Swedbank AB Sells 9,522 Shares of Albemarle Corporation $ALB

Key Points

• Swedbank AB reduced its shares in Albemarle Corporation by 16.6%, holding 47,870 shares worth approximately $3.45 million at the end of the recent quarter.
• Several hedge funds increased their positions in Albemarle, with Vanguard Group now holding over $1 billion worth of shares after a 0.5% increase in their stake.
• Albemarle announced a quarterly dividend of $0.405 per share, representing an annualized yield of 2.0%, to be paid on October 1st for stockholders of record on September 12th.

Swedbank AB trimmed its position in Albemarle Corporation (NYSE:ALB - Free Report) by 16.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,870 shares of the specialty chemicals company's stock after selling 9,522 shares during the quarter. Swedbank AB's holdings in Albemarle were worth $3,448,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in ALB. SJS Investment Consulting Inc. purchased a new position in shares of Albemarle in the first quarter worth $32,000. National Pension Service increased its stake in shares of Albemarle by 74.5% in the first quarter. National Pension Service now owns 452 shares of the specialty chemicals company's stock worth $33,000 after buying an additional 193 shares during the period. Orion Capital Management LLC purchased a new position in shares of Albemarle in the fourth quarter worth $35,000. Costello Asset Management INC purchased a new position in shares of Albemarle in the first quarter worth $36,000. Finally, Evermay Wealth Management LLC increased its stake in shares of Albemarle by 84.1% in the first quarter. Evermay Wealth Management LLC now owns 670 shares of the specialty chemicals company's stock worth $48,000 after buying an additional 306 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. KeyCorp reiterated a "sector weight" rating on shares of Albemarle in a report on Wednesday, July 30th. Robert W. Baird lifted their price target on Albemarle from $58.00 to $68.00 and gave the stock an "underperform" rating in a research report on Friday, August 29th. Baird R W lowered shares of Albemarle from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 29th. JPMorgan Chase & Co. increased their target price on Albemarle from $60.00 to $80.00 and gave the company a "neutral" rating in a research report on Monday, August 18th. Finally, Scotiabank raised their price target on Albemarle from $65.00 to $70.00 and gave the company a "sector perform" rating in a research note on Friday, August 1st. Three research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Albemarle presently has a consensus rating of "Reduce" and a consensus target price of $86.47.

Albemarle Stock Performance

NYSE:ALB traded up $0.91 during mid-day trading on Friday, reaching $81.84. 3,672,039 shares of the stock were exchanged, compared to its average volume of 3,641,829. Albemarle Corporation has a 1 year low of $49.43 and a 1 year high of $113.91. The company has a 50 day simple moving average of $77.78 and a 200-day simple moving average of $68.22. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $9.63 billion, a P/E ratio of -8.78 and a beta of 1.65.

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

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, September 12th. Albemarle's dividend payout ratio (DPR) is currently -17.38%.

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.