Strs Ohio Sells 27,604 Shares of Albemarle Corporation $ALB

Key Points

• Strs Ohio reduced its Albemarle stake by 28.8% in the first quarter, selling 27,604 shares and leaving it with 68,211 shares valued at about $12.25 million.
• Albemarle reported stronger-than-expected first-quarter results, posting EPS of $2.95 versus estimates of $1.24 and revenue of $1.43 billion, up 32.7% year over year.
• Analysts remain broadly positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $199.58, despite mixed individual views.

Strs Ohio cut its position in Albemarle Corporation (NYSE:ALB - Free Report) by 28.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 68,211 shares of the specialty chemicals company's stock after selling 27,604 shares during the quarter. Strs Ohio owned approximately 0.06% of Albemarle worth $12,246,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of Albemarle by 25.5% during the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company's stock worth $229,000 after acquiring an additional 654 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in Albemarle by 26.2% in the first quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company's stock valued at $346,000 after acquiring an additional 996 shares in the last quarter. United Services Automobile Association purchased a new position in Albemarle in the first quarter worth $208,000. Empowered Funds LLC acquired a new position in shares of Albemarle during the first quarter worth $411,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Albemarle by 536.7% during the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company's stock worth $36,000 after purchasing an additional 483 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Price Performance

Shares of ALB opened at $135.27 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The company's fifty day moving average price is $170.05 and its 200-day moving average price is $169.20. Albemarle Corporation has a 1-year low of $64.24 and a 1-year high of $221.00. The firm has a market capitalization of $15.95 billion, a PE ratio of -39.67, a price-to-earnings-growth ratio of 0.65 and a beta of 1.34.

Albemarle (NYSE:ALB - Get Free Report) last issued its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the business posted ($0.18) EPS. The firm's quarterly revenue was up 32.7% on a year-over-year basis. On average, equities research analysts predict that Albemarle Corporation will post 12.98 EPS for the current year.

Albemarle Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were paid a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, June 12th. Albemarle's dividend payout ratio (DPR) is presently -47.51%.

Insider Activity at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total transaction 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 $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.42% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Bank of America raised their price objective on Albemarle from $190.00 to $225.00 and gave the stock a "buy" rating in a research report on Tuesday, April 21st. Mizuho decreased their price target on Albemarle from $205.00 to $185.00 and set a "neutral" rating for the company in a research note on Wednesday. Vertical Research raised Albemarle from a "hold" rating to a "buy" rating and set a $224.00 price target for the company in a report on Tuesday, May 26th. Weiss Ratings upgraded Albemarle from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company upped their price objective on shares of Albemarle from $165.00 to $200.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $199.58.

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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