CIBC Asset Management Inc Decreases Stake in Albemarle Co. (NYSE:ALB)

CIBC Asset Management Inc reduced its stake in shares of Albemarle Co. (NYSE:ALBFree Report) by 3.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,531 shares of the specialty chemicals company’s stock after selling 612 shares during the period. CIBC Asset Management Inc’s holdings in Albemarle were worth $2,388,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. USCF Advisers LLC boosted its position in shares of Albemarle by 100.0% in the 4th quarter. USCF Advisers LLC now owns 200 shares of the specialty chemicals company’s stock worth $29,000 after buying an additional 100 shares in the last quarter. Arlington Trust Co LLC purchased a new stake in shares of Albemarle in the 4th quarter worth about $30,000. Jones Financial Companies Lllp boosted its position in shares of Albemarle by 2,942.9% in the 4th quarter. Jones Financial Companies Lllp now owns 213 shares of the specialty chemicals company’s stock worth $31,000 after buying an additional 206 shares in the last quarter. Tyler Stone Wealth Management purchased a new stake in shares of Albemarle in the 3rd quarter worth about $35,000. Finally, VisionPoint Advisory Group LLC boosted its position in shares of Albemarle by 21,400.0% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 215 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 214 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Mark Richard Mummert sold 843 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total transaction of $114,251.79. Following the completion of the transaction, the senior vice president now directly owns 6,802 shares in the company, valued at approximately $921,875.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, SVP Mark Richard Mummert sold 843 shares of the company’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 transaction of $114,251.79. Following the sale, the senior vice president now directly owns 6,802 shares of the company’s stock, valued at approximately $921,875.06. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO John Clarence Barichivich III sold 1,475 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 4,743 shares in the company, valued at $626,882.31. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.

Albemarle Stock Down 2.7 %

NYSE ALB opened at $114.94 on Friday. The stock has a market cap of $13.51 billion, a PE ratio of 41.80, a P/E/G ratio of 2.98 and a beta of 1.61. Albemarle Co. has a fifty-two week low of $106.69 and a fifty-two week high of $247.44. The business has a 50 day moving average price of $124.27 and a two-hundred day moving average price of $125.99. The company has a quick ratio of 1.91, a current ratio of 2.84 and a debt-to-equity ratio of 0.37.

Albemarle (NYSE:ALBGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $10.32 EPS. As a group, sell-side analysts predict that Albemarle Co. will post 2.49 EPS for the current fiscal year.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Friday, June 14th. Albemarle’s dividend payout ratio (DPR) is currently 58.18%.

Wall Street Analysts Forecast Growth

ALB has been the topic of several recent research reports. Oppenheimer decreased their price objective on shares of Albemarle from $191.00 to $188.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Berenberg Bank raised shares of Albemarle from a “hold” rating to a “buy” rating and boosted their target price for the company from $130.00 to $160.00 in a research note on Thursday, April 11th. Bank of America raised shares of Albemarle from a “neutral” rating to a “buy” rating and boosted their target price for the company from $137.00 to $156.00 in a research note on Wednesday, April 10th. Mizuho boosted their target price on shares of Albemarle from $112.00 to $128.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Albemarle from $125.00 to $140.00 and gave the company a “hold” rating in a research note on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $165.16.

Check Out Our Latest Report on Albemarle

About Albemarle

(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

Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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