Northern Trust Corp Sells 36,765 Shares of Albemarle Corporation $ALB

Key Points

• Northern Trust Corp has reduced its stake in Albemarle Corporation by 2.8%, selling 36,765 shares, and now holds a total of 1,254,032 shares worth approximately $90.3 million.
• Several institutional investors have recently adjusted their positions in Albemarle, with the National Pension Service increasing its stake by 74.5%.
• Albemarle announced a quarterly dividend of $0.405 per share, with a dividend yield of 2.0%, to be paid on October 1st.

Northern Trust Corp decreased its holdings in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 2.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,254,032 shares of the specialty chemicals company's stock after selling 36,765 shares during the quarter. Northern Trust Corp owned approximately 1.07% of Albemarle worth $90,315,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Orion Capital Management LLC acquired a new stake in Albemarle during the 4th quarter valued at $35,000. SJS Investment Consulting Inc. acquired a new stake in Albemarle during the 1st quarter valued at $32,000. National Pension Service lifted its holdings in Albemarle by 74.5% during the 1st quarter. National Pension Service now owns 452 shares of the specialty chemicals company's stock valued at $33,000 after purchasing an additional 193 shares during the last quarter. Costello Asset Management INC acquired a new stake in Albemarle during the 1st quarter valued at $36,000. Finally, Evermay Wealth Management LLC lifted its holdings in Albemarle by 84.1% during the 1st quarter. Evermay Wealth Management LLC now owns 670 shares of the specialty chemicals company's stock valued at $48,000 after purchasing an additional 306 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Albemarle Price Performance

Shares of NYSE ALB traded down $0.05 during mid-day trading on Friday, reaching $84.87. The company had a trading volume of 1,731,221 shares, compared to its average volume of 4,224,362. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.47 and a current ratio of 2.31. Albemarle Corporation has a one year low of $49.43 and a one year high of $113.91. The firm has a market cap of $9.99 billion, a price-to-earnings ratio of -9.11 and a beta of 1.63. The business's 50-day simple moving average is $73.75 and its 200 day simple moving average is $68.13.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of ($0.83) by $0.94. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.The company had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter last year, the business earned $0.04 earnings per share. Albemarle's revenue was down 7.0% on a year-over-year basis. Albemarle has set its FY 2025 guidance at EPS. On average, research analysts predict that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a $0.405 dividend. The ex-dividend date is Friday, September 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.9%. Albemarle's dividend payout ratio (DPR) is presently -17.38%.

Analysts Set New Price Targets

ALB has been the subject of several research reports. Mizuho set a $76.00 price target on Albemarle in a report on Tuesday, July 15th. Robert W. Baird lifted their target price on Albemarle from $58.00 to $68.00 and gave the stock an "underperform" rating in a report on Friday. Wall Street Zen raised Albemarle from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Morgan Stanley dropped their target price on Albemarle from $68.00 to $58.00 and set an "underweight" rating for the company in a report on Tuesday, May 6th. Finally, KeyCorp reissued a "sector weight" rating on shares of Albemarle in a report on Wednesday, July 30th. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Albemarle has a consensus rating of "Reduce" and an average target price of $86.47.

Albemarle 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.