Bank of Nova Scotia Has $1.65 Million Stock Holdings in Albemarle Co. (NYSE:ALB)

Bank of Nova Scotia cut its stake in Albemarle Co. (NYSE:ALBFree Report) by 85.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,388 shares of the specialty chemicals company’s stock after selling 64,624 shares during the period. Bank of Nova Scotia’s holdings in Albemarle were worth $1,645,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Franklin Resources Inc. boosted its position in Albemarle by 47.4% in the fourth quarter. Franklin Resources Inc. now owns 5,185,734 shares of the specialty chemicals company’s stock valued at $749,235,000 after buying an additional 1,667,164 shares in the last quarter. Primecap Management Co. CA increased its stake in shares of Albemarle by 55.8% in the 4th quarter. Primecap Management Co. CA now owns 3,476,674 shares of the specialty chemicals company’s stock valued at $502,310,000 after buying an additional 1,245,719 shares during the period. Norges Bank bought a new stake in shares of Albemarle during the fourth quarter worth $377,341,000. Morgan Stanley lifted its stake in shares of Albemarle by 10.3% during the third quarter. Morgan Stanley now owns 1,570,906 shares of the specialty chemicals company’s stock valued at $267,117,000 after acquiring an additional 146,450 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Albemarle by 12.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,555,937 shares of the specialty chemicals company’s stock valued at $224,802,000 after acquiring an additional 174,391 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Price Performance

NYSE ALB opened at $118.28 on Friday. 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 Co. has a 52-week low of $106.69 and a 52-week high of $247.44. The business has a 50 day simple moving average of $124.27 and a 200 day simple moving average of $125.99. The stock has a market cap of $13.90 billion, a price-to-earnings ratio of 43.01, a PEG ratio of 2.97 and a beta of 1.61.

Albemarle (NYSE:ALBGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. Albemarle had a return on equity of 14.53% and a net margin of 4.02%. The firm’s revenue was down 47.3% on a year-over-year basis. During the same period in the prior year, the company earned $10.32 EPS. Analysts anticipate that Albemarle Co. will post 2.49 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.35%. Albemarle’s dividend payout ratio (DPR) is 58.18%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ALB. Royal Bank of Canada reissued an “outperform” rating and set a $157.00 price objective on shares of Albemarle in a report on Friday, May 24th. KeyCorp cut their price objective on shares of Albemarle from $178.00 to $159.00 and set an “overweight” rating on the stock in a report on Thursday, March 7th. Oppenheimer lowered their target price on shares of Albemarle from $191.00 to $188.00 and set an “outperform” rating for the company in a report on Friday, February 16th. Vertical Research downgraded Albemarle from a “buy” rating to a “hold” rating and set a $145.00 price target on the stock. in a research note on Friday, March 8th. Finally, Mizuho lifted their price objective on Albemarle from $112.00 to $128.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Albemarle currently has an average rating of “Hold” and a consensus price target of $165.16.

Read Our Latest Analysis on Albemarle

Insider Buying and Selling

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

Albemarle Profile

(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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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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