Traders Buy Shares of Albemarle Corp. (ALB) on Weakness
Traders purchased shares of Albemarle Corp. (NYSE:ALB) on weakness during trading hours on Friday. $66.86 million flowed into the stock on the tick-up and $17.48 million flowed out of the stock on the tick-down, for a money net flow of $49.38 million into the stock. Of all equities tracked, Albemarle Corp. had the 23rd highest net in-flow for the day. Albemarle Corp. traded down ($0.94) for the day and closed at $84.17
Several equities analysts have recently issued reports on ALB shares. Zacks Investment Research cut Albemarle Corp. from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 18th. Nomura reiterated a “buy” rating and issued a $85.00 price objective on shares of Albemarle Corp. in a research note on Tuesday, July 12th. Citigroup Inc. reiterated a “buy” rating and issued a $101.00 price objective (up previously from $89.00) on shares of Albemarle Corp. in a research note on Friday, July 15th. Robert W. Baird reiterated a “hold” rating and issued a $71.00 price objective (up previously from $54.00) on shares of Albemarle Corp. in a research note on Wednesday, April 13th. Finally, Jefferies Group lifted their price objective on Albemarle Corp. from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, April 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $77.73.
The company has a 50-day moving average of $82.63 and a 200-day moving average of $67.80. The stock has a market cap of $9.45 billion and a P/E ratio of 18.26.
Albemarle Corp. (NYSE:ALB) last announced its quarterly earnings results on Tuesday, May 10th. The company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.26. During the same quarter in the prior year, the company earned $1.17 earnings per share. The firm had revenue of $865.40 million for the quarter, compared to analyst estimates of $821.64 million. The business’s revenue was down 2.1% compared to the same quarter last year. On average, equities research analysts expect that Albemarle Corp. will post $4.12 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.305 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.22 annualized dividend and a yield of 1.45%.
In other Albemarle Corp. news, CAO Donald J. Jr. Labauve sold 3,564 shares of the company’s stock in a transaction dated Thursday, May 12th. The stock was sold at an average price of $75.34, for a total transaction of $268,511.76. Following the completion of the sale, the chief accounting officer now directly owns 3,464 shares in the company, valued at $260,977.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Matthew Juneau sold 13,174 shares of the company’s stock in a transaction dated Thursday, May 12th. The stock was sold at an average price of $75.34, for a total value of $992,529.16. Following the sale, the senior vice president now owns 360 shares of the company’s stock, valued at $27,122.40. The disclosure for this sale can be found here.
Other large investors have recently made changes to their positions in the company. UBS Oconnor LLC purchased a new stake in shares of Albemarle Corp. during the fourth quarter valued at approximately $2,274,000. Schroder Investment Management Group purchased a new stake in shares of Albemarle Corp. during the fourth quarter valued at approximately $30,479,000. Gulf International Bank UK Ltd raised its stake in shares of Albemarle Corp. by 0.8% in the fourth quarter. Gulf International Bank UK Ltd now owns 37,729 shares of the company’s stock valued at $2,113,000 after buying an additional 300 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in shares of Albemarle Corp. during the fourth quarter valued at approximately $41,447,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Albemarle Corp. by 5.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,285,795 shares of the company’s stock valued at $72,018,000 after buying an additional 71,639 shares in the last quarter.
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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