Pacer Advisors Inc. Sells 3,632 Shares of Albemarle Corporation (NYSE:ALB)

Key Points

• Pacer Advisors Inc. reduced its holdings in Albemarle Corporation by 24.3%, selling 3,632 shares, leaving them with 11,316 shares valued at approximately $815,000.
• Several analysts have downgraded Albemarle's stock ratings, with Wells Fargo raising its price target to $75.00, while Citigroup lowered it to $64.00, leading to a consensus rating of "Hold" and an average target price of $91.00.
• The company recently announced a $0.405 quarterly dividend to be paid on October 1st, despite experiencing negative net margins and an expected EPS of -0.04 for the current fiscal year.

Pacer Advisors Inc. lowered its position in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 24.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,316 shares of the specialty chemicals company's stock after selling 3,632 shares during the quarter. Pacer Advisors Inc.'s holdings in Albemarle were worth $815,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. SJS Investment Consulting Inc. acquired a new position in Albemarle during the 1st quarter worth approximately $32,000. Pilgrim Partners Asia Pte Ltd bought a new position in Albemarle in the fourth quarter worth approximately $34,000. Orion Capital Management LLC bought a new position in Albemarle in the 4th quarter valued at about $35,000. Chapman Financial Group LLC bought a new position in Albemarle in the 4th quarter valued at about $60,000. Finally, Bogart Wealth LLC lifted its position in Albemarle by 51.1% in the 1st quarter. Bogart Wealth LLC now owns 908 shares of the specialty chemicals company's stock valued at $65,000 after acquiring an additional 307 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Albemarle from $60.00 to $75.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Baird R W cut shares of Albemarle from a "hold" rating to a "strong sell" rating in a research report on Tuesday. KeyCorp reaffirmed a "sector weight" rating on shares of Albemarle in a research report on Wednesday. Citigroup dropped their price target on shares of Albemarle from $85.00 to $64.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Finally, Scotiabank decreased their price objective on shares of Albemarle from $75.00 to $65.00 and set a "sector perform" rating for the company in a research note on Tuesday, May 6th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $91.00.

Albemarle Stock Down 3.8%

ALB opened at $68.89 on Thursday. The company has a fifty day moving average price of $65.61 and a 200-day moving average price of $69.57. The firm has a market capitalization of $8.11 billion, a P/E ratio of -6.20 and a beta of 1.63. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.11 and a quick ratio of 1.26. Albemarle Corporation has a one year low of $49.43 and a one year high of $113.91.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of ($0.83) by $0.94. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.23 billion. Albemarle had a negative net margin of 22.39% and a negative return on equity of 1.92%. The business's revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.04 EPS. Equities research analysts expect that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 2.35%. Albemarle's dividend payout ratio (DPR) is presently -14.57%.

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.

Want to see what other hedge funds are holding ALB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Albemarle Corporation (NYSE:ALB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.