Bank of Montreal Can Invests $5,203,000 in Albemarle Corp. (ALB)
Bank of Montreal Can bought a new position in Albemarle Corp. (NYSE:ALB) during the second quarter, Holdings Channel reports. The firm bought 65,596 shares of the company’s stock, valued at approximately $5,203,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. raised its position in Albemarle Corp. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,438 shares of the company’s stock worth $114,000 after buying an additional 7 shares during the period. Investec Asset Management LTD acquired a new position in Albemarle Corp. during the first quarter worth $164,000. Daiwa Securities Group Inc. raised its position in Albemarle Corp. by 12.5% in the second quarter. Daiwa Securities Group Inc. now owns 2,700 shares of the company’s stock worth $214,000 after buying an additional 300 shares during the period. Cypress Capital Group acquired a new position in Albemarle Corp. during the first quarter worth $216,000. Finally, Seven Eight Capital LLC acquired a new position in Albemarle Corp. during the first quarter worth $231,000. 88.50% of the stock is currently owned by institutional investors and hedge funds.
Albemarle Corp. (NYSE:ALB) traded down 0.70% during mid-day trading on Wednesday, reaching $81.15. 807,830 shares of the company traded hands. Albemarle Corp. has a 52-week low of $45.78 and a 52-week high of $87.29. The stock has a market capitalization of $9.12 billion, a PE ratio of 59.76 and a beta of 1.77. The stock has a 50-day moving average of $81.20 and a 200 day moving average of $77.73.
Albemarle Corp. (NYSE:ALB) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.08. Albemarle Corp. had a net margin of 4.54% and a return on equity of 14.52%. The company had revenue of $669.30 million for the quarter, compared to the consensus estimate of $860.40 million. During the same quarter in the prior year, the firm earned $0.73 earnings per share. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. Equities research analysts expect that Albemarle Corp. will post $3.48 earnings per share for the current year.
A number of research analysts have weighed in on the stock. Citigroup Inc. raised their target price on shares of Albemarle Corp. from $95.00 to $101.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Deutsche Bank AG reissued a “buy” rating and issued a $94.00 target price (up from $84.00) on shares of Albemarle Corp. in a research note on Monday, June 20th. Zacks Investment Research lowered shares of Albemarle Corp. from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 18th. Finally, Nomura set a $92.00 target price on shares of Albemarle Corp. and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $80.00.
In other Albemarle Corp. news, CEO Luther C. Iv Kissam sold 50,000 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $83.19, for a total value of $4,159,500.00. Following the sale, the chief executive officer now owns 233,000 shares of the company’s stock, valued at $19,383,270. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Sherman, Jr. sold 4,300 shares of the company’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $82.09, for a total transaction of $352,987.00. Following the completion of the sale, the director now directly owns 1,500 shares in the company, valued at approximately $123,135. The disclosure for this sale can be found here. 0.71% of the stock is currently owned by company insiders.
Albemarle Corp. Company Profile
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.
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