Sumitomo Mitsui DS Asset Management Company Ltd Buys 55,881 Shares of Albemarle Corporation $ALB

Key Points

• Sumitomo Mitsui DS Asset Management increased its Albemarle stake by 1,565.3% in the third quarter, adding 55,881 shares for a total of 59,451 shares valued at approximately $6.3 million.
• Institutional ownership remains high at 92.87%, with several major investors—including Primecap Management, Deutsche Bank, and Bank of New York Mellon—establishing or expanding positions.
• 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 $179, well above the cited $94.39 share price.

Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Albemarle Corporation (NYSE:ALB - Free Report) by 1,565.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,451 shares of the specialty chemicals company's stock after buying an additional 55,881 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd owned about 0.05% of Albemarle worth $6,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Primecap Management Co. CA purchased a new position in shares of Albemarle during the second quarter worth approximately $358,101,000. Deutsche Bank AG purchased a new stake in shares of Albemarle in the second quarter valued at approximately $131,049,000. Bank of New York Mellon Corp purchased a new stake in shares of Albemarle in the second quarter valued at approximately $103,268,000. Nykredit A S bought a new position in Albemarle in the second quarter worth approximately $78,121,000. Finally, Altshuler Shaham Ltd bought a new position in Albemarle in the first quarter worth approximately $94,815,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Performance

Shares of NYSE:ALB opened at $94.39 on Thursday. The company has a market capitalization of $11.14 billion, a price-to-earnings ratio of 349.62, a price-to-earnings-growth ratio of 0.57 and a beta of 1.36. Albemarle Corporation has a 52 week low of $88.01 and a 52 week 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 firm has a 50 day moving average of $117.26 and a 200 day moving average of $143.72.

Albemarle (NYSE:ALB - Get Free Report) last posted its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, topping analysts' consensus estimates of $3.20 by $0.55. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%. Albemarle's revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 earnings per share. On average, sell-side analysts predict that Albemarle Corporation will post 11.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on ALB shares. Jefferies Financial Group reduced their price objective on Albemarle from $244.00 to $211.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Mizuho raised Albemarle from a "neutral" rating to an "outperform" rating and set a $130.00 target price for the company in a research report on Wednesday, October 14th. Barclays began coverage on Albemarle in a report on Monday, October 12th. They issued an "equal weight" rating and a $109.00 target price for the company. Rothschild & Co Redburn dropped their price target on Albemarle from $188.00 to $170.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised Albemarle from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, October 8th. Sixteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $179.00.

Albemarle Company Profile

Albemarle Corporation NYSE: ALB is a global specialty chemicals company headquartered in Charlotte, North Carolina. The company develops, manufactures, and markets engineered chemicals used in energy storage, transportation, refining, pharmaceuticals, agriculture, consumer products, and other industrial applications.

Albemarle is one of the world's major producers of lithium and supplies lithium compounds, including lithium carbonate and lithium hydroxide, for use in rechargeable batteries for electric vehicles, portable electronics, and grid energy-storage systems.

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