Mitsubishi UFJ Asset Management UK Ltd. Makes New $1.38 Million Investment in Albemarle Corporation $ALB

Mitsubishi UFJ Asset Management UK Ltd. purchased a new stake in shares of Albemarle Corporation (NYSE:ALB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,000 shares of the specialty chemicals company’s stock, valued at approximately $1,378,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ALB. Manning & Napier Advisors LLC bought a new position in Albemarle in the 3rd quarter valued at $138,723,000. ProShare Advisors LLC lifted its stake in shares of Albemarle by 48.5% during the second quarter. ProShare Advisors LLC now owns 2,870,110 shares of the specialty chemicals company’s stock valued at $179,870,000 after acquiring an additional 937,538 shares during the period. AQR Capital Management LLC boosted its holdings in Albemarle by 22,047.4% in the second quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock valued at $44,613,000 after acquiring an additional 710,589 shares during the last quarter. Norges Bank acquired a new stake in Albemarle in the second quarter worth about $29,482,000. Finally, HB Wealth Management LLC raised its holdings in Albemarle by 1,278.8% during the 3rd quarter. HB Wealth Management LLC now owns 440,608 shares of the specialty chemicals company’s stock worth $35,725,000 after purchasing an additional 408,652 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of ALB stock opened at $168.33 on Friday. The company has a quick ratio of 1.57, a current ratio of 2.23 and a debt-to-equity ratio of 0.41. Albemarle Corporation has a 12-month low of $49.43 and a 12-month high of $195.68. The firm has a fifty day moving average of $161.88 and a 200-day moving average of $118.49. The firm has a market capitalization of $19.84 billion, a price-to-earnings ratio of -29.28, a price-to-earnings-growth ratio of 1.76 and a beta of 1.44.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the business posted ($1.09) EPS. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts forecast that Albemarle Corporation will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

ALB has been the topic of several recent research reports. Rothschild & Co Redburn raised their target price on shares of Albemarle from $158.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Oppenheimer raised their price objective on shares of Albemarle from $109.00 to $207.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Berenberg Bank lifted their target price on shares of Albemarle from $75.00 to $135.00 and gave the stock a “hold” rating in a report on Tuesday, January 6th. Dbs Bank increased their price target on Albemarle from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Finally, Evercore lifted their price objective on Albemarle from $100.00 to $180.00 in a research note on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.52.

Albemarle Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.