Pacific Heights Asset Management LLC Buys Shares of 200,000 Albemarle Corporation $ALB

Key Points

• Pacific Heights Asset Management acquired 200,000 Albemarle shares worth approximately $27 million, representing about 0.17% of the company. Institutional investors collectively own 92.87% of Albemarle.
• Albemarle reported quarterly earnings of $3.75 per share, exceeding estimates of $3.20, while revenue rose 31.1% year over year to $1.74 billion.
• The stock recently traded at $135.93, and analysts maintain a consensus “Moderate Buy” rating with a $190.04 price target, despite several recent target-price cuts.

Pacific Heights Asset Management LLC bought a new position in Albemarle Corporation (NYSE:ALB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 200,000 shares of the specialty chemicals company's stock, valued at approximately $27,006,000. Pacific Heights Asset Management LLC owned approximately 0.17% of Albemarle as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Addison Advisors LLC bought a new position in Albemarle during the second quarter valued at about $28,000. Elyxium Wealth LLC acquired a new position in shares of Albemarle during the 4th quarter valued at about $34,000. Torren Management LLC acquired a new position in shares of Albemarle during the 4th quarter valued at about $38,000. Sound Income Strategies LLC raised its stake in shares of Albemarle by 190.1% in the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company's stock valued at $52,000 after acquiring an additional 192 shares in the last quarter. Finally, Root Financial Partners LLC raised its stake in shares of Albemarle by 121.5% in the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company's stock valued at $42,000 after acquiring an additional 164 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Albemarle Trading Up 1.1%

Shares of ALB stock opened at $135.93 on Friday. Albemarle Corporation has a 12-month low of $71.25 and a 12-month high of $221.00. The company has a market capitalization of $16.04 billion, a P/E ratio of 503.46 and a beta of 1.33. The firm has a 50-day moving average price of $129.71 and a 200 day moving average price of $159.90. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The firm had revenue of $1.74 billion for the quarter, compared to analysts' expectations of $1.61 billion. During the same period in the prior year, the firm earned $0.11 earnings per share. The company's quarterly revenue was up 31.1% compared to the same quarter last year. Research analysts forecast that Albemarle Corporation will post 11.63 earnings per share for the current fiscal year.

Albemarle Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Argus lifted their price target on shares of Albemarle from $185.00 to $230.00 and gave the company a "buy" rating in a research report on Monday, May 11th. Wall Street Zen downgraded shares of Albemarle from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. UBS Group dropped their target price on shares of Albemarle from $205.00 to $175.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Citigroup decreased their price target on shares of Albemarle from $225.00 to $175.00 and set a "buy" rating for the company in a report on Friday, August 7th. Finally, Weiss Ratings raised Albemarle from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 18th. Fifteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $190.04.

Albemarle Profile

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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