Northwestern Mutual Wealth Management Co. Grows Stake in Albemarle Corporation $ALB

Key Points

• Northwestern Mutual Wealth Management increased its Albemarle stake by 163.8% in the second quarter to 48,950 shares valued at $6.61 million. Institutional investors collectively own 92.87% of the company.
• Analysts maintain a “Moderate Buy” consensus on ALB, with 15 Buy, 10 Hold and one Sell rating and an average price target of $190.04, despite several recent target reductions.
• Albemarle exceeded quarterly expectations with adjusted earnings of $3.75 per share versus a $3.20 estimate and revenue of $1.74 billion, up 31.1% year over year. The company declared a quarterly dividend of $0.41 per share, equal to a 1.2% annualized yield.

Northwestern Mutual Wealth Management Co. raised its position in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 163.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,950 shares of the specialty chemicals company's stock after acquiring an additional 30,394 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Albemarle were worth $6,610,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Primecap Management Co. CA acquired a new stake in Albemarle during the 2nd quarter worth about $358,101,000. Norges Bank purchased a new position in shares of Albemarle during the 4th quarter worth $165,271,000. Deutsche Bank AG acquired a new position in Albemarle during the second quarter worth $131,049,000. Phoenix Financial Ltd. purchased a new position in shares of Albemarle in the fourth quarter valued at approximately $130,415,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Albemarle during the second quarter worth $103,268,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ALB has been the subject of several recent analyst reports. Royal Bank Of Canada reduced their price objective on shares of Albemarle from $166.00 to $157.00 and set an "outperform" rating for the company in a research report on Monday, August 10th. Rothschild & Co Redburn cut their price target on shares of Albemarle from $188.00 to $170.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 1st. Truist Financial reduced their price target on shares of Albemarle from $245.00 to $225.00 and set a "buy" rating for the company in a research report on Friday, August 7th. UBS Group dropped their price objective on Albemarle from $205.00 to $175.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Finally, Wells Fargo & Company lifted their target price on Albemarle from $165.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $190.04.

Albemarle Stock Up 1.6%

ALB opened at $137.65 on Thursday. Albemarle Corporation has a 1 year low of $71.25 and a 1 year high of $221.00. The firm has a 50 day moving average price of $128.35 and a 200 day moving average price of $159.04. 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 company has a market cap of $16.24 billion, a PE ratio of 509.83, a price-to-earnings-growth ratio of 0.79 and a beta of 1.33.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping the consensus estimate of $3.20 by $0.55. The business had revenue of $1.74 billion for the quarter, compared to analysts' expectations of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The company's quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.11 earnings per share. Sell-side analysts expect that Albemarle Corporation will post 11.39 earnings per share for the current year.

Albemarle Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, September 11th. This is a boost from Albemarle's previous quarterly dividend of $0.41. Albemarle's dividend payout ratio is 600.00%.

About Albemarle

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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