Zurcher Kantonalbank Zurich Cantonalbank Buys 11,664 Shares of Albemarle Corporation $ALB

Key Points

• Zurcher Kantonalbank raised its stake in Albemarle by 25.8% in Q4, buying 11,664 shares to hold 56,935 shares worth about $8.05 million at quarter-end.
• CEO insider sale: J. Kent Masters sold 11,783 shares on March 10 at an average of $170.81 for roughly $2.01 million, cutting his ownership by 8.05%.
• Albemarle missed quarterly EPS (-$0.53 vs. -$0.40) but beat revenue estimates with revenue up 15.9% year-over-year; the stock trades near $193 with a consensus analyst rating of Hold and an average price target of $176.32.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Albemarle Corporation (NYSE:ALB - Free Report) by 25.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,935 shares of the specialty chemicals company's stock after purchasing an additional 11,664 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Albemarle were worth $8,053,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ALB. Manning & Napier Advisors LLC acquired a new stake in Albemarle during the 3rd quarter worth $138,723,000. AQR Capital Management LLC raised its stake in Albemarle by 22,047.4% during the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company's stock worth $44,613,000 after buying an additional 710,589 shares during the period. Samlyn Capital LLC acquired a new stake in Albemarle during the 3rd quarter worth $47,088,000. Caisse de depot et placement du Quebec acquired a new stake in Albemarle during the 3rd quarter worth $41,239,000. Finally, HB Wealth Management LLC raised its stake in Albemarle by 1,278.8% during the 3rd quarter. HB Wealth Management LLC now owns 440,608 shares of the specialty chemicals company's stock worth $35,725,000 after buying an additional 408,652 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO J Kent Masters sold 11,783 shares of Albemarle stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total value of $2,012,654.23. Following the sale, the chief executive officer owned 134,628 shares of the company's stock, valued at approximately $22,995,808.68. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.42% of the company's stock.

Albemarle Price Performance

NYSE:ALB opened at $193.04 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.57 and a current ratio of 2.23. The stock's 50-day simple moving average is $176.04 and its 200 day simple moving average is $148.02. The company has a market cap of $22.76 billion, a P/E ratio of -33.57, a P/E/G ratio of 1.47 and a beta of 1.43. Albemarle Corporation has a 52-week low of $53.70 and a 52-week high of $215.71.

Albemarle (NYSE:ALB - Get Free Report) last released its earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.13). The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. Albemarle's revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.09) EPS. As a group, sell-side analysts forecast that Albemarle Corporation will post 8.28 EPS for the current fiscal year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were given a $0.405 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 0.8%. Albemarle's payout ratio is currently -28.17%.

Analyst Ratings Changes

Several analysts recently commented on ALB shares. Scotiabank raised Albemarle from a "sector perform" rating to a "sector outperform" rating and raised their price objective for the stock from $85.00 to $200.00 in a research note on Monday, January 12th. Wells Fargo & Company set a $165.00 price objective on Albemarle in a research note on Monday, February 16th. HSBC raised Albemarle from a "hold" rating to a "buy" rating and set a $200.00 price target on the stock in a research note on Monday, January 19th. Berenberg Bank set a $153.00 price target on Albemarle in a research note on Monday, February 23rd. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Albemarle in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Albemarle has a consensus rating of "Hold" and an average price target of $176.32.

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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