,000 after purchasing an additional 235 shares during the period. SJS Investment Consulting Inc. bought a new position in Albemarle during the 1st quarter worth $32,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Albemarle in the fourth quarter worth $34,000. Orion Capital Management LLC bought a new stake in Albemarle in the fourth quarter valued at $35,000. Finally, Centricity Wealth Management LLC bought a new stake in Albemarle in the fourth quarter valued at $39,000. Institutional investors own 92.87% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ALB. Piper Sandler set a $68.00 price objective on shares of Albemarle and gave the stock an "underweight" rating in a report on Wednesday, May 14th. Morgan Stanley decreased their target price on shares of Albemarle from $68.00 to $58.00 and set an "underweight" rating for the company in a research report on Tuesday, May 6th. Citigroup cut their price target on Albemarle from $85.00 to $64.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Scotiabank decreased their price objective on Albemarle from $75.00 to $65.00 and set a "sector perform" rating for the company in a report on Tuesday, May 6th. Finally, TD Securities lowered their target price on Albemarle from $115.00 to $65.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $91.62.

Albemarle Price Performance

Shares of NYSE ALB traded down $0.26 during midday trading on Thursday, reaching $59.43. The company's stock had a trading volume of 2,871,343 shares, compared to its average volume of 2,869,662. Albemarle Corporation has a one year low of $49.43 and a one year high of $113.91. The company has a market cap of $6.99 billion, a price-to-earnings ratio of -5.34 and a beta of 1.61. The company has a 50 day moving average price of $58.23 and a 200 day moving average price of $74.69. The company has a current ratio of 2.11, a quick ratio of 1.26 and a debt-to-equity ratio of 0.39.

Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.62) by $0.44. Albemarle had a negative net margin of 22.39% and a negative return on equity of 1.92%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business posted $0.26 earnings per share. The firm's quarterly revenue was down 20.9% compared to the same quarter last year. On average, equities research analysts expect that Albemarle Corporation will post -0.04 EPS for the current year.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $0.405 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.73%. Albemarle's dividend payout ratio (DPR) is -14.57%.

Albemarle Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.