VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Albemarle Corporation $ALB

Key Points

• Virginia Retirement Systems bought 35,700 shares of Albemarle in the second quarter, valued at approximately $4.8 million. Institutional investors collectively own 92.87% of the company.
• Albemarle reported quarterly earnings of $3.75 per share, exceeding estimates by $0.55, while revenue rose 31.1% year over year to $1.74 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $190.04, despite several recent target-price reductions. Shares opened at $129.63.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Albemarle Corporation (NYSE:ALB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 35,700 shares of the specialty chemicals company's stock, valued at approximately $4,821,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. California State Teachers Retirement System raised its stake in Albemarle by 13,478.5% in the second quarter. California State Teachers Retirement System now owns 18,483,447 shares of the specialty chemicals company's stock valued at $2,495,820,000 after buying an additional 18,347,324 shares during the period. Primecap Management Co. CA acquired a new position in shares of Albemarle during the 2nd quarter worth approximately $358,101,000. Earnest Partners LLC raised its stake in Albemarle by 14.6% in the 4th quarter. Earnest Partners LLC now owns 1,630,394 shares of the specialty chemicals company's stock valued at $230,603,000 after acquiring an additional 207,770 shares during the period. Northern Trust Corp lifted its holdings in Albemarle by 1.8% during the 3rd quarter. Northern Trust Corp now owns 1,263,734 shares of the specialty chemicals company's stock valued at $102,464,000 after purchasing an additional 22,856 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Albemarle by 57.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,241,106 shares of the specialty chemicals company's stock valued at $175,542,000 after purchasing an additional 453,881 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

Albemarle Stock Performance

Shares of NYSE:ALB opened at $129.63 on Wednesday. The firm has a market cap of $15.30 billion, a PE ratio of 480.11, a PEG ratio of 0.74 and a beta of 1.33. Albemarle Corporation has a 12-month low of $71.25 and a 12-month 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 company's 50 day moving average price is $127.87 and its two-hundred day moving average price is $157.93.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.55. The firm had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.11 EPS. Equities research analysts predict that Albemarle Corporation will post 11.39 earnings per share for the current year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a dividend of $0.41 per share. The ex-dividend date is Friday, September 11th. This is a positive change from Albemarle's previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a yield of 1.3%. Albemarle's dividend payout ratio is currently 607.41%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ALB shares. Scotiabank reduced their target price on shares of Albemarle from $200.00 to $190.00 and set a "sector outperform" rating for the company in a report on Monday, August 10th. Royal Bank Of Canada reduced their price objective on Albemarle from $166.00 to $157.00 and set an "outperform" rating for the company in a report on Monday, August 10th. Jefferies Financial Group decreased their target price on Albemarle from $244.00 to $211.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Mizuho lowered their target price on Albemarle from $205.00 to $185.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 1st. Finally, Rothschild & Co Redburn dropped their price target on Albemarle from $188.00 to $170.00 and set a "neutral" rating for the company in a report on Wednesday, July 1st. Fifteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $190.04.

About Albemarle

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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