64,477 Shares in Albemarle Corporation $ALB Bought by Vega Investment Solutions

Vega Investment Solutions bought a new stake in shares of Albemarle Corporation (NYSE:ALB) during the 2nd quarter, Holdings Channel reports. The firm bought 64,477 shares of the specialty chemicals company’s stock, valued at approximately $8,769,000. Albemarle accounts for approximately 1.2% of Vega Investment Solutions’ holdings, making the stock its 25th biggest position.

Several other hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in shares of Albemarle in the fourth quarter worth about $165,271,000. Deutsche Bank AG purchased a new stake in Albemarle in the 2nd quarter worth approximately $131,049,000. Phoenix Financial Ltd. bought a new stake in Albemarle during the 4th quarter worth approximately $130,415,000. Bank of New York Mellon Corp bought a new stake in Albemarle during the 2nd quarter worth approximately $103,268,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Albemarle by 4,338.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock valued at $104,444,000 after purchasing an additional 721,793 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

ALB stock opened at $141.60 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09. The company’s fifty day moving average price is $131.49 and its 200-day moving average price is $160.50. Albemarle Corporation has a one year low of $71.25 and a one year high of $221.00. The company has a market capitalization of $16.71 billion, a PE ratio of 524.46 and a beta of 1.33.

Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.55. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. Albemarle’s quarterly revenue was up 31.1% on a year-over-year basis. During the same period last year, the company posted $0.11 earnings per share. On average, equities analysts anticipate that Albemarle Corporation will post 11.63 EPS for the current fiscal year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a dividend of $0.41 per share. The ex-dividend date is Friday, September 11th. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.2%. Albemarle’s dividend payout ratio (DPR) is 600.00%.

Analyst Ratings Changes

ALB has been the subject of a number of analyst reports. Citigroup reduced their price objective on shares of Albemarle from $225.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Wells Fargo & Company upped their target price on shares of Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Royal Bank Of Canada cut their price target on Albemarle from $166.00 to $157.00 and set an “outperform” rating for the company in a research note on Monday, August 10th. Morgan Stanley reissued a “reduce” rating and set a $161.00 price target on shares of Albemarle in a report on Monday, August 10th. Finally, Weiss Ratings upgraded Albemarle from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $190.26.

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.