Mitsubishi UFJ Trust & Banking Corp decreased its stake in shares of Albemarle Co. (NYSE:ALB) by 0.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 426,252 shares of the specialty chemicals company’s stock after selling 1,583 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.40% of Albemarle worth $32,911,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Ellevest Inc. lifted its position in Albemarle by 133.2% in the second quarter. Ellevest Inc. now owns 492 shares of the specialty chemicals company’s stock worth $38,000 after purchasing an additional 281 shares during the period. Captrust Financial Advisors bought a new position in shares of Albemarle during the 2nd quarter worth about $48,000. Reitz Capital Advisors LLC acquired a new stake in shares of Albemarle during the 2nd quarter valued at about $53,000. Canton Hathaway LLC bought a new stake in Albemarle in the second quarter valued at about $73,000. Finally, Virtus Alternative Investment Advisers Inc. acquired a new position in Albemarle in the second quarter worth about $78,000. 89.77% of the stock is owned by institutional investors and hedge funds.
In other Albemarle news, Director Luther C. Iv Kissam sold 150,001 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $90.71, for a total value of $13,606,590.71. Following the sale, the director now directly owns 225,812 shares in the company, valued at $20,483,406.52. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Luther C. Iv Kissam sold 59,000 shares of Albemarle stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $100.03, for a total transaction of $5,901,770.00. Following the transaction, the director now directly owns 243,065 shares in the company, valued at $24,313,791.95. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by company insiders.
Albemarle stock opened at $97.96 on Friday. The company has a market cap of $10.42 billion, a PE ratio of 23.78, a PEG ratio of 3.51 and a beta of 1.41. The company has a current ratio of 1.61, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74. Albemarle Co. has a 1 year low of $48.89 and a 1 year high of $101.00. The company’s 50-day moving average is $91.32 and its two-hundred day moving average is $75.97.
Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.14. Albemarle had a return on equity of 13.33% and a net margin of 12.99%. Research analysts forecast that Albemarle Co. will post 3.49 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 18th will be paid a $0.385 dividend. This represents a $1.54 annualized dividend and a yield of 1.57%. The ex-dividend date is Thursday, September 17th. Albemarle’s payout ratio is 25.50%.
Several research firms have recently weighed in on ALB. Citigroup upped their price objective on Albemarle from $78.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Truist Financial increased their price objective on Albemarle from $65.00 to $87.00 and gave the stock a “hold” rating in a research note on Monday, August 10th. Zacks Investment Research upgraded shares of Albemarle from a “sell” rating to a “hold” rating and set a $102.00 target price on the stock in a research note on Wednesday, September 2nd. Loop Capital upgraded shares of Albemarle from a “sell” rating to a “hold” rating and increased their target price for the stock from $48.00 to $73.00 in a research report on Friday, June 26th. Finally, Royal Bank of Canada lifted their price target on shares of Albemarle from $70.00 to $80.00 and gave the company a “sector perform” rating in a report on Monday, August 10th. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $78.91.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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