State Street Corp cut its holdings in Albemarle Corporation (NYSE:ALB) by 5.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,008,050 shares of the specialty chemicals company’s stock after selling 348,789 shares during the quarter. State Street Corp owned about 5.44% of Albemarle Corporation worth $634,215,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its position in shares of Albemarle Corporation by 2.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock valued at $102,000 after purchasing an additional 20 shares during the period. Carroll Financial Associates Inc. grew its position in shares of Albemarle Corporation by 0.3% in the 2nd quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock valued at $103,000 after purchasing an additional 3 shares during the period. Smithfield Trust Co. grew its position in shares of Albemarle Corporation by 16.1% in the 2nd quarter. Smithfield Trust Co. now owns 1,008 shares of the specialty chemicals company’s stock valued at $106,000 after purchasing an additional 140 shares during the period. Benjamin F. Edwards & Company Inc. grew its position in shares of Albemarle Corporation by 0.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,458 shares of the specialty chemicals company’s stock valued at $154,000 after purchasing an additional 4 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Albemarle Corporation by 18.7% in the 1st quarter. Van ECK Associates Corp now owns 1,614 shares of the specialty chemicals company’s stock valued at $171,000 after purchasing an additional 254 shares during the period. Institutional investors and hedge funds own 83.77% of the company’s stock.

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Shares of Albemarle Corporation (NYSE ALB) opened at 137.32 on Wednesday. Albemarle Corporation has a 1-year low of $76.32 and a 1-year high of $140.10. The company has a 50-day moving average price of $126.58 and a 200-day moving average price of $114.71. The company has a market cap of $15.17 billion, a PE ratio of 17.56 and a beta of 1.67.

Albemarle Corporation (NYSE:ALB) last issued its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.02. The firm had revenue of $737.25 million for the quarter, compared to analyst estimates of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The business’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 earnings per share. Equities research analysts expect that Albemarle Corporation will post $4.37 earnings per share for the current fiscal year.

In other Albemarle Corporation news, EVP Karen G. Narwold sold 11,500 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total value of $1,333,425.00. Following the sale, the executive vice president now directly owns 36,620 shares in the company, valued at $4,246,089. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Matthew Juneau sold 5,397 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $115.77, for a total value of $624,810.69. Following the completion of the sale, the executive vice president now owns 360 shares in the company, valued at $41,677.20. The disclosure for this sale can be found here. Insiders own 0.74% of the company’s stock.

Several equities research analysts have commented on ALB shares. Jefferies Group LLC restated a “buy” rating and issued a $120.00 target price on shares of Albemarle Corporation in a research note on Friday, June 16th. Robert W. Baird restated an “outperform” rating and issued a $125.00 target price on shares of Albemarle Corporation in a research note on Wednesday, June 28th. Needham & Company LLC restated a “buy” rating and issued a $36.00 target price on shares of Albemarle Corporation in a research note on Thursday, June 29th. Piper Jaffray Companies restated an “overweight” rating and issued a $47.00 target price on shares of Albemarle Corporation in a research note on Thursday, June 29th. Finally, Zacks Investment Research upgraded Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 target price on the stock in a research note on Friday, July 7th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $118.05.

Albemarle Corporation Profile

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.

Institutional Ownership by Quarter for Albemarle Corporation (NYSE:ALB)

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