TD Asset Management Inc Has $2.36 Million Stock Position in Albemarle Corporation (NYSE:ALB)

Key Points

• TD Asset Management Inc has reduced its stake in Albemarle Corporation by 13.4%, now owning approximately $2.36 million worth of shares.
• Albemarle recently announced a quarterly dividend of $0.405, translating to an annual yield of 2.4%, with the ex-dividend date set for September 12th.
• Research analysts have provided mixed ratings on Albemarle, with six giving a sell rating while three assigned a buy rating, resulting in an average rating of “Hold” and a target price of $89.78.

TD Asset Management Inc trimmed its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 13.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,722 shares of the specialty chemicals company's stock after selling 5,079 shares during the period. TD Asset Management Inc's holdings in Albemarle were worth $2,357,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ALB. Neo Ivy Capital Management bought a new position in shares of Albemarle in the 1st quarter worth about $2,100,000. Cetera Investment Advisers boosted its position in Albemarle by 19.8% during the 1st quarter. Cetera Investment Advisers now owns 32,468 shares of the specialty chemicals company's stock valued at $2,338,000 after purchasing an additional 5,369 shares during the period. Pinnacle Associates Ltd. boosted its position in Albemarle by 189.3% during the 1st quarter. Pinnacle Associates Ltd. now owns 40,306 shares of the specialty chemicals company's stock valued at $2,903,000 after purchasing an additional 26,372 shares during the period. Blume Capital Management Inc. increased its position in Albemarle by 5.4% in the first quarter. Blume Capital Management Inc. now owns 22,265 shares of the specialty chemicals company's stock worth $1,604,000 after buying an additional 1,143 shares during the period. Finally, Clifford Swan Investment Counsel LLC lifted its stake in Albemarle by 1.2% in the first quarter. Clifford Swan Investment Counsel LLC now owns 127,093 shares of the specialty chemicals company's stock valued at $9,153,000 after buying an additional 1,453 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Albemarle Stock Performance

ALB traded up $0.64 on Monday, hitting $68.54. 3,259,548 shares of the stock traded hands, compared to its average volume of 3,469,174. Albemarle Corporation has a 52 week low of $49.43 and a 52 week high of $113.91. The firm has a market capitalization of $8.06 billion, a PE ratio of -7.35 and a beta of 1.63. The business has a fifty day moving average price of $66.01 and a two-hundred day moving average price of $68.88. 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 quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the business posted $0.04 earnings per share. The company's quarterly revenue was down 7.0% compared to the same quarter last year. On average, research analysts predict that Albemarle Corporation will post -0.04 EPS for the current fiscal year.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a $0.405 dividend. The ex-dividend date is Friday, September 12th. This represents a $1.62 dividend on an annualized basis and a yield of 2.4%. Albemarle's payout ratio is -17.38%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ALB. Morgan Stanley lowered their price target on shares of Albemarle from $68.00 to $58.00 and set an "underweight" rating for the company in a research report on Tuesday, May 6th. JPMorgan Chase & Co. dropped their price target on shares of Albemarle from $80.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. Citigroup cut their price target on Albemarle from $85.00 to $64.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Wall Street Zen upgraded Albemarle to a "sell" rating in a research report on Monday, May 5th. Finally, Piper Sandler set a $68.00 price target on Albemarle and gave the stock an "underweight" rating in a research note on Wednesday, May 14th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $89.78.

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.