172,759 Shares in Albemarle Corporation $ALB Bought by NFJ Investment Group LLC

NFJ Investment Group LLC acquired a new position in shares of Albemarle Corporation (NYSE:ALB) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 172,759 shares of the specialty chemicals company’s stock, valued at approximately $23,328,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Addison Advisors LLC purchased a new stake in shares of Albemarle during the second quarter worth about $28,000. BOKF NA raised its position in shares of Albemarle by 5,771.4% during the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after purchasing an additional 404 shares during the last quarter. Elyxium Wealth LLC purchased a new position in Albemarle in the 4th quarter valued at about $34,000. EverSource Wealth Advisors LLC lifted its stake in Albemarle by 536.7% in 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. Finally, Torren Management LLC acquired a new stake in Albemarle in the 4th quarter worth about $38,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Up 0.2%

Shares of NYSE ALB opened at $134.59 on Friday. The stock has a market cap of $15.88 billion, a PE ratio of 498.50 and a beta of 1.33. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22. Albemarle Corporation has a 12-month low of $71.25 and a 12-month high of $221.00. The company has a 50-day moving average of $132.59 and a 200 day moving average of $160.86.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The business’s revenue was up 31.1% on a year-over-year basis. During the same period last year, the company posted $0.11 EPS. As a group, sell-side analysts predict that Albemarle Corporation will post 11.91 EPS for the current fiscal year.

Albemarle Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors 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 yield of 1.2%. Albemarle’s dividend payout ratio (DPR) is 600.00%.

Wall Street Analyst Weigh In

Several research firms have commented on ALB. Wells Fargo & Company boosted their price objective on Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Wall Street Zen downgraded Albemarle from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. HSBC lifted their price target on Albemarle from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Robert W. Baird dropped their price target on Albemarle from $236.00 to $224.00 and set a “neutral” rating for the company in a research report on Thursday, June 18th. Finally, Mizuho reduced their price objective on Albemarle from $205.00 to $185.00 and set a “neutral” rating for the company in a research note on Wednesday, July 1st. Fifteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $190.26.

About Albemarle

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.