WealthPlan Investment Management LLC Boosts Stake in Albemarle Corporation (NYSE:ALB)

Key Points

• WealthPlan Investment Management LLC increased its stake in Albemarle Corporation by 10.7%, holding 50,326 shares valued at approximately $3.62 million as of the latest SEC filing.
• Albemarle recently reported quarterly earnings of $0.11 per share, surpassing analysts' expectations, despite a revenue decline of 7.0% year-over-year, totaling $1.33 billion.
• The company declared a quarterly dividend of $0.405 per share, with an annualized yield of 2.4%, to be paid on October 1st.

WealthPlan Investment Management LLC lifted its holdings in Albemarle Corporation (NYSE:ALB - Free Report) by 10.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,326 shares of the specialty chemicals company's stock after purchasing an additional 4,872 shares during the quarter. WealthPlan Investment Management LLC's holdings in Albemarle were worth $3,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of ALB. O Shaughnessy Asset Management LLC purchased a new stake in Albemarle during the fourth quarter valued at $218,000. Alliancebernstein L.P. increased its position in Albemarle by 6.2% during the fourth quarter. Alliancebernstein L.P. now owns 169,206 shares of the specialty chemicals company's stock valued at $14,565,000 after acquiring an additional 9,953 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in Albemarle during the fourth quarter valued at $4,350,000. Aviva PLC increased its position in Albemarle by 1,503.7% during the fourth quarter. Aviva PLC now owns 70,818 shares of the specialty chemicals company's stock valued at $6,096,000 after acquiring an additional 66,402 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Albemarle by 9.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 177,939 shares of the specialty chemicals company's stock valued at $15,317,000 after acquiring an additional 15,778 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Albemarle Stock Down 1.4%

Albemarle stock opened at $67.30 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.31 and a quick ratio of 1.47. The stock has a market capitalization of $7.92 billion, a price-to-earnings ratio of -7.22 and a beta of 1.63. Albemarle Corporation has a 1-year low of $49.43 and a 1-year high of $113.91. The business has a fifty day moving average price of $66.61 and a 200-day moving average price of $68.67.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of ($0.83) by $0.94. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%. The company had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the previous year, the firm posted $0.04 EPS. The firm's revenue was down 7.0% compared to the same quarter last year. Equities research analysts forecast that Albemarle Corporation will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

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 dividend of $0.405 per share. The ex-dividend date of this dividend 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 currently -17.38%.

Analysts Set New Price Targets

A number of analysts have commented on ALB shares. Wells Fargo & Company reduced their price target on Albemarle from $75.00 to $70.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. Mizuho set a $76.00 price target on Albemarle in a research report on Tuesday, July 15th. Robert W. Baird restated an "underperform" rating and issued a $60.00 price target on shares of Albemarle in a research report on Tuesday, July 29th. Truist Financial reduced their price target on Albemarle from $85.00 to $65.00 and set a "hold" rating for the company in a research report on Monday, April 14th. Finally, Citigroup reduced their price target on Albemarle from $85.00 to $64.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Six 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's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $88.06.

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.

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