Old North State Wealth Management LLC Purchases 4,464 Shares of Albemarle Corporation $ALB

Key Points

• Old North State Wealth Management LLC increased its holdings in Albemarle Corporation by 17.7% during the second quarter, bringing its total to 29,709 shares worth approximately $1.86 million.
• The stock has experienced significant interest from institutional investors, with 92.87% of its shares owned by such entities, including notable increases from firms like Vanguard and Dimensional Fund Advisors.
• Albemarle reported earnings of $0.11 per share in its latest quarterly results, surpassing analysts' expectations, despite a 7% decline in revenue year-over-year.

Old North State Wealth Management LLC raised its holdings in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 17.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,709 shares of the specialty chemicals company's stock after purchasing an additional 4,464 shares during the period. Old North State Wealth Management LLC's holdings in Albemarle were worth $1,864,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALB. Vanguard Group Inc. raised its holdings in shares of Albemarle by 0.5% during the first quarter. Vanguard Group Inc. now owns 14,672,272 shares of the specialty chemicals company's stock valued at $1,056,697,000 after acquiring an additional 77,773 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Albemarle by 28.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,538,706 shares of the specialty chemicals company's stock worth $110,814,000 after purchasing an additional 343,210 shares in the last quarter. Manning & Napier Advisors LLC raised its holdings in Albemarle by 17.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 1,167,520 shares of the specialty chemicals company's stock worth $84,085,000 after purchasing an additional 173,441 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Albemarle by 3.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,072,921 shares of the specialty chemicals company's stock worth $77,272,000 after purchasing an additional 31,951 shares in the last quarter. Finally, Empower Advisory Group LLC raised its holdings in Albemarle by 4.9% in the 1st quarter. Empower Advisory Group LLC now owns 778,118 shares of the specialty chemicals company's stock worth $56,040,000 after purchasing an additional 36,634 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ALB. Scotiabank increased their price target on shares of Albemarle from $65.00 to $70.00 and gave the stock a "sector perform" rating in a research note on Friday, August 1st. KeyCorp reissued a "sector weight" rating on shares of Albemarle in a research report on Wednesday, July 30th. Wells Fargo & Company decreased their target price on Albemarle from $75.00 to $70.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. Deutsche Bank Aktiengesellschaft set a $74.00 price objective on Albemarle and gave the stock a "hold" rating in a report on Monday, August 4th. Finally, Mizuho set a $76.00 price objective on Albemarle in a report on Tuesday, July 15th. Three investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, Albemarle presently has a consensus rating of "Reduce" and a consensus target price of $85.83.

Albemarle Price Performance

Shares of NYSE:ALB opened at $84.83 on Friday. The company has a market capitalization of $9.98 billion, a PE ratio of -9.10 and a beta of 1.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.31 and a quick ratio of 1.47. Albemarle Corporation has a 1-year low of $49.43 and a 1-year high of $113.91. The business has a fifty day moving average price of $78.56 and a 200-day moving average price of $68.39.

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

Albemarle Announces Dividend

The company 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 dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.62 annualized dividend and a dividend yield of 1.9%. Albemarle's dividend payout ratio (DPR) 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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