Chevy Chase Trust Holdings Inc. Invests $8,023,000 in Albemarle Corp. (ALB)
Chevy Chase Trust Holdings Inc. acquired a new position in Albemarle Corp. (NYSE:ALB) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 93,852 shares of the company’s stock, valued at approximately $8,023,000. Chevy Chase Trust Holdings Inc. owned 0.08% of Albemarle Corp. as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. New York State Teachers Retirement System raised its stake in shares of Albemarle Corp. by 21.8% in the second quarter. New York State Teachers Retirement System now owns 167,823 shares of the company’s stock worth $13,310,000 after buying an additional 30,056 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Albemarle Corp. by 7.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 326,505 shares of the company’s stock worth $25,895,000 after buying an additional 23,093 shares during the last quarter. Channing Capital Management LLC raised its stake in shares of Albemarle Corp. by 0.8% in the second quarter. Channing Capital Management LLC now owns 35,381 shares of the company’s stock worth $2,806,000 after buying an additional 287 shares during the last quarter. Rothschild Investment Corp IL acquired a new stake in shares of Albemarle Corp. during the second quarter worth $397,000. Finally, Wright Investors Service Inc. purchased a new stake in Albemarle Corp. during the second quarter worth approximately $333,000. Hedge funds and other institutional investors own 84.20% of the company’s stock.
Shares of Albemarle Corp. (NYSE:ALB) traded up 3.20% during mid-day trading on Tuesday, reaching $86.65. 602,543 shares of the company traded hands. Albemarle Corp. has a 52 week low of $45.78 and a 52 week high of $87.29. The firm has a 50 day moving average of $82.33 and a 200-day moving average of $81.62. The stock has a market capitalization of $9.75 billion, a PE ratio of 45.37 and a beta of 1.52.
Albemarle Corp. (NYSE:ALB) last posted its quarterly earnings data on Monday, November 7th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.81 by $0.10. The company earned $654 million during the quarter, compared to analyst estimates of $645.81 million. Albemarle Corp. had a net margin of 6.92% and a return on equity of 14.38%. Albemarle Corp.’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. On average, equities research analysts expect that Albemarle Corp. will post $3.52 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 2nd. Stockholders of record on Thursday, December 15th will be given a dividend of $0.305 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $1.22 annualized dividend and a dividend yield of 1.43%. Albemarle Corp.’s dividend payout ratio (DPR) is 63.54%.
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ALB has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Albemarle Corp. from a “sell” rating to a “hold” rating in a report on Monday, October 10th. Nomura set a $92.00 price target on shares of Albemarle Corp. and gave the company a “buy” rating in a report on Tuesday, August 23rd. Deutsche Bank AG upped their price target on shares of Albemarle Corp. from $94.00 to $95.00 and gave the company a “buy” rating in a report on Friday, August 5th. Finally, Citigroup Inc. upped their price objective on shares of Albemarle Corp. from $95.00 to $101.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Albemarle Corp. has an average rating of “Buy” and a consensus target price of $80.60.
Albemarle Corp. Company Profile
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.
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