Albemarle Corporation (ALB) Stake Cut by TD Asset Management Inc.
TD Asset Management Inc. lowered its position in Albemarle Corporation (NYSE:ALB) by 2.4% during the second quarter, Holdings Channel reports. The fund owned 50,322 shares of the specialty chemicals company’s stock after selling 1,241 shares during the period. TD Asset Management Inc.’s holdings in Albemarle Corporation were worth $5,311,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of ALB. Vanguard Group Inc. increased its stake in shares of Albemarle Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 12,287,799 shares of the specialty chemicals company’s stock worth $1,298,083,000 after buying an additional 725,702 shares during the last quarter. BlackRock Inc. increased its stake in shares of Albemarle Corporation by 2,805.3% in the first quarter. BlackRock Inc. now owns 8,310,717 shares of the specialty chemicals company’s stock worth $877,947,000 after buying an additional 8,024,668 shares during the last quarter. State Street Corp increased its stake in shares of Albemarle Corporation by 0.5% in the first quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock worth $671,675,000 after buying an additional 30,662 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Albemarle Corporation by 14.0% in the first quarter. Jennison Associates LLC now owns 5,705,825 shares of the specialty chemicals company’s stock worth $602,763,000 after buying an additional 702,388 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Albemarle Corporation by 3.9% in the first quarter. FMR LLC now owns 2,269,067 shares of the specialty chemicals company’s stock worth $239,703,000 after buying an additional 84,189 shares during the last quarter. Hedge funds and other institutional investors own 86.22% of the company’s stock.
Albemarle Corporation (NYSE:ALB) opened at 112.59 on Friday. The firm has a market cap of $12.44 billion, a P/E ratio of 14.40 and a beta of 1.59. Albemarle Corporation has a 1-year low of $75.11 and a 1-year high of $123.48. The firm’s 50-day moving average price is $114.72 and its 200-day moving average price is $107.36.
Albemarle Corporation (NYSE:ALB) last released its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.02. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. The company had revenue of $737.25 million during the quarter, compared to the consensus estimate of $735.50 million. During the same period in the prior year, the firm earned $0.93 earnings per share. Albemarle Corporation’s revenue was up 10.1% on a year-over-year basis. Equities research analysts anticipate that Albemarle Corporation will post $4.36 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio (DPR) is presently 16.41%.
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A number of analysts have weighed in on ALB shares. Zacks Investment Research downgraded Albemarle Corporation from a “buy” rating to a “hold” rating in a report on Monday, April 24th. BidaskClub downgraded Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Robert W. Baird reiterated an “outperform” rating and set a $135.00 price target (up from $125.00) on shares of Albemarle Corporation in a report on Tuesday, July 18th. They noted that the move was a valuation call. SunTrust Banks, Inc. downgraded Albemarle Corporation from a “buy” rating to a “hold” rating and set a $121.00 price target for the company. in a report on Wednesday, August 9th. Finally, Oppenheimer Holdings, Inc. started coverage on Albemarle Corporation in a report on Wednesday. They set an “outperform” rating and a $133.00 price target for the company. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $109.61.
In other Albemarle Corporation news, Director Douglas L. Maine sold 10,000 shares of the company’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $107.94, for a total value of $1,079,400.00. Following the sale, the director now owns 24,150 shares in the company, valued at $2,606,751. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Karen G. Narwold sold 20,000 shares of the company’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $108.16, for a total transaction of $2,163,200.00. Following the completion of the sale, the executive vice president now owns 45,120 shares in the company, valued at approximately $4,880,179.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,000 shares of company stock worth $11,499,850. Corporate insiders own 0.74% of the company’s stock.
About Albemarle Corporation
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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