Albemarle Co. (NYSE:ALB) Sees Large Decline in Short Interest

Albemarle Co. (NYSE:ALBGet Free Report) was the target of a large drop in short interest in May. As of May 15th, there was short interest totalling 13,590,000 shares, a drop of 5.5% from the April 30th total of 14,380,000 shares. Based on an average trading volume of 3,140,000 shares, the short-interest ratio is currently 4.3 days.

Insider Buying and Selling

In other Albemarle news, SVP Mark Richard Mummert sold 843 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total value of $114,251.79. Following the sale, the senior vice president now owns 6,802 shares in the company, valued at $921,875.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Albemarle news, CAO John Clarence Barichivich III sold 1,475 shares of Albemarle stock in a transaction on Monday, May 13th. The shares were sold at an average price of $132.17, for a total value of $194,950.75. Following the completion of the sale, the chief accounting officer now directly owns 4,743 shares of the company’s stock, valued at $626,882.31. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Mark Richard Mummert sold 843 shares of Albemarle stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total transaction of $114,251.79. Following the completion of the sale, the senior vice president now directly owns 6,802 shares of the company’s stock, valued at $921,875.06. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Albemarle

Several institutional investors have recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC purchased a new stake in Albemarle during the 1st quarter valued at $783,000. Cetera Advisors LLC boosted its position in Albemarle by 99.6% during the 1st quarter. Cetera Advisors LLC now owns 6,935 shares of the specialty chemicals company’s stock valued at $914,000 after buying an additional 3,460 shares during the period. Cetera Investment Advisers boosted its position in Albemarle by 202.4% during the 1st quarter. Cetera Investment Advisers now owns 48,536 shares of the specialty chemicals company’s stock valued at $6,394,000 after buying an additional 32,484 shares during the period. PGGM Investments boosted its position in Albemarle by 261.6% during the 1st quarter. PGGM Investments now owns 413,492 shares of the specialty chemicals company’s stock valued at $54,473,000 after buying an additional 299,148 shares during the period. Finally, Second Line Capital LLC purchased a new stake in Albemarle during the 1st quarter valued at $3,101,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of Albemarle stock opened at $120.89 on Tuesday. Albemarle has a 52-week low of $106.69 and a 52-week high of $247.44. The stock has a market capitalization of $14.21 billion, a price-to-earnings ratio of 43.96, a price-to-earnings-growth ratio of 3.07 and a beta of 1.65. The company has a fifty day moving average of $124.75 and a 200-day moving average of $126.16. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.91 and a current ratio of 2.84.

Albemarle (NYSE:ALBGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). Albemarle had a net margin of 4.02% and a return on equity of 14.53%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period last year, the company posted $10.32 EPS. Albemarle’s revenue for the quarter was down 47.3% on a year-over-year basis. Equities research analysts expect that Albemarle will post 2.49 EPS for the current year.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, June 14th. This represents a $1.60 annualized dividend and a yield of 1.32%. Albemarle’s payout ratio is currently 58.18%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Vertical Research downgraded shares of Albemarle from a “buy” rating to a “hold” rating and set a $145.00 price target for the company. in a research note on Friday, March 8th. Scotiabank reissued a “sector perform” rating and set a $135.00 target price (down from $150.00) on shares of Albemarle in a research report on Tuesday, May 21st. Citigroup boosted their target price on shares of Albemarle from $125.00 to $135.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Oppenheimer decreased their target price on shares of Albemarle from $191.00 to $188.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. Finally, Bank of America raised shares of Albemarle from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $137.00 to $156.00 in a research report on Wednesday, April 10th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $165.16.

View Our Latest Stock Report on ALB

About Albemarle

(Get Free Report)

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.

Further Reading

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