40,910 Shares in Albemarle Corporation $ALB Bought by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC has acquired a new stake in Albemarle Corporation by purchasing 40,910 shares valued at approximately $2.96 million.
• Albemarle recently reported earnings of $0.11 EPS, exceeding estimates and generating revenue of $1.33 billion for the quarter, despite a 7% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.405, representing a 2.2% yield, with the ex-dividend date set for September 12th.

SCS Capital Management LLC purchased a new position in Albemarle Corporation (NYSE:ALB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 40,910 shares of the specialty chemicals company's stock, valued at approximately $2,963,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Empowered Funds LLC purchased a new stake in shares of Albemarle in the 1st quarter worth about $411,000. MBB Public Markets I LLC purchased a new stake in shares of Albemarle in the 1st quarter worth about $295,000. United Services Automobile Association purchased a new stake in shares of Albemarle in the 1st quarter worth about $208,000. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Albemarle by 47.0% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 56,394 shares of the specialty chemicals company's stock worth $4,061,000 after purchasing an additional 18,022 shares during the period. Finally, Signature Estate & Investment Advisors LLC purchased a new stake in shares of Albemarle in the 1st quarter worth about $232,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Performance

Shares of ALB traded up $0.98 on Friday, reaching $76.03. The company's stock had a trading volume of 2,507,644 shares, compared to its average volume of 3,779,952. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.31 and a quick ratio of 1.47. The stock has a market capitalization of $8.95 billion, a P/E ratio of -8.16 and a beta of 1.65. The stock's 50 day simple moving average is $76.73 and its two-hundred day simple moving average is $67.96. Albemarle Corporation has a 12-month low of $49.43 and a 12-month high of $113.91.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $1.23 billion. During the same quarter in the previous year, the firm earned $0.04 earnings per share. The company's revenue for the quarter was down 7.0% on a year-over-year basis. Albemarle has set its FY 2025 guidance at EPS. Research analysts forecast that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 12th. Albemarle's payout ratio is -17.38%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft set a $74.00 target price on shares of Albemarle and gave the stock a "hold" rating in a research report on Monday, August 4th. Baird R W cut shares of Albemarle from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 29th. Scotiabank lifted their price target on shares of Albemarle from $65.00 to $70.00 and gave the company a "sector perform" rating in a research report on Friday, August 1st. Wall Street Zen raised shares of Albemarle from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Mizuho set a $76.00 price target on shares of Albemarle in a research report on Tuesday, July 15th. Three research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $86.47.

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.