Albemarle Corporation (ALB) Shares Sold by Barometer Capital Management Inc.
Barometer Capital Management Inc. reduced its position in shares of Albemarle Corporation (NYSE:ALB) by 41.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,000 shares of the specialty chemicals company’s stock after selling 98,350 shares during the period. Albemarle Corporation accounts for 1.5% of Barometer Capital Management Inc.’s investment portfolio, making the stock its 22nd largest position. Barometer Capital Management Inc. owned about 0.13% of Albemarle Corporation worth $14,670,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in ALB. Thrivent Financial for Lutherans increased its position in Albemarle Corporation by 7.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 3,940 shares of the specialty chemicals company’s stock valued at $339,000 after buying an additional 260 shares during the period. Kentucky Retirement Systems acquired a new position in Albemarle Corporation during the fourth quarter valued at approximately $703,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Albemarle Corporation during the fourth quarter valued at approximately $314,000. Chevy Chase Trust Holdings Inc. increased its position in Albemarle Corporation by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 97,039 shares of the specialty chemicals company’s stock valued at $10,251,000 after buying an additional 2,995 shares during the period. Finally, Rathbone Brothers plc increased its position in Albemarle Corporation by 40.5% in the first quarter. Rathbone Brothers plc now owns 6,690 shares of the specialty chemicals company’s stock valued at $707,000 after buying an additional 1,930 shares during the period. 86.22% of the stock is currently owned by institutional investors and hedge funds.
Albemarle Corporation (NYSE:ALB) traded up 0.43% on Friday, reaching $112.59. The company’s stock had a trading volume of 872,711 shares. The firm has a 50-day moving average of $114.72 and a 200 day moving average of $107.36. Albemarle Corporation has a 12-month low of $75.11 and a 12-month high of $123.48. The company 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 issued its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.02. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The firm had revenue of $737.25 million for the quarter, compared to analysts’ expectations of $735.50 million. During the same quarter last year, the firm earned $0.93 earnings per share. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, equities research analysts anticipate that Albemarle Corporation will post $4.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio (DPR) is presently 16.41%.
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Several brokerages recently commented on ALB. Morgan Stanley cut their price target on shares of Albemarle Corporation from $100.00 to $72.00 and set an “equal weight” rating on the stock in a report on Thursday, May 25th. BidaskClub cut shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Needham & Company LLC restated a “buy” rating and set a $36.00 target price on shares of Albemarle Corporation in a report on Thursday, June 29th. Vertical Research restated a “hold” rating and set a $109.00 target price (up previously from $108.00) on shares of Albemarle Corporation in a report on Thursday, August 10th. Finally, KeyCorp upped their price target on shares of Albemarle Corporation from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, June 12th. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Albemarle Corporation currently has a consensus rating of “Buy” and a consensus target price of $109.61.
In other Albemarle Corporation news, Director Douglas L. Maine sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $107.94, for a total value of $1,079,400.00. Following the transaction, the director now directly owns 24,150 shares of the company’s stock, valued at $2,606,751. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Karen G. Narwold sold 20,000 shares of Albemarle Corporation stock in a transaction dated Monday, June 19th. The stock was 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 directly owns 45,120 shares in the company, valued at $4,880,179.20. The disclosure for this sale can be found here. Insiders sold 105,000 shares of company stock worth $11,499,850 over the last three months. 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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