Investors Buy Shares of Albemarle Corp. (ALB) on Weakness
Investors bought 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
A number of equities analysts recently weighed in on the stock. Jefferies Group increased their price objective on shares of Albemarle Corp. from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, April 15th. Deutsche Bank AG reiterated a “buy” rating and set a $94.00 target price (up from $84.00) on shares of Albemarle Corp. in a report on Monday, June 20th. Goldman Sachs Group Inc. reiterated a “buy” rating and set a $67.00 target price on shares of Albemarle Corp. in a report on Monday, April 25th. Zacks Investment Research lowered shares of Albemarle Corp. from a “strong-buy” rating to a “hold” rating in a report on Monday, July 18th. Finally, Citigroup Inc. reiterated a “buy” rating and set a $101.00 target price (up from $89.00) on shares of Albemarle Corp. in a report on Friday, July 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $77.73.
The company has a market cap of $9.45 billion and a PE ratio of 18.26. The company has a 50 day moving average of $82.63 and a 200 day moving average of $67.80.
Albemarle Corp. (NYSE:ALB) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.26. During the same period in the prior year, the company posted $1.17 earnings per share. The firm had revenue of $865.40 million for the quarter, compared to analysts’ expectations of $821.64 million. Albemarle Corp.’s quarterly revenue was down 2.1% compared to the same quarter last year. Equities research analysts predict that Albemarle Corp. will post $4.11 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be given a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend is Tuesday, September 13th.
In other news, Director John Sherman, Jr. sold 2,025 shares of the stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $75.73, for a total value of $153,353.25. Following the completion of the sale, the director now directly owns 1,850 shares of the company’s stock, valued at $140,100.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Matthew Juneau sold 13,174 shares of the stock in a transaction that occurred on Thursday, May 12th. The stock was sold at an average price of $75.34, for a total transaction of $992,529.16. Following the completion of the sale, the senior vice president now directly owns 360 shares of the company’s stock, valued at $27,122.40. The disclosure for this sale can be found here.
Other hedge funds recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Albemarle Corp. by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 32,531 shares of the company’s stock worth $1,822,000 after buying an additional 139 shares during the period. Gulf International Bank UK Ltd raised its stake in Albemarle Corp. by 0.8% in the fourth quarter. Gulf International Bank UK Ltd now owns 37,729 shares of the company’s stock worth $2,113,000 after buying an additional 300 shares during the period. First Trust Advisors LP raised its stake in Albemarle Corp. by 67.6% in the fourth quarter. First Trust Advisors LP now owns 38,852 shares of the company’s stock worth $2,176,000 after buying an additional 15,669 shares during the period. UBS Oconnor LLC bought a new stake in Albemarle Corp. during the fourth quarter worth about $2,274,000. Finally, Russell Frank Co raised its stake in Albemarle Corp. by 23.8% in the fourth quarter. Russell Frank Co now owns 82,341 shares of the company’s stock worth $4,639,000 after buying an additional 15,827 shares during the period.
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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