New Mexico Educational Retirement Board reduced its stake in shares of Albemarle Co. (NYSE:ALB) by 2.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,700 shares of the specialty chemicals company’s stock after selling 200 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Albemarle were worth $613,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Cornerstone Advisors Inc. raised its holdings in Albemarle by 19.4% in the second quarter. Cornerstone Advisors Inc. now owns 3,490 shares of the specialty chemicals company’s stock worth $246,000 after purchasing an additional 567 shares during the period. Kistler Tiffany Companies LLC raised its stake in Albemarle by 29.7% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 1,885 shares of the specialty chemicals company’s stock worth $133,000 after purchasing an additional 432 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new stake in Albemarle in the 2nd quarter worth about $1,878,000. Arizona State Retirement System raised its position in shares of Albemarle by 14.1% in the 2nd quarter. Arizona State Retirement System now owns 52,073 shares of the specialty chemicals company’s stock valued at $3,666,000 after buying an additional 6,441 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Albemarle by 18.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 56,910 shares of the specialty chemicals company’s stock valued at $4,665,000 after buying an additional 8,665 shares in the last quarter. 89.74% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Eric Norris acquired 3,090 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were bought at an average price of $64.66 per share, with a total value of $199,799.40. Following the completion of the transaction, the insider now directly owns 164 shares in the company, valued at $10,604.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.02% of the stock is currently owned by corporate insiders.
A number of equities research analysts have weighed in on ALB shares. Loop Capital reduced their target price on shares of Albemarle to $108.00 and set a “buy” rating on the stock in a report on Thursday, May 16th. Nomura upped their price objective on shares of Albemarle from $70.00 to $71.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. KeyCorp reiterated an “overweight” rating and set a $94.00 target price (down previously from $100.00) on shares of Albemarle in a research report on Tuesday, July 9th. Oppenheimer dropped their target price on shares of Albemarle from $157.00 to $128.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Finally, Vertical Group lowered their price objective on shares of Albemarle from $58.50 to $39.50 in a report on Wednesday, August 14th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $91.84.
ALB stock opened at $60.92 on Thursday. Albemarle Co. has a 1-year low of $58.63 and a 1-year high of $108.74. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.45 and a quick ratio of 0.87. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 0.65 and a beta of 1.59. The business has a 50 day simple moving average of $68.86 and a two-hundred day simple moving average of $75.17.
Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, August 7th. The specialty chemicals company reported $1.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.14. Albemarle had a return on equity of 15.71% and a net margin of 16.01%. The business had revenue of $885.05 million for the quarter, compared to analysts’ expectations of $893.50 million. During the same period in the prior year, the firm earned $1.36 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Sell-side analysts anticipate that Albemarle Co. will post 6.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.3675 per share. This represents a $1.47 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Thursday, September 12th. Albemarle’s payout ratio is 26.82%.
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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