APG Asset Management N.V. cut its stake in Albemarle Co. (NYSE:ALB) by 2.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 418,346 shares of the specialty chemicals company’s stock after selling 8,466 shares during the period. APG Asset Management N.V.’s holdings in Albemarle were worth $59,427,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also bought and sold shares of the company. Legal & General Group Plc boosted its stake in shares of Albemarle by 4.5% during the 2nd quarter. Legal & General Group Plc now owns 737,565 shares of the specialty chemicals company’s stock worth $124,251,000 after buying an additional 31,940 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Albemarle by 26.5% during the 1st quarter. Franklin Resources Inc. now owns 7,258,584 shares of the specialty chemicals company’s stock worth $1,060,553,000 after buying an additional 1,518,429 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in shares of Albemarle by 185.4% during the 1st quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 128,195 shares of the specialty chemicals company’s stock worth $18,731,000 after buying an additional 83,273 shares during the last quarter. Man Group plc lifted its stake in Albemarle by 20.3% in the 1st quarter. Man Group plc now owns 35,383 shares of the specialty chemicals company’s stock valued at $5,170,000 after purchasing an additional 5,975 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Albemarle by 3.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 732,003 shares of the specialty chemicals company’s stock valued at $106,953,000 after acquiring an additional 21,242 shares during the period. Institutional investors own 81.13% of the company’s stock.
Albemarle stock opened at $223.66 on Thursday. Albemarle Co. has a 12 month low of $90.07 and a 12 month high of $253.10. The company has a current ratio of 2.18, a quick ratio of 1.44 and a debt-to-equity ratio of 0.32. The business’s 50 day simple moving average is $227.77 and its 200 day simple moving average is $188.82. The company has a market cap of $26.16 billion, a price-to-earnings ratio of 36.25, a PEG ratio of 4.50 and a beta of 1.57.
The business also recently announced a quarterly dividend, which was paid on Friday, October 1st. Shareholders of record on Friday, September 17th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, September 16th. This represents a $1.56 annualized dividend and a dividend yield of 0.70%. Albemarle’s dividend payout ratio is currently 37.86%.
Several research analysts have weighed in on the stock. Zacks Investment Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $197.00 price target on the stock in a report on Tuesday, July 13th. Berenberg Bank raised shares of Albemarle from a “sell” rating to a “buy” rating and raised their target price for the stock from $115.00 to $280.00 in a report on Wednesday, September 8th. Bank of America lifted their price objective on shares of Albemarle from $121.00 to $140.00 and gave the company an “underperform” rating in a research note on Friday, August 6th. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Albemarle from $245.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, September 13th. Finally, 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. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $211.55.
In related news, EVP Karen G. Narwold sold 1,337 shares of the stock in a transaction on Friday, October 8th. The stock was sold at an average price of $221.98, for a total value of $296,787.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Karen G. Narwold sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $216.12, for a total value of $2,161,200.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,533 shares of company stock worth $5,373,487. 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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