Albemarle Corporation (ALB) Position Cut by BARING ASSET MANAGEMENT Ltd
BARING ASSET MANAGEMENT Ltd reduced its position in shares of Albemarle Corporation (NYSE:ALB) by 40.6% during the second quarter, Holdings Channel reports. The fund owned 141,948 shares of the specialty chemicals company’s stock after selling 96,840 shares during the period. Albemarle Corporation comprises about 1.0% of BARING ASSET MANAGEMENT Ltd’s investment portfolio, making the stock its 22nd largest position. BARING ASSET MANAGEMENT Ltd’s holdings in Albemarle Corporation were worth $14,982,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Albemarle Corporation by 2,805.3% in the first quarter. BlackRock Inc. now owns 8,310,717 shares of the specialty chemicals company’s stock worth $877,947,000 after buying an additional 8,024,668 shares during the last quarter. Vanguard Group Inc. increased its stake in Albemarle Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 12,287,799 shares of the specialty chemicals company’s stock worth $1,298,083,000 after buying an additional 725,702 shares during the last quarter. Jennison Associates LLC increased its stake in Albemarle Corporation by 14.0% in the first quarter. Jennison Associates LLC now owns 5,705,825 shares of the specialty chemicals company’s stock worth $602,763,000 after buying an additional 702,388 shares during the last quarter. KAMES CAPITAL plc increased its stake in Albemarle Corporation by 2,716.6% in the first quarter. KAMES CAPITAL plc now owns 322,788 shares of the specialty chemicals company’s stock worth $34,099,000 after buying an additional 311,328 shares during the last quarter. Finally, Barings LLC bought a new stake in Albemarle Corporation during the first quarter worth about $29,862,000. Hedge funds and other institutional investors own 86.22% of the company’s stock.
Shares of Albemarle Corporation (ALB) opened at 112.30 on Wednesday. The company has a 50-day moving average of $114.08 and a 200 day moving average of $107.15. The firm has a market capitalization of $12.41 billion, a PE ratio of 14.36 and a beta of 1.59. Albemarle Corporation has a 12-month low of $75.11 and a 12-month high of $123.48.
Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.02. The business had revenue of $737.25 million for the quarter, compared to the consensus estimate of $735.50 million. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. Albemarle Corporation’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company posted $0.93 earnings per share. On average, analysts predict that Albemarle Corporation will post $4.36 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 annualized dividend and a dividend yield of 1.14%. Albemarle Corporation’s payout ratio is 16.41%.
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A number of equities research analysts recently issued reports on ALB shares. Zacks Investment Research upgraded shares of Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a report on Friday, July 7th. Robert W. Baird reiterated an “outperform” rating and set a $135.00 price objective (up from $125.00) on shares of Albemarle Corporation in a research note on Tuesday, July 18th. They noted that the move was a valuation call. BidaskClub downgraded shares of Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Needham & Company LLC reiterated a “buy” rating and set a $36.00 price objective on shares of Albemarle Corporation in a research note on Thursday, June 29th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $120.00 price objective on shares of Albemarle Corporation in a research note on Friday, June 16th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $106.69.
In other news, EVP Karen G. Narwold sold 20,000 shares of the firm’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $108.16, for a total value of $2,163,200.00. Following the sale, the executive vice president now owns 45,120 shares in the company, valued at $4,880,179.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Douglas L. Maine sold 10,000 shares of the firm’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $107.94, for a total transaction of $1,079,400.00. Following the completion of the sale, the director now owns 24,150 shares in the company, valued at approximately $2,606,751. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,000 shares of company stock worth $11,499,850. 0.74% of the stock is currently owned by corporate insiders.
Albemarle Corporation Company Profile
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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