GAMMA Investing LLC Has $10.98 Million Stock Position in Albemarle Co. (NYSE:ALB)

GAMMA Investing LLC raised its stake in shares of Albemarle Co. (NYSE:ALB) by 6,393.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 152,394 shares of the specialty chemicals company’s stock after purchasing an additional 150,047 shares during the quarter. GAMMA Investing LLC owned 0.13% of Albemarle worth $10,975,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Moody National Bank Trust Division boosted its holdings in shares of Albemarle by 10.3% in the 1st quarter. Moody National Bank Trust Division now owns 3,730 shares of the specialty chemicals company’s stock worth $269,000 after acquiring an additional 347 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Albemarle by 1.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 11,355 shares of the specialty chemicals company’s stock worth $977,000 after acquiring an additional 188 shares in the last quarter. Siemens Fonds Invest GmbH acquired a new position in shares of Albemarle in the 4th quarter worth approximately $837,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Albemarle in the 4th quarter worth approximately $9,728,000. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Albemarle in the 4th quarter worth approximately $1,997,000. 92.87% of the stock is owned by institutional investors and hedge funds.

Albemarle Stock Performance

ALB stock opened at $59.85 on Friday. The business’s fifty day moving average is $57.88 and its 200-day moving average is $77.04. The company has a quick ratio of 1.19, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. The company has a market cap of $7.04 billion, a P/E ratio of -5.34 and a beta of 1.61. Albemarle Co. has a twelve month low of $49.43 and a twelve month high of $118.80.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, April 30th. The specialty chemicals company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.44. Albemarle had a negative net margin of 21.93% and a negative return on equity of 1.72%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company earned $0.26 EPS. The firm’s quarterly revenue was down 20.9% on a year-over-year basis. Equities research analysts forecast that Albemarle Co. will post -0.04 EPS for the current year.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Friday, June 13th. Albemarle’s dividend payout ratio is currently -14.57%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. BMO Capital Markets reduced their target price on Albemarle from $150.00 to $140.00 in a report on Wednesday, February 12th. JPMorgan Chase & Co. reduced their target price on Albemarle from $80.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, May 6th. TD Securities dropped their price objective on shares of Albemarle from $115.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Albemarle from $109.00 to $105.00 in a research report on Wednesday, February 12th. Finally, Truist Financial dropped their price objective on shares of Albemarle from $85.00 to $65.00 and set a “hold” rating for the company in a research report on Monday, April 14th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $91.62.

Albemarle Company Profile

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.