NFJ Investment Group LLC Takes $23.33 Million Position in Albemarle Corporation $ALB

Key Points

• NFJ Investment Group acquired 172,759 Albemarle shares in the second quarter, worth approximately $23.33 million and representing about 0.15% of the company. Institutional investors collectively own 92.87% of Albemarle.
• Albemarle reported stronger-than-expected quarterly results, with EPS of $3.75 versus the $3.20 consensus and revenue of $1.74 billion, up 31.1% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $190.26, compared with the stock’s reported price of $134.59; the company also declared a quarterly dividend of $0.41 per share.

NFJ Investment Group LLC acquired a new position in Albemarle Corporation (NYSE:ALB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 172,759 shares of the specialty chemicals company's stock, valued at approximately $23,328,000. NFJ Investment Group LLC owned about 0.15% of Albemarle as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Addison Advisors LLC acquired a new position in Albemarle in the 2nd quarter worth approximately $28,000. Elyxium Wealth LLC acquired a new stake in Albemarle during the 4th quarter valued at approximately $34,000. Torren Management LLC acquired a new stake in Albemarle during the 4th quarter valued at approximately $38,000. Sound Income Strategies LLC boosted its holdings in shares of Albemarle by 190.1% in the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company's stock valued at $52,000 after acquiring an additional 192 shares during the last quarter. Finally, Root Financial Partners LLC boosted its holdings 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 during the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Albemarle Stock Up 0.2%

ALB stock opened at $134.59 on Friday. Albemarle Corporation has a one year low of $71.25 and a one year high of $221.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09. The firm's fifty day moving average is $132.59 and its 200 day moving average is $160.86. The firm has a market cap of $15.88 billion, a PE ratio of 498.50 and a beta of 1.33.

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

Albemarle Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, September 11th. This is a positive change from Albemarle's previous quarterly dividend of $0.41. Albemarle's payout ratio is currently 600.00%.

Analysts Set New Price Targets

Several research analysts recently issued reports on ALB shares. UBS Group reduced their target price on shares of Albemarle from $205.00 to $175.00 and set a "buy" rating for the company in a report on Friday, August 7th. HSBC increased their price target on Albemarle from $200.00 to $220.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Jefferies Financial Group reduced their price objective on Albemarle from $244.00 to $211.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Truist Financial decreased their price objective on Albemarle from $245.00 to $225.00 and set a "buy" rating for the company in a report on Friday, August 7th. Finally, Morgan Stanley restated a "reduce" rating and issued a $161.00 target price on shares of Albemarle in a research note on Monday, August 10th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $190.26.

Albemarle Company 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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