Albemarle Corporation $ALB Shares Purchased by California Public Employees Retirement System

California Public Employees Retirement System raised its position in Albemarle Corporation (NYSE:ALB) by 19.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 271,555 shares of the specialty chemicals company’s stock after purchasing an additional 43,283 shares during the period. California Public Employees Retirement System owned 0.23% of Albemarle worth $48,752,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of ALB. MH & Associates Securities Management Corp ADV purchased a new position in shares of Albemarle in the fourth quarter worth about $26,000. BOKF NA boosted its position in Albemarle by 5,771.4% during the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after acquiring an additional 404 shares during the last quarter. Elyxium Wealth LLC purchased a new stake in Albemarle during the 4th quarter valued at about $34,000. EverSource Wealth Advisors LLC grew its stake in 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 acquiring an additional 483 shares in the last quarter. Finally, Torren Management LLC acquired a new stake in Albemarle in the 4th quarter valued at about $38,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Stock Performance

NYSE:ALB opened at $118.01 on Tuesday. Albemarle Corporation has a fifty-two week low of $64.95 and a fifty-two week high of $221.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. The company has a 50 day moving average price of $154.62 and a 200 day moving average price of $168.12. The stock has a market capitalization of $13.92 billion, a P/E ratio of -34.61 and a beta of 1.34.

Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the company earned ($0.18) earnings per share. The firm’s quarterly revenue was up 32.7% compared to the same quarter last year. Equities research analysts forecast that Albemarle Corporation will post 13.07 EPS for the current year.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, June 12th. Albemarle’s payout ratio is currently -47.51%.

Analyst Ratings Changes

ALB has been the topic of a number of research reports. Vertical Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $224.00 target price on the stock in a research note on Tuesday, May 26th. Berenberg Bank upped their price target on Albemarle from $153.00 to $192.00 and gave the company a “hold” rating in a research report on Tuesday, June 2nd. Wall Street Zen raised Albemarle from a “buy” rating to a “strong-buy” rating in a report on Monday, July 13th. Morgan Stanley lifted their price objective on Albemarle from $170.00 to $189.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 28th. Finally, Mizuho lowered their price objective on Albemarle from $205.00 to $185.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $199.87.

Insider Transactions at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.42% of the company’s stock.

Albemarle Company 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.