Summit Financial LLC Takes $4.31 Million Position in Albemarle Corporation $ALB

Key Points

• Summit Financial LLC acquired a new position in Albemarle Corporation valued at approximately $4.31 million during the first quarter, owning 59,826 shares.
• Albemarle reported earnings for the quarter with $0.11 earnings per share, beating estimates and having a revenue of $1.33 billion, despite a 7% year-over-year decline.
• The company announced a quarterly dividend of $0.405 per share, representing a 2.1% yield, payable on October 1st to shareholders of record.

Summit Financial LLC bought a new stake in Albemarle Corporation (NYSE:ALB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 59,826 shares of the specialty chemicals company's stock, valued at approximately $4,309,000. Summit Financial LLC owned 0.05% of Albemarle as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. WealthPlan Investment Management LLC grew its position in shares of Albemarle by 10.7% in the first quarter. WealthPlan Investment Management LLC now owns 50,326 shares of the specialty chemicals company's stock valued at $3,624,000 after purchasing an additional 4,872 shares during the period. Grandfield & Dodd LLC grew its position in shares of Albemarle by 5.2% in the first quarter. Grandfield & Dodd LLC now owns 243,036 shares of the specialty chemicals company's stock valued at $17,503,000 after purchasing an additional 12,014 shares during the period. Concurrent Investment Advisors LLC acquired a new stake in shares of Albemarle in the first quarter valued at about $271,000. Envestnet Asset Management Inc. grew its position in shares of Albemarle by 3.6% in the first quarter. Envestnet Asset Management Inc. now owns 184,426 shares of the specialty chemicals company's stock valued at $13,282,000 after purchasing an additional 6,487 shares during the period. Finally, Sowell Financial Services LLC acquired a new stake in shares of Albemarle in the first quarter valued at about $303,000. Institutional investors and hedge funds own 92.87% of the company's stock.

Albemarle Stock Performance

ALB opened at $78.8970 on Friday. The firm has a market capitalization of $9.28 billion, a PE ratio of -8.47 and a beta of 1.63. Albemarle Corporation has a twelve month low of $49.43 and a twelve month high of $113.91. The firm's 50-day moving average price is $70.86 and its 200 day moving average price is $67.97. The company has a current ratio of 2.31, a quick ratio of 1.47 and a debt-to-equity ratio of 0.38.

Albemarle (NYSE:ALB - Get Free Report) last posted its 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. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.23 billion. Albemarle had a negative net margin of 18.61% and a negative return on equity of 1.87%. Albemarle's revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 EPS. Albemarle has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Albemarle Corporation will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

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

Analysts Set New Price Targets

Several analysts have recently issued reports on ALB shares. Wells Fargo & Company dropped their target price on shares of Albemarle from $75.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Friday, August 1st. Scotiabank boosted their price target on shares of Albemarle from $65.00 to $70.00 and gave the stock a "sector perform" rating in a research report on Friday, August 1st. Wall Street Zen upgraded shares of Albemarle from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Robert W. Baird restated an "underperform" rating and set a $60.00 price target on shares of Albemarle in a research report on Tuesday, July 29th. 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, nine have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $89.17.

Albemarle Company 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.

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