Pictet Asset Management Holding SA Has $45.97 Million Position in Albemarle Corporation $ALB

Key Points

• Pictet Asset Management cut its Albemarle stake by 42.5% in the first quarter, though it still held 256,069 shares valued at about $45.97 million at the end of the period.
• Albemarle reported better-than-expected quarterly results, with EPS of $2.95 versus the $1.24 consensus and revenue of $1.43 billion, up 32.7% year over year.
• The company also announced a quarterly dividend of $0.405 per share, while analysts currently have a Moderate Buy consensus rating and an average target price of $201.17.

Pictet Asset Management Holding SA decreased its position in Albemarle Corporation (NYSE:ALB - Free Report) by 42.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 256,069 shares of the specialty chemicals company's stock after selling 188,899 shares during the quarter. Pictet Asset Management Holding SA owned 0.22% of Albemarle worth $45,972,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALB. Nordea Investment Management AB acquired a new position in Albemarle in the fourth quarter worth $6,171,000. Altfest L J & Co. Inc. acquired a new stake in shares of Albemarle in the fourth quarter valued at $1,055,000. Three Seasons Wealth LLC bought a new position in shares of Albemarle in the fourth quarter valued at about $873,000. J. Safra Sarasin Holding AG lifted its position in Albemarle by 493.3% during the 4th quarter. J. Safra Sarasin Holding AG now owns 84,011 shares of the specialty chemicals company's stock worth $11,883,000 after buying an additional 69,850 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. lifted its position in Albemarle by 181.8% during the 4th quarter. BW Gestao de Investimentos Ltda. now owns 132,250 shares of the specialty chemicals company's stock worth $18,705,000 after buying an additional 85,320 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO J Kent Masters sold 16,393 shares of the company's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of the sale, the chief executive officer directly owned 87,519 shares of the company's stock, valued at $16,078,990.68. This represents a 15.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.42% of the company's stock.

Albemarle Stock Performance

Shares of Albemarle stock opened at $134.96 on Wednesday. The firm has a fifty day moving average of $173.67 and a two-hundred day moving average of $169.41. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. The stock has a market capitalization of $15.92 billion, a price-to-earnings ratio of -39.58, a PEG ratio of 0.62 and a beta of 1.30. Albemarle Corporation has a 52 week low of $60.64 and a 52 week high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the company earned ($0.18) EPS. The firm's revenue was up 32.7% on a year-over-year basis. As a group, equities research analysts predict that Albemarle Corporation will post 12.98 EPS for the current year.

Albemarle Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, June 12th. Albemarle's payout ratio is presently -47.51%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ALB shares. Berenberg Bank raised their price objective on shares of Albemarle from $153.00 to $192.00 and gave the company a "hold" rating in a research report on Tuesday, June 2nd. Royal Bank Of Canada increased their price target on shares of Albemarle from $253.00 to $257.00 and gave the company an "outperform" rating in a research note on Tuesday, May 26th. Oppenheimer raised their price target on shares of Albemarle from $216.00 to $222.00 and gave the company an "outperform" rating in a report on Monday, April 13th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Albemarle from $210.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group reduced their price objective on Albemarle from $244.00 to $211.00 and set a "buy" rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Albemarle presently has a consensus rating of "Moderate Buy" and a consensus target price of $201.17.

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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