Albemarle Corporation (NYSE:ALB) shares reached a new 52-week high on Monday after Instinet raised their price target on the stock from $134.00 to $146.00. Instinet currently has a buy rating on the stock. Albemarle Corporation traded as high as $130.83 and last traded at $130.73, with a volume of 889,304 shares traded. The stock had previously closed at $127.29.

Several other analysts have also recently commented on the stock. KeyCorp reiterated a “buy” rating and set a $125.00 target price on shares of Albemarle Corporation in a research report on Sunday, September 3rd. Jefferies Group LLC set a $144.00 target price on shares of Albemarle Corporation and gave the company a “buy” rating in a research report on Monday, August 21st. CIBC assumed coverage on shares of Albemarle Corporation in a research report on Thursday, August 17th. They set an “outperform” rating and a $133.00 target price for the company. Oppenheimer Holdings, Inc. assumed coverage on shares of Albemarle Corporation in a research report on Wednesday, August 16th. They set an “outperform” rating and a $133.00 target price for the company. Finally, BidaskClub cut shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $112.50.

In other news, EVP Karen G. Narwold sold 11,500 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $115.95, for a total value of $1,333,425.00. Following the completion of the transaction, the executive vice president now owns 36,620 shares of the company’s stock, valued at approximately $4,246,089. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Scott Tozier sold 25,000 shares of the business’s stock in a transaction on Friday, July 7th. The shares were sold at an average price of $110.13, for a total transaction of $2,753,250.00. Following the completion of the transaction, the chief financial officer now directly owns 57,506 shares of the company’s stock, valued at approximately $6,333,135.78. The disclosure for this sale can be found here. Insiders sold a total of 91,897 shares of company stock valued at $10,215,486 in the last three months. 0.74% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Cornerstone Advisors Inc. boosted its stake in Albemarle Corporation by 26.8% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock worth $185,000 after purchasing an additional 370 shares during the period. Baillie Gifford & Co. boosted its stake in Albemarle Corporation by 100.8% in the 2nd quarter. Baillie Gifford & Co. now owns 184,555 shares of the specialty chemicals company’s stock worth $19,478,000 after purchasing an additional 92,650 shares during the period. Meiji Yasuda Asset Management Co Ltd. acquired a new position in Albemarle Corporation in the 2nd quarter worth $439,000. State Street Corp boosted its stake in Albemarle Corporation by 0.5% in the 1st quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock worth $671,675,000 after purchasing an additional 30,662 shares during the period. Finally, Marietta Investment Partners LLC acquired a new position in Albemarle Corporation in the 1st quarter worth $2,574,000. 83.73% of the stock is owned by institutional investors.

The company has a market capitalization of $14.47 billion, a PE ratio of 16.76 and a beta of 1.61. The firm has a 50-day moving average price of $117.38 and a 200 day moving average price of $111.15.

Albemarle Corporation (NYSE:ALB) last announced its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.02. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. The business had revenue of $737.25 million during the quarter, compared to the consensus estimate of $735.50 million. During the same quarter last year, the firm earned $0.93 earnings per share. Albemarle Corporation’s quarterly revenue was up 10.1% on a year-over-year basis. On average, equities research analysts predict that Albemarle Corporation will post $4.37 earnings per share for the current year.

The business also recently declared 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 0.98%. The ex-dividend date is Thursday, September 14th. Albemarle Corporation’s payout ratio is 16.41%.

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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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