Manning & Napier Advisors LLC grew its stake in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 17.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,167,520 shares of the specialty chemicals company's stock after acquiring an additional 173,441 shares during the period. Albemarle comprises about 1.0% of Manning & Napier Advisors LLC's portfolio, making the stock its 28th largest holding. Manning & Napier Advisors LLC owned 0.99% of Albemarle worth $84,085,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently modified their holdings of the company. Assetmark Inc. lifted 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 valued at $26,000 after acquiring an additional 235 shares during the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Albemarle in the fourth quarter valued at $34,000. Orion Capital Management LLC purchased a new stake in shares of Albemarle in the fourth quarter valued at $35,000. SJS Investment Consulting Inc. purchased a new stake in shares of Albemarle in the first quarter valued at $32,000. Finally, Centricity Wealth Management LLC purchased a new stake in shares of Albemarle in the fourth quarter valued at $39,000. Institutional investors and hedge funds own 92.87% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on ALB. Citigroup reduced their target price on Albemarle from $85.00 to $64.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. TD Securities reduced their target price on Albemarle from $115.00 to $65.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company dropped their price target on shares of Albemarle from $80.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Truist Financial dropped their price target on shares of Albemarle from $85.00 to $65.00 and set a "hold" rating on the stock in a research note on Monday, April 14th. Finally, Piper Sandler set a $68.00 price target on shares of Albemarle and gave the stock an "underweight" rating in a research note on Wednesday, May 14th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Albemarle presently has an average rating of "Hold" and an average target price of $91.62.
View Our Latest Research Report on ALB
Albemarle Stock Performance
Shares of NYSE:ALB traded up $0.22 during midday trading on Wednesday, hitting $60.40. The company's stock had a trading volume of 2,721,512 shares, compared to its average volume of 2,859,716. The stock has a market capitalization of $7.11 billion, a price-to-earnings ratio of -5.43 and a beta of 1.61. The stock's 50 day simple moving average is $58.62 and its 200 day simple moving average is $73.07. Albemarle Corporation has a fifty-two week low of $49.43 and a fifty-two week high of $113.91. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.26 and a current ratio of 2.11.
Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.62) by $0.44. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.18 billion. Albemarle had a negative return on equity of 1.92% and a negative net margin of 22.39%. The firm's revenue was down 20.9% compared to the same quarter last year. During the same period last year, the business posted $0.26 earnings per share. As a group, research analysts anticipate that Albemarle Corporation will post -0.04 earnings per share for the current year.
Albemarle Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Friday, June 13th. Albemarle's dividend payout ratio is -14.57%.
About Albemarle
(
Free Report)
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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