Securian Asset Management Inc lowered its holdings in Albemarle Co. (NYSE:ALB) by 1.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,079 shares of the specialty chemicals company’s stock after selling 100 shares during the period. Securian Asset Management Inc’s holdings in Albemarle were worth $1,698,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Grandview Asset Management LLC purchased a new stake in shares of Albemarle in the 1st quarter valued at about $25,000. Knuff & Co LLC purchased a new stake in shares of Albemarle in the 2nd quarter valued at about $25,000. Bedel Financial Consulting Inc. purchased a new position in shares of Albemarle during the 2nd quarter valued at about $27,000. TCI Wealth Advisors Inc. raised its holdings in shares of Albemarle by 43.0% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 173 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 52 shares in the last quarter. Finally, E Fund Management Co. Ltd. purchased a new position in shares of Albemarle during the 1st quarter valued at about $30,000. 81.13% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on ALB. Berenberg Bank raised Albemarle from a “sell” rating to a “buy” rating and raised their price objective for the company from $115.00 to $280.00 in a report on Wednesday, September 8th. Cowen raised their price objective on Albemarle from $180.00 to $260.00 and gave the company an “outperform” rating in a report on Monday, August 30th. Wells Fargo & Company lifted their price target on Albemarle from $225.00 to $270.00 and gave the stock an “equal weight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft lifted their price target on Albemarle from $245.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Oppenheimer lifted their price target on Albemarle from $250.00 to $296.00 and gave the stock an “outperform” rating in a research note on Monday. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $199.95.
Albemarle (NYSE:ALB) last announced its quarterly earnings data on Tuesday, August 3rd. The specialty chemicals company reported $0.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.06. The business had revenue of $773.90 million during the quarter, compared to analysts’ expectations of $787.72 million. Albemarle had a return on equity of 8.92% and a net margin of 21.78%. The firm’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.86 earnings per share. As a group, equities research analysts predict that Albemarle Co. will post 3.57 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 17th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, September 16th. Albemarle’s payout ratio is 37.86%.
In other news, EVP Karen G. Narwold sold 1,338 shares of the business’s stock in a transaction on Thursday, July 8th. The stock was sold at an average price of $165.69, for a total value of $221,693.22. Following the completion of the transaction, the executive vice president now owns 41,019 shares in the company, valued at $6,796,438.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Karen G. Narwold sold 1,337 shares of the company’s stock in a transaction on Wednesday, September 8th. The shares were sold at an average price of $243.75, for a total value of $325,893.75. Following the sale, the executive vice president now owns 19,533 shares of the company’s stock, valued at approximately $4,761,168.75. The disclosure for this sale can be found here. Insiders sold 23,534 shares of company stock valued at $5,298,393 in the last 90 days. Company insiders own 0.63% of the company’s stock.
Albemarle Corp. engages in developing, manufacturing, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine Specialties, and Catalysts.
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