Korea Investment CORP Has $10.68 Million Stake in Albemarle Corporation (NYSE:ALB)
Korea Investment CORP raised its stake in shares of Albemarle Corporation (NYSE:ALB) by 17.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 101,144 shares of the specialty chemicals company’s stock after buying an additional 14,912 shares during the period. Korea Investment CORP owned about 0.09% of Albemarle Corporation worth $10,675,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Carroll Financial Associates Inc. boosted its stake in Albemarle Corporation by 0.3% in the second quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock worth $103,000 after buying an additional 3 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Albemarle Corporation by 0.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,454 shares of the specialty chemicals company’s stock worth $154,000 after buying an additional 5 shares in the last quarter. Van ECK Associates Corp boosted its stake in Albemarle Corporation by 18.7% in the first quarter. Van ECK Associates Corp now owns 1,614 shares of the specialty chemicals company’s stock worth $171,000 after buying an additional 254 shares in the last quarter. Cornerstone Advisors Inc. boosted its position in Albemarle Corporation by 26.8% in the second quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock worth $185,000 after buying an additional 370 shares during the period. Finally, Cullinan Associates Inc. purchased a new position in Albemarle Corporation during the first quarter worth about $201,000. Institutional investors own 86.22% of the company’s stock.
Albemarle Corporation (NYSE ALB) traded up 0.43% during trading on Friday, reaching $112.59. 872,711 shares of the company traded hands. The firm’s 50 day moving average price is $114.72 and its 200 day moving average price is $107.36. Albemarle Corporation has a 12-month low of $75.11 and a 12-month high of $123.48. The firm has a market capitalization of $12.44 billion, a price-to-earnings ratio of 14.40 and a beta of 1.59.
Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.02. The firm had revenue of $737.25 million during the quarter, compared to analyst estimates of $735.50 million. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. Albemarle Corporation’s revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm posted $0.93 EPS. Equities research analysts expect that Albemarle Corporation will post $4.36 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 1.14%. Albemarle Corporation’s dividend payout ratio (DPR) is presently 16.41%.
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A number of equities analysts have recently commented on ALB shares. Morgan Stanley cut their target price on shares of Albemarle Corporation from $100.00 to $72.00 and set an “equal weight” rating for the company in a research note on Thursday, May 25th. BidaskClub downgraded shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Needham & Company LLC restated a “buy” rating and set a $36.00 price objective on shares of Albemarle Corporation in a research report on Thursday, June 29th. Vertical Research restated a “hold” rating and set a $109.00 price objective (up from $108.00) on shares of Albemarle Corporation in a research report on Thursday, August 10th. Finally, KeyCorp raised their price objective on shares of Albemarle Corporation from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, June 12th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $109.61.
In other news, CFO Scott Tozier sold 25,000 shares of the stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $110.13, for a total transaction of $2,753,250.00. Following the transaction, the chief financial officer now owns 57,506 shares in the company, valued at approximately $6,333,135.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Karen G. Narwold sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 45,120 shares in the company, valued at approximately $4,880,179.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,000 shares of company stock worth $11,499,850. 0.74% of the stock is 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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