Eaton Vance Management Has $9.84 Million Position in Albemarle Corporation (ALB)
Eaton Vance Management lifted its holdings in Albemarle Corporation (NYSE:ALB) by 40.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,204 shares of the specialty chemicals company’s stock after acquiring an additional 27,047 shares during the period. Eaton Vance Management owned 0.08% of Albemarle Corporation worth $9,837,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Cornerstone Advisors Inc. lifted its holdings in shares of Albemarle Corporation by 26.8% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock valued at $185,000 after acquiring an additional 370 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of Albemarle Corporation in the 2nd quarter valued at about $439,000. State Street Corp lifted its holdings in shares of Albemarle Corporation by 0.5% in the 1st quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock valued at $671,675,000 after acquiring an additional 30,662 shares during the last quarter. Marietta Investment Partners LLC bought a new position in shares of Albemarle Corporation in the 1st quarter valued at about $2,574,000. Finally, Tiemann Investment Advisors LLC lifted its holdings in shares of Albemarle Corporation by 7.2% in the 1st quarter. Tiemann Investment Advisors LLC now owns 3,745 shares of the specialty chemicals company’s stock valued at $396,000 after acquiring an additional 251 shares during the last quarter. 84.01% of the stock is owned by hedge funds and other institutional investors.
Albemarle Corporation (ALB) opened at 124.64 on Wednesday. Albemarle Corporation has a 12 month low of $75.13 and a 12 month high of $126.32. The stock has a market capitalization of $13.77 billion, a price-to-earnings ratio of 15.94 and a beta of 1.61. The stock’s 50 day moving average is $116.04 and its 200-day moving average is $110.12.
Albemarle Corporation (NYSE:ALB) last issued its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.11 by $0.02. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. The firm had revenue of $737.25 million for the quarter, compared to analyst estimates of $735.50 million. During the same period in the prior year, the business posted $0.93 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, equities research analysts expect that Albemarle Corporation will post $4.37 earnings per share 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 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 dividend yield of 1.03%. Albemarle Corporation’s dividend payout ratio is currently 16.41%.
In other news, Director Douglas L. Maine sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The shares were 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 in the company, valued at approximately $2,606,751. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Scott Tozier sold 25,000 shares of the company’s 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 completion of the transaction, the chief financial officer now owns 57,506 shares in the company, valued at $6,333,135.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 121,897 shares of company stock worth $13,458,086. Company insiders own 0.74% of the company’s stock.
A number of research analysts recently commented on ALB shares. KeyCorp reaffirmed a “buy” rating and issued a $125.00 price target on shares of Albemarle Corporation in a report on Sunday, September 3rd. Zacks Investment Research downgraded shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Oppenheimer Holdings, Inc. started coverage on shares of Albemarle Corporation in a report on Wednesday, August 16th. They issued an “outperform” rating and a $133.00 price target for the company. Aegis reaffirmed a “buy” rating on shares of Albemarle Corporation in a report on Friday, July 7th. Finally, Jefferies Group LLC set a $144.00 price target on shares of 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 given a strong buy rating to the company. Albemarle Corporation presently has an average rating of “Buy” and an average target price of $110.94.
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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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