Legacy Trust Has $1.63 Million Holdings in Albemarle Corporation $ALB

Key Points

• Legacy Trust reduced its stake in Albemarle Corporation by 37.9%, owning 26,052 shares worth approximately $1.63 million at the end of the last quarter.
• Multiple institutional investors, including Wealth Enhancement Advisory Services and GAMMA Investing LLC, have increased their holdings in Albemarle, contributing to a total ownership of 92.87% by institutional investors.
• Albemarle reported a quarterly earnings beat with $0.11 EPS, exceeding estimates of a negative EPS, alongside revenue of $1.33 billion, despite a 7% revenue decline year-over-year.

Legacy Trust lessened its position in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 37.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 26,052 shares of the specialty chemicals company's stock after selling 15,924 shares during the quarter. Legacy Trust's holdings in Albemarle were worth $1,633,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Albemarle by 1.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 11,355 shares of the specialty chemicals company's stock worth $977,000 after buying an additional 188 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Albemarle by 6,393.1% during the 1st quarter. GAMMA Investing LLC now owns 152,394 shares of the specialty chemicals company's stock worth $10,975,000 after buying an additional 150,047 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Albemarle by 15.9% during the 1st quarter. Rhumbline Advisers now owns 240,937 shares of the specialty chemicals company's stock worth $17,352,000 after buying an additional 33,074 shares in the last quarter. SeaCrest Wealth Management LLC boosted its holdings in shares of Albemarle by 21.9% during the 1st quarter. SeaCrest Wealth Management LLC now owns 3,226 shares of the specialty chemicals company's stock worth $232,000 after buying an additional 580 shares in the last quarter. Finally, Epiq Partners LLC boosted its holdings in shares of Albemarle by 11.7% during the 1st quarter. Epiq Partners LLC now owns 25,933 shares of the specialty chemicals company's stock worth $1,868,000 after buying an additional 2,716 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Analysts Set New Price Targets

ALB has been the topic of a number of research analyst reports. Wall Street Zen upgraded Albemarle from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Wells Fargo & Company cut their price target on Albemarle from $75.00 to $70.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. Scotiabank increased their price target on Albemarle from $65.00 to $70.00 and gave the stock a "sector perform" rating in a report on Friday, August 1st. KeyCorp restated a "sector weight" rating on shares of Albemarle in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. increased their target price on Albemarle from $60.00 to $80.00 and gave the stock a "neutral" rating in a report on Monday, August 18th. Three investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $86.72.

Albemarle Price Performance

Shares of ALB opened at $88.06 on Friday. Albemarle Corporation has a 12-month low of $49.43 and a 12-month high of $113.91. The business's fifty day moving average is $79.19 and its 200 day moving average is $68.76. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.38. The stock has a market cap of $10.36 billion, a P/E ratio of -9.45 and a beta of 1.65.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of ($0.83) by $0.94. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.23 billion. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.Albemarle's quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 EPS. Albemarle has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were given a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, September 12th. Albemarle's dividend payout ratio is presently -17.38%.

About Albemarle

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.

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