1832 Asset Management L.P. Sells 256,620 Shares of Albemarle Co. (NYSE:ALB)

1832 Asset Management L.P. cut its stake in shares of Albemarle Co. (NYSE:ALBFree Report) by 99.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 735 shares of the specialty chemicals company’s stock after selling 256,620 shares during the quarter. 1832 Asset Management L.P.’s holdings in Albemarle were worth $106,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ALB. Capital Research Global Investors increased its holdings in shares of Albemarle by 128.5% during the fourth quarter. Capital Research Global Investors now owns 7,076,357 shares of the specialty chemicals company’s stock worth $1,022,420,000 after buying an additional 3,979,885 shares in the last quarter. Norges Bank bought a new position in Albemarle in the fourth quarter valued at about $377,341,000. Franklin Resources Inc. boosted its stake in shares of Albemarle by 47.4% during 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 purchasing an additional 1,667,164 shares in the last quarter. Capital International Investors grew its holdings in shares of Albemarle by 31.7% during the fourth quarter. Capital International Investors now owns 5,800,219 shares of the specialty chemicals company’s stock worth $838,025,000 after purchasing an additional 1,396,624 shares during the last quarter. Finally, Primecap Management Co. CA increased its stake in shares of Albemarle by 55.8% in the fourth 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. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Stock Performance

Shares of ALB stock opened at $114.07 on Tuesday. The company has a current ratio of 2.84, a quick ratio of 1.91 and a debt-to-equity ratio of 0.37. The firm has a fifty day simple moving average of $123.63 and a two-hundred day simple moving average of $125.79. Albemarle Co. has a 12 month low of $106.69 and a 12 month high of $247.44. The firm has a market capitalization of $13.41 billion, a PE ratio of 41.48, a price-to-earnings-growth ratio of 2.88 and a beta of 1.61.

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

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.60 annualized dividend and a dividend yield of 1.40%. Albemarle’s payout ratio is 58.18%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

ALB has been the subject of several analyst reports. UBS Group dropped their price target on shares of Albemarle from $137.00 to $125.00 and set a “neutral” rating for the company in a research note on Thursday, February 15th. KeyCorp cut their target price on Albemarle from $178.00 to $159.00 and set an “overweight” rating on the stock in a report on Thursday, March 7th. Bank of America raised Albemarle from a “neutral” rating to a “buy” rating and increased their price target for the company from $137.00 to $156.00 in a research note on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft lifted their price objective on Albemarle from $125.00 to $140.00 and gave the stock a “hold” rating in a research note on Tuesday, May 7th. Finally, Loop Capital decreased their target price on shares of Albemarle from $168.00 to $162.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Albemarle currently has a consensus rating of “Hold” and a consensus target price of $165.16.

Read Our Latest Research Report on Albemarle

Albemarle Company 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.

See Also

Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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