Naples Global Advisors LLC Sells 8,116 Shares of Albemarle Co. (NYSE:ALB)

Naples Global Advisors LLC trimmed its position in Albemarle Co. (NYSE:ALB - Free Report) by 19.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 34,300 shares of the specialty chemicals company's stock after selling 8,116 shares during the quarter. Naples Global Advisors LLC's holdings in Albemarle were worth $2,484,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Assetmark Inc. raised its holdings in shares of Albemarle by 340.6% in the 4th quarter. Assetmark Inc. now owns 304 shares of the specialty chemicals company's stock valued at $26,000 after purchasing an additional 235 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Albemarle in the 4th quarter valued at about $34,000. Orion Capital Management LLC bought a new stake in shares of Albemarle in the 4th quarter valued at about $35,000. Ameliora Wealth Management Ltd. bought a new position in Albemarle in the 4th quarter valued at about $35,000. Finally, Centricity Wealth Management LLC bought a new position in Albemarle in the 4th quarter valued at about $39,000. 92.87% of the stock is owned by institutional investors.

Albemarle Stock Performance

NYSE ALB opened at $58.60 on Friday. The company has a current ratio of 1.95, a quick ratio of 1.19 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $6.89 billion, a price-to-earnings ratio of -5.23 and a beta of 1.61. The firm's 50 day simple moving average is $58.12 and its 200 day simple moving average is $77.58. Albemarle Co. has a 1 year low of $49.43 and a 1 year high of $118.80.

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. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.18 billion. Albemarle had a negative net margin of 21.93% and a negative return on equity of 1.72%. The firm's revenue for the quarter was down 20.9% on a year-over-year basis. During the same quarter last year, the business posted $0.26 EPS. As a group, research analysts expect that Albemarle Co. will post -0.04 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The company 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 dividend of $0.405 per share. The ex-dividend date is Friday, June 13th. This represents a $1.62 annualized dividend and a dividend yield of 2.76%. Albemarle's dividend payout ratio is -14.57%.

Analysts Set New Price Targets

ALB has been the topic of several research analyst reports. Wall Street Zen raised shares of Albemarle to a "sell" rating in a report on Monday, May 5th. JPMorgan Chase & Co. lowered their price target on shares of Albemarle from $80.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, May 6th. Scotiabank lowered their price target on shares of Albemarle from $75.00 to $65.00 and set a "sector perform" rating on the stock in a report on Tuesday, May 6th. Robert W. Baird lowered their price target on shares of Albemarle from $77.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Mizuho lowered their price target on shares of Albemarle from $90.00 to $85.00 and set a "neutral" rating on the stock in a report on Friday, March 7th. Three equities research 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's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $91.62.

Albemarle Company 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.

Want to see what other hedge funds are holding ALB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Albemarle Co. (NYSE:ALB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.