BlueMountain Capital Management LLC Has $1.81 Million Stake in Albemarle Corporation (ALB)
BlueMountain Capital Management LLC lifted its stake in Albemarle Corporation (NYSE:ALB) by 1,392.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,132 shares of the specialty chemicals company’s stock after buying an additional 15,984 shares during the period. BlueMountain Capital Management LLC’s holdings in Albemarle Corporation were worth $1,808,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Cornerstone Advisors Inc. boosted its position in shares of 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. Baillie Gifford & Co. boosted its position in shares of Albemarle Corporation by 100.8% in the second quarter. Baillie Gifford & Co. now owns 184,555 shares of the specialty chemicals company’s stock worth $19,478,000 after buying an additional 92,650 shares during the period. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Albemarle Corporation in the second quarter worth about $439,000. State Street Corp boosted its position in shares of Albemarle Corporation by 0.5% in the first quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock worth $671,675,000 after buying an additional 30,662 shares during the period. Finally, Marietta Investment Partners LLC purchased a new stake in shares of Albemarle Corporation in the first quarter worth about $2,574,000. 83.73% of the stock is owned by institutional investors.
ALB has been the subject of several analyst reports. Zacks Investment Research raised Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a research report on Friday, July 7th. Robert W. Baird reaffirmed an “outperform” rating and issued a $135.00 target price (up previously from $125.00) on shares of Albemarle Corporation in a research report on Tuesday, July 18th. They noted that the move was a valuation call. BidaskClub downgraded Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 target price on shares of Albemarle Corporation in a research report on Thursday, June 29th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 target price on shares of Albemarle Corporation in a research report on Friday, June 16th. Seven 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. The stock currently has a consensus rating of “Buy” and a consensus price target of $112.50.
Albemarle Corporation (NYSE:ALB) opened at 131.02 on Tuesday. The company has a market cap of $14.47 billion, a P/E ratio of 16.76 and a beta of 1.61. The firm’s 50-day moving average price is $117.38 and its 200-day moving average price is $111.15. Albemarle Corporation has a 12-month low of $76.32 and a 12-month high of $131.66.
Albemarle Corporation (NYSE:ALB) last released its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.02. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The business had revenue of $737.25 million for the quarter, compared to the consensus estimate of $735.50 million. During the same period last year, the business earned $0.93 earnings per share. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. Analysts expect that Albemarle Corporation will post $4.37 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio (DPR) is presently 16.41%.
In related news, EVP Karen G. Narwold sold 11,500 shares of Albemarle Corporation stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the sale, the executive vice president now directly owns 36,620 shares of the company’s stock, valued at $4,246,089. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Matthew Juneau sold 5,397 shares of Albemarle Corporation stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $115.77, for a total value of $624,810.69. Following the sale, the executive vice president now directly owns 360 shares in the company, valued at $41,677.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,897 shares of company stock worth $10,215,486. 0.74% of the stock is owned by company 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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