K.J. Harrison & Partners Inc Acquires New Shares in Albemarle Corporation $ALB

Key Points

• K.J. Harrison & Partners acquired 9,070 Albemarle shares worth approximately $1.225 million, while institutional investors and hedge funds collectively own 92.87% of the company.
• Albemarle reported quarterly earnings of $3.75 per share and revenue of $1.74 billion, exceeding analyst expectations; revenue rose 31.1% year over year.
• Analyst sentiment remains a Moderate Buy, with an average price target of $190.26, while the company declared a quarterly dividend of $0.41 per share, equating to a 1.2% yield.

K.J. Harrison & Partners Inc acquired a new position in Albemarle Corporation (NYSE:ALB - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,070 shares of the specialty chemicals company's stock, valued at approximately $1,225,000.

Several other hedge funds have also recently bought and sold shares of the business. BOKF NA raised its holdings in Albemarle by 5,771.4% during the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company's stock valued at $33,000 after buying an additional 404 shares in the last quarter. Elyxium Wealth LLC bought a new stake in shares of Albemarle during the 4th quarter worth about $34,000. EverSource Wealth Advisors LLC increased its holdings in shares of Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company's stock valued at $36,000 after acquiring an additional 483 shares during the last quarter. Torren Management LLC acquired a new position in shares of Albemarle during the 4th quarter valued at about $38,000. Finally, Root Financial Partners LLC raised its stake in shares of Albemarle by 121.5% in 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 in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ALB shares. 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. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Albemarle from $210.00 to $250.00 and gave the company a "buy" rating in a research report on Tuesday, May 12th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Albemarle in a report on Tuesday, August 4th. Wall Street Zen lowered shares of Albemarle from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Berenberg Bank lifted their target price on shares of Albemarle from $153.00 to $192.00 and gave the stock a "hold" rating in a report on Tuesday, June 2nd. Fifteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Albemarle presently has an average rating of "Moderate Buy" and an average price target of $190.26.

Albemarle Price Performance

Shares of NYSE:ALB opened at $134.22 on Tuesday. The company has a market cap of $15.84 billion, a price-to-earnings ratio of 497.13 and a beta of 1.33. The business has a 50 day moving average price of $133.73 and a 200 day moving average price of $161.80. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22. Albemarle Corporation has a twelve month low of $71.25 and a twelve month high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping the consensus estimate of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the business posted $0.11 EPS. The company's revenue for the quarter was up 31.1% on a year-over-year basis. Research analysts predict that Albemarle Corporation will post 11.91 earnings per share for the current year.

Albemarle Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a $0.41 dividend. The ex-dividend date is Friday, September 11th. This represents a $1.64 annualized dividend and a yield of 1.2%. This is a positive change from Albemarle's previous quarterly dividend of $0.41. Albemarle's dividend payout ratio (DPR) is 600.00%.

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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