Albemarle Corporation $ALB Shares Sold by Patton Fund Management Inc.

Patton Fund Management Inc. reduced its position in Albemarle Corporation (NYSE:ALB) by 63.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 16,337 shares of the specialty chemicals company’s stock after selling 28,948 shares during the period. Patton Fund Management Inc.’s holdings in Albemarle were worth $2,933,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. AQR Capital Management LLC lifted its holdings in shares of Albemarle by 25.5% during the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock valued at $229,000 after purchasing an additional 654 shares during the last quarter. Integrated Wealth Concepts LLC grew its stake in Albemarle by 26.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock worth $346,000 after buying an additional 996 shares during the last quarter. United Services Automobile Association purchased a new position in Albemarle during the 1st quarter worth $208,000. Empowered Funds LLC acquired a new position in Albemarle during the 1st quarter valued at about $411,000. Finally, EverSource Wealth Advisors LLC increased its position in Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after buying an additional 483 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Albemarle Stock Down 0.0%

Shares of ALB stock opened at $133.69 on Monday. Albemarle Corporation has a fifty-two week low of $60.64 and a fifty-two week high of $221.00. The firm has a market capitalization of $15.77 billion, a PE ratio of -39.21, a P/E/G ratio of 0.64 and a beta of 1.31. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. The stock’s 50-day simple moving average is $176.64 and its 200-day simple moving average is $169.40.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The company’s revenue was up 32.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.18) earnings per share. Equities analysts expect that Albemarle Corporation will post 12.98 earnings per share for the current year.

Albemarle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, June 12th. Albemarle’s payout ratio is presently -47.51%.

Insider Buying and Selling

In other news, CEO J Kent Masters sold 16,393 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the sale, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at $16,078,990.68. This represents a 15.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ALB shares. Jefferies Financial Group raised their price target on Albemarle from $230.00 to $244.00 in a report on Monday, May 11th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Albemarle from $210.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Morgan Stanley lifted their target price on shares of Albemarle from $170.00 to $189.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 28th. Berenberg Bank boosted their target price on shares of Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a research report on Tuesday, June 2nd. Finally, UBS Group upped their price target on shares of Albemarle from $230.00 to $264.00 and gave the company a “buy” rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $202.54.

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.