Insider Selling: Albemarle Corporation (ALB) EVP Sells 5,397 Shares of Stock
Albemarle Corporation (NYSE:ALB) EVP Matthew Juneau sold 5,397 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $115.77, for a total value of $624,810.69. Following the completion of the transaction, the executive vice president now directly owns 360 shares of the company’s stock, valued at $41,677.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Albemarle Corporation (ALB) traded up 0.42% during mid-day trading on Monday, hitting $115.43. The stock had a trading volume of 594,732 shares. The firm’s 50-day moving average is $115.61 and its 200 day moving average is $108.13. Albemarle Corporation has a 12 month low of $75.11 and a 12 month high of $123.48. The company has a market cap of $12.75 billion, a price-to-earnings ratio of 14.76 and a beta of 1.59.
Albemarle Corporation (NYSE:ALB) last announced 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 company had revenue of $737.25 million during the quarter, compared to analyst estimates of $735.50 million. During the same period last year, the company posted $0.93 earnings per share. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. Equities analysts anticipate that Albemarle Corporation will post $4.36 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a yield of 1.11%. Albemarle Corporation’s payout ratio is 16.41%.
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A number of hedge funds have recently made changes to their positions in ALB. Wells Fargo & Company MN raised its stake in shares of Albemarle Corporation by 16.5% in the first quarter. Wells Fargo & Company MN now owns 676,925 shares of the specialty chemicals company’s stock worth $71,511,000 after buying an additional 95,837 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Albemarle Corporation by 13.0% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,760 shares of the specialty chemicals company’s stock worth $1,031,000 after buying an additional 1,123 shares during the period. Conning Inc. bought a new position in shares of Albemarle Corporation during the first quarter worth about $205,000. IFP Advisors Inc boosted its position in shares of Albemarle Corporation by 12.6% in the first quarter. IFP Advisors Inc now owns 5,000 shares of the specialty chemicals company’s stock worth $528,000 after buying an additional 559 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in shares of Albemarle Corporation by 7.0% in the first quarter. Janney Montgomery Scott LLC now owns 3,546 shares of the specialty chemicals company’s stock worth $375,000 after buying an additional 232 shares during the period. Hedge funds and other institutional investors own 84.00% of the company’s stock.
Several research analysts have issued reports on ALB shares. Zacks Investment Research lowered Albemarle Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Oppenheimer Holdings, Inc. started coverage on Albemarle Corporation in a research note on Wednesday, August 16th. They issued an “outperform” rating and a $133.00 target price for the company. Aegis restated a “buy” rating on shares of Albemarle Corporation in a research note on Friday, July 7th. Royal Bank Of Canada restated a “buy” rating and issued a $136.00 target price on shares of Albemarle Corporation in a research note on Friday, July 14th. Finally, Jefferies Group LLC set a $144.00 price target on Albemarle Corporation and gave the company a “buy” rating in a report on Monday, August 21st. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $110.94.
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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