DNB Asset Management AS Buys Shares of 41,247 Albemarle Corporation $ALB

DNB Asset Management AS purchased a new position in shares of Albemarle Corporation (NYSE:ALB) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 41,247 shares of the specialty chemicals company’s stock, valued at approximately $3,344,000.

Several other large investors have also bought and sold shares of the business. Hantz Financial Services Inc. raised its stake in Albemarle by 10,050.0% during the second quarter. Hantz Financial Services Inc. now owns 406 shares of the specialty chemicals company’s stock worth $25,000 after acquiring an additional 402 shares in the last quarter. Cromwell Holdings LLC grew its holdings in shares of Albemarle by 36.8% during the 3rd quarter. Cromwell Holdings LLC now owns 413 shares of the specialty chemicals company’s stock valued at $34,000 after purchasing an additional 111 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 483 shares during the last quarter. Physician Wealth Advisors Inc. acquired a new position in Albemarle during the 3rd quarter worth approximately $40,000. Finally, Assetmark Inc. lifted its stake in Albemarle by 248.0% in the 2nd quarter. Assetmark Inc. now owns 689 shares of the specialty chemicals company’s stock valued at $43,000 after purchasing an additional 491 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ALB. Stephens reiterated an “outperform” rating on shares of Albemarle in a report on Friday, December 19th. Jefferies Financial Group upped their target price on Albemarle from $210.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Zacks Research upgraded Albemarle from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. UBS Group boosted their price target on Albemarle from $185.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Finally, HSBC raised Albemarle from a “hold” rating to a “buy” rating and set a $200.00 price objective for the company in a research note on Monday, January 19th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $170.04.

Albemarle Price Performance

Albemarle stock opened at $178.14 on Tuesday. The stock’s 50 day moving average is $167.31 and its 200 day moving average is $123.67. Albemarle Corporation has a one year low of $49.43 and a one year high of $206.00. The firm has a market cap of $20.99 billion, a P/E ratio of -30.98, a P/E/G ratio of 1.42 and a beta of 1.43. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.23 and a quick ratio of 1.57.

Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.13). The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.09) EPS. As a group, research analysts expect that Albemarle Corporation will post -0.04 EPS for the current year.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.62 dividend on an annualized basis and a yield of 0.9%. Albemarle’s dividend payout ratio is -28.17%.

Albemarle Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.