Readystate Asset Management LP Sells 22,279 Shares of Albemarle Corporation $ALB

Key Points

• Readystate Asset Management cut its Albemarle stake by 69%, selling 22,279 shares and retaining 10,000 shares valued at approximately $1.8 million. Institutional investors collectively own 92.87% of the company.
• Analysts maintain a generally positive outlook, with Albemarle rated “Moderate Buy” and an average price target of $199.22, despite some recent target reductions and a “Hold” downgrade from Zacks Research.
• Albemarle reported quarterly EPS of $2.95, well above the $1.24 consensus estimate, while revenue rose 32.7% year over year to $1.43 billion. The stock opened at $113.28, near the lower half of its 12-month range.

Readystate Asset Management LP trimmed its stake in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 69.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,000 shares of the specialty chemicals company's stock after selling 22,279 shares during the period. Readystate Asset Management LP's holdings in Albemarle were worth $1,795,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. MH & Associates Securities Management Corp ADV acquired a new stake in shares of Albemarle in the fourth quarter valued at approximately $26,000. BOKF NA lifted its holdings in Albemarle by 5,771.4% during the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company's stock worth $33,000 after buying an additional 404 shares in the last quarter. Elyxium Wealth LLC acquired a new position in Albemarle during the 4th quarter worth $34,000. EverSource Wealth Advisors LLC boosted its position in Albemarle by 536.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company's stock valued at $36,000 after buying an additional 483 shares during the last quarter. Finally, Torren Management LLC bought a new position in Albemarle in the 4th quarter valued at $38,000. 92.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Scotiabank restated an "outperform" rating on shares of Albemarle in a research report on Tuesday. Zacks Research cut Albemarle from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Mizuho lowered their price objective on Albemarle from $205.00 to $185.00 and set a "neutral" rating for the company in a research report on Wednesday, July 1st. Oppenheimer boosted their price objective on Albemarle from $216.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. Finally, Bank of America upped their target price on shares of Albemarle from $190.00 to $225.00 and gave the company a "buy" rating in a research report on Tuesday, April 21st. Fifteen investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Albemarle currently has an average rating of "Moderate Buy" and an average price target of $199.22.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the company's stock in a transaction that occurred on Friday, May 15th. The shares were 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 owned 87,519 shares of the company's stock, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.42% of the company's stock.

Albemarle Stock Down 2.5%

NYSE:ALB opened at $113.28 on Wednesday. Albemarle Corporation has a 12-month low of $64.95 and a 12-month high of $221.00. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $13.36 billion, a P/E ratio of -33.22 and a beta of 1.34. The stock's fifty day simple moving average is $146.11 and its 200-day simple moving average is $166.74.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted ($0.18) earnings per share. The firm's revenue was up 32.7% on a year-over-year basis. Equities research analysts expect that Albemarle Corporation will post 12.86 earnings per share for the current year.

Albemarle Increases Dividend

The company also recently disclosed 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. This is an increase from Albemarle's previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, September 11th. Albemarle's dividend payout ratio is presently -47.51%.

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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