Public Employees Retirement System of Ohio Buys Shares of 33,604 Albemarle Corporation $ALB

Key Points

• Public Employees Retirement System of Ohio acquired 33,604 Albemarle shares worth approximately $4.54 million during the second quarter. Institutional investors and hedge funds collectively own 92.87% of ALB.
• Albemarle reported quarterly earnings of $3.75 per share, beating estimates of $3.20, while revenue rose 31.1% year over year to $1.74 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $190.04, compared with the stock’s reported price of $137.65.

Public Employees Retirement System of Ohio purchased a new position in Albemarle Corporation (NYSE:ALB - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 33,604 shares of the specialty chemicals company's stock, valued at approximately $4,538,000.

A number of other large investors also recently modified their holdings of ALB. Addison Advisors LLC acquired a new stake in shares of Albemarle in the second quarter worth $28,000. Elyxium Wealth LLC bought a new position in Albemarle during the fourth quarter worth $34,000. Sound Income Strategies LLC raised its stake in Albemarle by 190.1% during the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company's stock valued at $52,000 after purchasing an additional 192 shares during the last quarter. Root Financial Partners LLC raised its stake in Albemarle by 121.5% during the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company's stock valued at $42,000 after purchasing an additional 164 shares during the last quarter. Finally, Dakota Community Bank & Trust NA bought a new stake in Albemarle in the 1st quarter valued at $54,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Stock Performance

NYSE ALB opened at $137.65 on Thursday. Albemarle Corporation has a twelve month low of $71.25 and a twelve month high of $221.00. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22. The stock has a market cap of $16.24 billion, a P/E ratio of 509.83, a PEG ratio of 0.79 and a beta of 1.33. The company's 50-day simple moving average is $128.35 and its 200 day simple moving average is $159.04.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping 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 firm had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same quarter last year, the company earned $0.11 earnings per share. The company's revenue for the quarter was up 31.1% compared to the same quarter last year. As a group, research analysts forecast that Albemarle Corporation will post 11.39 earnings per share for the current fiscal year.

Albemarle Increases Dividend

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

Analysts Set New Price Targets

Several analysts have issued reports on ALB shares. Deutsche Bank Aktiengesellschaft raised their price target 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. Weiss Ratings raised Albemarle from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 18th. Truist Financial lowered their price target on Albemarle from $245.00 to $225.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. Argus upped their price target on Albemarle from $185.00 to $230.00 and gave the company a "buy" rating in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. decreased their price objective on Albemarle from $160.00 to $140.00 and set a "neutral" rating on the stock in a report on Tuesday, August 25th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus 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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