OLD National Bancorp IN Buys 4,389 Shares of Albemarle Corporation $ALB

Key Points

• OLD National Bancorp IN increased its stake in Albemarle Corporation by 3.9%, owning a total of 117,995 shares valued at approximately $7.4 million.
• Several institutional investors have also boosted their holdings in Albemarle, with PGGM Investments seeing the largest increase at 90.4% during the second quarter.
• Analysts have varying price targets for Albemarle, with a consensus target price of $86.72, reflecting a mix of ratings including three Buy, eleven Hold, and five Sell recommendations.

OLD National Bancorp IN raised its stake in Albemarle Corporation (NYSE:ALB - Free Report) by 3.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 117,995 shares of the specialty chemicals company's stock after purchasing an additional 4,389 shares during the period. OLD National Bancorp IN owned 0.10% of Albemarle worth $7,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of ALB. Vanguard Group Inc. raised its stake in shares of Albemarle by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 14,672,272 shares of the specialty chemicals company's stock worth $1,056,697,000 after acquiring an additional 77,773 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Albemarle by 28.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,538,706 shares of the specialty chemicals company's stock valued at $110,814,000 after buying an additional 343,210 shares in the last quarter. Manning & Napier Advisors LLC raised its stake in Albemarle by 17.4% in the first quarter. Manning & Napier Advisors LLC now owns 1,167,520 shares of the specialty chemicals company's stock valued at $84,085,000 after buying an additional 173,441 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Albemarle by 3.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,072,921 shares of the specialty chemicals company's stock worth $77,272,000 after acquiring an additional 31,951 shares in the last quarter. Finally, PGGM Investments increased its holdings in shares of Albemarle by 90.4% during the second quarter. PGGM Investments now owns 1,069,924 shares of the specialty chemicals company's stock valued at $67,052,000 after acquiring an additional 507,975 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on ALB shares. HSBC lifted their target price on shares of Albemarle from $60.00 to $75.00 and gave the stock a "hold" rating in a research note on Monday, September 22nd. Robert W. Baird lifted their price objective on shares of Albemarle from $58.00 to $68.00 and gave the stock an "underperform" rating in a research note on Friday, August 29th. Wells Fargo & Company cut their target price on Albemarle from $75.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Friday, August 1st. KeyCorp reaffirmed a "sector weight" rating on shares of Albemarle in a research report on Wednesday, July 30th. Finally, Mizuho boosted their price target on Albemarle from $78.00 to $92.00 and gave the company a "neutral" rating in a research note on Friday. Three equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, Albemarle currently has a consensus rating of "Reduce" and an average price target of $86.72.

Albemarle Price Performance

Shares of ALB opened at $88.06 on Monday. The business's 50-day moving average is $79.19 and its two-hundred day moving average is $68.70. The company has a market capitalization of $10.36 billion, a P/E ratio of -9.45 and a beta of 1.65. 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 0.38, a quick ratio of 1.47 and a current ratio of 2.31.

Albemarle (NYSE:ALB - Get Free Report) last issued its 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. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.23 billion. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.The company's revenue was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.04 earnings per share. Albemarle has set its FY 2025 guidance at EPS. Research analysts predict that Albemarle Corporation will post -0.04 earnings per share for the current year.

Albemarle Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were issued a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, September 12th. Albemarle's payout ratio is -17.38%.

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.

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