Amova Asset Management Americas Inc. Reduces Position in Albemarle Corporation $ALB

Amova Asset Management Americas Inc. trimmed its position in shares of Albemarle Corporation (NYSE:ALB) by 54.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,714 shares of the specialty chemicals company’s stock after selling 5,635 shares during the period. Amova Asset Management Americas Inc.’s holdings in Albemarle were worth $846,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ALB. Norges Bank bought a new stake in shares of Albemarle during the 4th quarter worth approximately $165,271,000. Phoenix Financial Ltd. bought a new stake in shares of Albemarle during the fourth quarter worth $130,415,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Albemarle by 4,338.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock valued at $104,444,000 after purchasing an additional 721,793 shares during the period. AQR Capital Management LLC grew its holdings in shares of Albemarle by 22,047.4% in the second quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock worth $44,613,000 after purchasing an additional 710,589 shares during the last quarter. Finally, Samlyn Capital LLC purchased a new position in Albemarle in the 3rd quarter worth about $47,088,000. Institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of ALB opened at $118.56 on Wednesday. The business’s 50-day moving average is $152.87 and its two-hundred day moving average is $167.96. The company has a market capitalization of $13.98 billion, a P/E ratio of -34.77 and a beta of 1.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. Albemarle Corporation has a fifty-two week low of $64.95 and a fifty-two week high of $221.00.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the firm posted ($0.18) EPS. The company’s revenue for the quarter was up 32.7% on a year-over-year basis. Research analysts predict that Albemarle Corporation will post 12.95 earnings per share for the current year.

Albemarle Announces Dividend

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

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of the transaction, the chief executive officer owned 87,519 shares in the company, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on ALB shares. Royal Bank Of Canada set a $166.00 price objective on shares of Albemarle in a research report on Friday. Jefferies Financial Group lowered their price target on Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Scotiabank increased their target price on shares of Albemarle from $200.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Argus raised their target price on shares of Albemarle from $185.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Wells Fargo & Company lifted their price objective on shares of Albemarle from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $199.87.

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.