Russell Investments Group Ltd. Sells 153,437 Shares of Albemarle Corporation $ALB

Key Points

• Russell Investments Group Ltd. has reduced its holdings in Albemarle Corporation by 70.9%, owning approximately 63,083 shares valued at $4.54 million after selling over 153,000 shares in the first quarter.
• Albemarle's stock has an average target price of $89.17, with various analysts giving differing ratings, including three "Buy," nine "Hold," and five "Sell."
• The company recently declared a quarterly dividend of $0.405, which will be paid to investors of record, with an annualized yield of 2.0%.

Russell Investments Group Ltd. lowered its position in shares of Albemarle Corporation (NYSE:ALB - Free Report) by 70.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,083 shares of the specialty chemicals company's stock after selling 153,437 shares during the quarter. Russell Investments Group Ltd. owned 0.05% of Albemarle worth $4,543,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. lifted its holdings in Albemarle by 13.0% during the first quarter. Resona Asset Management Co. Ltd. now owns 56,483 shares of the specialty chemicals company's stock valued at $4,072,000 after purchasing an additional 6,513 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in shares of Albemarle by 8.6% in the first quarter. Public Sector Pension Investment Board now owns 15,949 shares of the specialty chemicals company's stock worth $1,149,000 after buying an additional 1,263 shares in the last quarter. Nuveen LLC purchased a new position in shares of Albemarle in the first quarter worth $26,836,000. Aigen Investment Management LP lifted its holdings in shares of Albemarle by 357.0% in the first quarter. Aigen Investment Management LP now owns 24,932 shares of the specialty chemicals company's stock worth $1,796,000 after buying an additional 19,477 shares in the last quarter. Finally, Entropy Technologies LP purchased a new position in shares of Albemarle in the first quarter worth $1,344,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Albemarle Trading Down 3.1%

ALB stock traded down $2.72 during mid-day trading on Thursday, reaching $84.96. 3,538,077 shares of the stock traded hands, compared to its average volume of 4,470,843. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.47 and a current ratio of 2.31. Albemarle Corporation has a one year low of $49.43 and a one year high of $113.91. The stock has a market capitalization of $10.00 billion, a PE ratio of -9.12 and a beta of 1.63. The business has a 50-day moving average price of $73.19 and a two-hundred day moving average price of $68.13.

Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of ($0.83) by $0.94. Albemarle had a negative net margin of 18.61% and a negative return on equity of 1.87%. The business had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the previous year, the business posted $0.04 earnings per share. The business's revenue was down 7.0% compared to the same quarter last year. Albemarle has set its FY 2025 guidance at EPS. Equities research analysts expect that Albemarle Corporation will post -0.04 EPS for the current year.

Albemarle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a dividend of $0.405 per share. The ex-dividend date is Friday, September 12th. This represents a $1.62 dividend on an annualized basis and a yield of 1.9%. Albemarle's payout ratio is -17.38%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Wells Fargo & Company lowered their target price on shares of Albemarle from $75.00 to $70.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. TD Securities lowered their target price on shares of Albemarle from $115.00 to $65.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Morgan Stanley lowered their target price on shares of Albemarle from $68.00 to $58.00 and set an "underweight" rating on the stock in a report on Tuesday, May 6th. Robert W. Baird reaffirmed an "underperform" rating and set a $60.00 price target on shares of Albemarle in a research note on Tuesday, July 29th. Finally, KeyCorp reaffirmed a "sector weight" rating on shares of Albemarle in a research note on Wednesday, July 30th. Three analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Albemarle currently has an average rating of "Reduce" and a consensus target price of $86.00.

Albemarle Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.