Glen Harbor Capital Management LLC Increases Position in Albemarle Co. (ALB)
Glen Harbor Capital Management LLC boosted its stake in Albemarle Co. (NYSE:ALB) by 24.7% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 6,464 shares of the specialty chemicals company’s stock after buying an additional 1,280 shares during the period. Glen Harbor Capital Management LLC’s holdings in Albemarle were worth $610,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in ALB. Baillie Gifford & Co. grew its stake in Albemarle by 1,220.5% in the 2nd quarter. Baillie Gifford & Co. now owns 2,617,349 shares of the specialty chemicals company’s stock valued at $246,894,000 after buying an additional 2,419,144 shares during the last quarter. Jennison Associates LLC grew its stake in Albemarle by 21.4% in the 2nd quarter. Jennison Associates LLC now owns 7,330,974 shares of the specialty chemicals company’s stock valued at $691,531,000 after buying an additional 1,290,510 shares during the last quarter. Carmignac Gestion acquired a new position in Albemarle in the 1st quarter valued at about $113,591,000. Iridian Asset Management LLC CT grew its stake in Albemarle by 43.6% in the 1st quarter. Iridian Asset Management LLC CT now owns 1,985,826 shares of the specialty chemicals company’s stock valued at $184,166,000 after buying an additional 602,784 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Albemarle by 334.1% in the 1st quarter. Principal Financial Group Inc. now owns 741,798 shares of the specialty chemicals company’s stock valued at $68,795,000 after buying an additional 570,899 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.
Shares of NYSE:ALB opened at $100.90 on Friday. Albemarle Co. has a 12-month low of $86.75 and a 12-month high of $144.99. The company has a market cap of $10.79 billion, a price-to-earnings ratio of 19.58, a price-to-earnings-growth ratio of 1.30 and a beta of 1.69. The company has a current ratio of 2.19, a quick ratio of 1.55 and a debt-to-equity ratio of 0.37.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be given a dividend of $0.335 per share. The ex-dividend date is Thursday, September 13th. This represents a $1.34 annualized dividend and a dividend yield of 1.33%. Albemarle’s dividend payout ratio is 29.19%.
ALB has been the topic of a number of research reports. ValuEngine lowered shares of Albemarle from a “hold” rating to a “sell” rating in a research note on Tuesday, May 29th. Zacks Investment Research upgraded shares of Albemarle from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a research report on Tuesday, August 7th. Vertical Group upgraded shares of Albemarle from a “hold” rating to a “buy” rating in a research report on Tuesday, June 12th. SunTrust Banks upgraded shares of Albemarle from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $115.00 in a research report on Tuesday, September 4th. Finally, Bank of America initiated coverage on shares of Albemarle in a research report on Monday, June 25th. They set a “buy” rating and a $115.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $131.97.
In related news, EVP Karen G. Narwold sold 3,100 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $97.11, for a total transaction of $301,041.00. Following the sale, the executive vice president now owns 30,242 shares in the company, valued at approximately $2,936,800.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.80% of the company’s stock.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
Further Reading: Fundamental Analysis
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