Janney Montgomery Scott LLC Raises Stake in Albemarle Co. (ALB)
Janney Montgomery Scott LLC grew its holdings in Albemarle Co. (NYSE:ALB) by 13.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,412 shares of the specialty chemicals company’s stock after purchasing an additional 2,023 shares during the period. Janney Montgomery Scott LLC’s holdings in Albemarle were worth $1,737,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Cornerstone Advisors Inc. raised its holdings in shares of Albemarle by 19.7% during the second quarter. Cornerstone Advisors Inc. now owns 3,730 shares of the specialty chemicals company’s stock worth $352,000 after purchasing an additional 614 shares during the last quarter. Skylands Capital LLC purchased a new position in shares of Albemarle during the second quarter worth $943,000. Bank of The West raised its holdings in shares of Albemarle by 12.1% during the second quarter. Bank of The West now owns 16,092 shares of the specialty chemicals company’s stock worth $1,518,000 after purchasing an additional 1,736 shares during the last quarter. Congress Asset Management Co. MA raised its holdings in shares of Albemarle by 8.4% during the second quarter. Congress Asset Management Co. MA now owns 63,508 shares of the specialty chemicals company’s stock worth $5,991,000 after purchasing an additional 4,923 shares during the last quarter. Finally, Parsec Financial Management Inc. purchased a new position in Albemarle in the second quarter valued at $371,000. Institutional investors own 93.70% of the company’s stock.
A number of research analysts have weighed in on ALB shares. ValuEngine cut shares of Albemarle from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Loop Capital set a $130.00 price objective on shares of Albemarle and gave the company a “buy” rating in a report on Monday, October 8th. SunTrust Banks raised shares of Albemarle from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.00 to $115.00 in a report on Tuesday, September 4th. Zacks Investment Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a report on Tuesday, August 7th. Finally, Vertical Research started coverage on shares of Albemarle in a report on Tuesday, September 25th. They issued a “sell” rating and a $85.00 price objective for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $123.08.
ALB stock opened at $95.52 on Thursday. The stock has a market cap of $10.17 billion, a PE ratio of 20.81, a P/E/G ratio of 1.24 and a beta of 1.53. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.83 and a quick ratio of 1.18. Albemarle Co. has a 52 week low of $86.75 and a 52 week high of $138.67.
Albemarle (NYSE:ALB) last released its earnings results on Wednesday, November 7th. The specialty chemicals company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.06. The business had revenue of $778.00 million during the quarter, compared to analysts’ expectations of $796.79 million. Albemarle had a net margin of 10.44% and a return on equity of 15.39%. The company’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.08 earnings per share. As a group, equities analysts anticipate that Albemarle Co. will post 5.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Friday, December 14th will be paid a dividend of $0.335 per share. The ex-dividend date is Thursday, December 13th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 1.40%. Albemarle’s dividend payout ratio is currently 29.19%.
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.
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