ProShare Advisors LLC Trims Stake in Albemarle Corporation $ALB

Key Points

• ProShare Advisors LLC trimmed its Albemarle stake by 12.3% in the fourth quarter, selling 247,107 shares and ending with 1.77 million shares valued at about $249.8 million.
• Albemarle posted stronger-than-expected results for its latest quarter, with EPS of $2.95 versus $1.24 expected and revenue of $1.43 billion, up 32.7% year over year.
• Analysts remain constructive on the stock, with a consensus rating of “Moderate Buy” and an average target price of $200.26, while the company also announced a $0.405 quarterly dividend payable July 1.

ProShare Advisors LLC reduced its position in Albemarle Corporation (NYSE:ALB - Free Report) by 12.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,766,197 shares of the specialty chemicals company's stock after selling 247,107 shares during the period. ProShare Advisors LLC owned 1.50% of Albemarle worth $249,811,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ALB. Phoenix Financial Ltd. purchased a new stake in shares of Albemarle in the 4th quarter valued at about $130,415,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Albemarle by 4,338.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company's stock valued at $104,444,000 after purchasing an additional 721,793 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Albemarle by 22,047.4% in the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company's stock valued at $44,613,000 after purchasing an additional 710,589 shares during the last quarter. Samlyn Capital LLC purchased a new stake in shares of Albemarle in the 3rd quarter valued at about $47,088,000. Finally, Caisse de depot et placement du Quebec purchased a new stake in shares of Albemarle in the 3rd quarter valued at about $41,239,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Performance

Shares of ALB stock opened at $175.77 on Tuesday. The stock has a market capitalization of $20.73 billion, a PE ratio of -51.55, a price-to-earnings-growth ratio of 0.91 and a beta of 1.36. Albemarle Corporation has a 52-week low of $53.70 and a 52-week high of $221.00. The stock's 50-day moving average price is $182.25 and its 200 day moving average price is $159.28. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $1.71. The firm had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The firm's revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.18) EPS. As a group, equities research analysts forecast that Albemarle Corporation will post 12.45 EPS for the current year.

Albemarle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be given a dividend of $0.405 per share. The ex-dividend date is Friday, June 12th. This represents a $1.62 annualized dividend and a yield of 0.9%. Albemarle's payout ratio is presently -47.51%.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 11,783 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the transaction, the chief executive officer owned 134,628 shares in the company, valued at approximately $22,995,808.68. The trade was a 8.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.42% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ALB shares. Evercore boosted their target price on Albemarle from $100.00 to $180.00 in a report on Wednesday, February 18th. Zacks Research raised Albemarle from a "hold" rating to a "strong-buy" rating in a report on Monday, May 11th. Weiss Ratings raised Albemarle from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, May 7th. Oppenheimer boosted their price target on Albemarle from $216.00 to $222.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Albemarle from $210.00 to $250.00 and gave the company a "buy" rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $200.26.

About Albemarle

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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