Banco Santander S.A. Sells 34,032 Shares of Albemarle Corporation $ALB

Banco Santander S.A. decreased its holdings in Albemarle Corporation (NYSE:ALB) by 78.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,558 shares of the specialty chemicals company’s stock after selling 34,032 shares during the quarter. Banco Santander S.A.’s holdings in Albemarle were worth $775,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Manning & Napier Advisors LLC bought a new position in Albemarle in the 3rd quarter worth $138,723,000. ProShare Advisors LLC increased its position 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 buying an additional 937,538 shares during the period. AQR Capital Management LLC increased its position in shares of Albemarle by 22,047.4% during 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 buying an additional 710,589 shares during the period. Norges Bank bought a new position in Albemarle in the second quarter worth about $29,482,000. Finally, HB Wealth Management LLC lifted its holdings in Albemarle by 1,278.8% in the third quarter. HB Wealth Management LLC now owns 440,608 shares of the specialty chemicals company’s stock worth $35,725,000 after buying an additional 408,652 shares during the period. Institutional investors own 92.87% of the company’s stock.

Albemarle Trading Down 3.5%

NYSE ALB opened at $178.54 on Friday. Albemarle Corporation has a 12 month low of $49.43 and a 12 month high of $206.00. The stock has a market cap of $21.04 billion, a P/E ratio of -31.05, a P/E/G ratio of 1.66 and a beta of 1.44. The stock’s fifty day moving average price is $166.65 and its 200-day moving average price is $122.70. The company has a current ratio of 2.23, a quick ratio of 1.57 and a debt-to-equity ratio of 0.41.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (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 company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the firm earned ($1.09) EPS. Albemarle’s revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, equities analysts forecast that Albemarle Corporation will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, March 13th. Albemarle’s dividend payout ratio is currently -28.17%.

Analysts Set New Price Targets

ALB has been the topic of a number of research analyst reports. Truist Financial upgraded Albemarle from a “hold” rating to a “buy” rating and upped their target price for the stock from $125.00 to $205.00 in a report on Wednesday, January 21st. JPMorgan Chase & Co. dropped their price target on Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Morgan Stanley increased their price objective on Albemarle from $147.00 to $170.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. BMO Capital Markets raised their price objective on Albemarle from $145.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Finally, UBS Group boosted their target price on shares of Albemarle from $185.00 to $205.00 and gave the company a “buy” rating in a report on Monday, January 12th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $170.04.

Albemarle Company 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.