Hsbc Holdings PLC Raises Holdings in Albemarle Corporation $ALB

Key Points

• HSBC Holdings PLC increased its stake in Albemarle by 47.4% in the fourth quarter, bringing its holdings to 230,690 shares worth about $32.7 million.
• Institutional ownership in Albemarle remains very high at 92.87%, with several other large investors also recently adding positions in the specialty chemicals company.
• Analysts are mixed but generally positive: Albemarle has a Moderate Buy consensus rating, a consensus price target of $199.58, and recent earnings beat expectations with strong revenue growth.

Hsbc Holdings PLC lifted its position in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 47.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 230,690 shares of the specialty chemicals company's stock after buying an additional 74,202 shares during the quarter. Hsbc Holdings PLC owned approximately 0.20% of Albemarle worth $32,655,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Albemarle in the fourth quarter worth about $165,271,000. Phoenix Financial Ltd. purchased a new position in Albemarle during the 4th quarter valued at about $130,415,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Albemarle by 4,338.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company's stock valued at $104,444,000 after purchasing an additional 721,793 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Albemarle by 22,047.4% in the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company's stock worth $44,613,000 after purchasing an additional 710,589 shares during the period. Finally, Samlyn Capital LLC purchased a new stake in shares of Albemarle in the 3rd quarter worth approximately $47,088,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Scotiabank lifted their price objective on shares of Albemarle from $200.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, May 14th. Royal Bank Of Canada upped their target price on Albemarle from $253.00 to $257.00 and gave the stock an "outperform" rating in a report on Tuesday, May 26th. Zacks Research raised Albemarle from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 11th. Jefferies Financial Group cut their price target on Albemarle from $244.00 to $211.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Finally, Vertical Research raised Albemarle from a "hold" rating to a "buy" rating and set a $224.00 price objective on the stock in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $199.58.

Insider Activity at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of the sale, the chief executive officer directly owned 87,519 shares in the company, valued at $16,078,990.68. This trade represents a 15.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.42% of the stock is owned by insiders.

Albemarle Stock Down 1.3%

Albemarle stock opened at $133.74 on Tuesday. Albemarle Corporation has a 1-year low of $64.24 and a 1-year high of $221.00. The business has a fifty day moving average price of $168.86 and a 200-day moving average price of $169.48. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The stock has a market capitalization of $15.77 billion, a price-to-earnings ratio of -39.22 and a beta of 1.34.

Albemarle (NYSE:ALB - Get Free Report) last announced its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $1.71. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The firm's quarterly revenue was up 32.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.18) EPS. Equities research analysts forecast that Albemarle Corporation will post 12.98 EPS for the current fiscal year.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were given a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, June 12th. Albemarle's dividend payout ratio (DPR) is presently -47.51%.

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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