PDT Partners LLC Purchases Shares of 72,251 Albemarle Corporation $ALB

Key Points

• PDT Partners acquired 72,251 Albemarle shares worth approximately $9.76 million in the second quarter, joining other institutional investors that increased their positions. Institutions and hedge funds collectively own 92.87% of ALB.
• Albemarle reported stronger-than-expected quarterly results, with EPS of $3.75 versus the $3.20 consensus and revenue of $1.74 billion, up 31.1% year over year.
• ALB traded at $133.14, down 5.9%, while analysts maintained a “Moderate Buy” consensus with an average price target of $190.04. The company also declared a quarterly dividend of $0.41 per share, yielding 1.2% annually.

PDT Partners LLC acquired a new stake in shares of Albemarle Corporation (NYSE:ALB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 72,251 shares of the specialty chemicals company's stock, valued at approximately $9,756,000. PDT Partners LLC owned 0.06% of Albemarle as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. AQR Capital Management LLC grew its position in Albemarle by 25.5% during the first quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company's stock valued at $229,000 after acquiring an additional 654 shares during the period. Integrated Wealth Concepts LLC raised its holdings in shares of Albemarle by 26.2% in the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company's stock worth $346,000 after purchasing an additional 996 shares during the period. United Services Automobile Association acquired a new position in shares of Albemarle in the 1st quarter valued at about $208,000. Empowered Funds LLC acquired a new position in shares of Albemarle in the 1st quarter valued at about $411,000. Finally, EverSource Wealth Advisors LLC increased its position in Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company's stock worth $36,000 after purchasing an additional 483 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Stock Down 5.9%

NYSE ALB opened at $133.14 on Wednesday. The stock has a market cap of $15.71 billion, a PE ratio of 493.12 and a beta of 1.33. Albemarle Corporation has a fifty-two week low of $71.25 and a fifty-two week high of $221.00. The business has a 50 day moving average price of $130.83 and a two-hundred day moving average price of $160.25. 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 posted its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the firm posted $0.11 earnings per share. The business's quarterly revenue was up 31.1% on a year-over-year basis. As a group, sell-side analysts predict that Albemarle Corporation will post 11.63 EPS for the current fiscal year.

Albemarle Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALB. JPMorgan Chase & Co. reduced their price target on shares of Albemarle from $160.00 to $140.00 and set a "neutral" rating on the stock in a research report on Tuesday. Robert W. Baird dropped their price objective on shares of Albemarle from $236.00 to $224.00 and set a "neutral" rating for the company in a research report on Thursday, June 18th. Mizuho cut their target price on shares of Albemarle from $205.00 to $185.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 1st. Vertical Research upgraded shares of Albemarle from a "hold" rating to a "buy" rating and set a $224.00 target price on the stock in a report on Tuesday, May 26th. Finally, Morgan Stanley reaffirmed a "reduce" rating and set a $161.00 price target on shares of Albemarle in a research report on Monday, August 10th. Fifteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $190.04.

Albemarle Company 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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