AIA Group Ltd Buys New Stake in Albemarle Corporation $ALB

AIA Group Ltd acquired a new stake in shares of Albemarle Corporation (NYSE:ALB) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,251 shares of the specialty chemicals company’s stock, valued at approximately $1,074,000.

A number of other hedge funds have also recently bought and sold shares of the company. Mirabella Financial Services LLP purchased a new stake in shares of Albemarle during the 3rd quarter worth about $1,505,000. FNY Investment Advisers LLC purchased a new stake in shares of Albemarle during the third quarter valued at approximately $109,000. Allworth Financial LP lifted its holdings in Albemarle by 7.5% in the 3rd quarter. Allworth Financial LP now owns 1,730 shares of the specialty chemicals company’s stock worth $140,000 after buying an additional 120 shares in the last quarter. Private Wealth Advisors LLC acquired a new position in shares of Albemarle in the third quarter worth about $1,657,000. Finally, Strategic Advocates LLC acquired a new position in shares of Albemarle in the 3rd quarter valued at approximately $25,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Insider Activity at Albemarle

In other news, CEO J Kent Masters sold 11,783 shares of Albemarle stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the sale, the chief executive officer owned 134,628 shares of the company’s stock, valued at approximately $22,995,808.68. This trade represents a 8.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.33% of the company’s stock.

Albemarle Stock Performance

Shares of NYSE ALB opened at $156.54 on Friday. Albemarle Corporation has a 12 month low of $49.43 and a 12 month high of $206.00. The company has a market cap of $18.42 billion, a P/E ratio of -27.22, a P/E/G ratio of 1.25 and a beta of 1.43. The business’s 50 day moving average is $171.46 and its two-hundred day moving average is $131.04. The company has a quick ratio of 1.57, a current ratio of 2.23 and a debt-to-equity ratio of 0.41.

Albemarle (NYSE:ALB) last announced its quarterly earnings data 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). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the business posted ($1.09) EPS. The company’s revenue was up 15.9% on a year-over-year basis. On average, equities analysts expect that Albemarle Corporation 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 Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a $0.405 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.0%. Albemarle’s dividend payout ratio (DPR) is currently -28.17%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ALB. Wells Fargo & Company set a $165.00 price target on shares of Albemarle in a research note on Monday, February 16th. Oppenheimer raised their price objective on shares of Albemarle from $109.00 to $207.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Royal Bank Of Canada upped their target price on shares of Albemarle from $200.00 to $216.00 and gave the company an “outperform” rating in a research note on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Albemarle from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Finally, Robert W. Baird set a $210.00 price objective on shares of Albemarle and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $170.24.

About Albemarle

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.