Albemarle Corporation (ALB) Holdings Cut by Advisor Group Inc.
Advisor Group Inc. trimmed its position in shares of Albemarle Corporation (NYSE:ALB) by 35.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,845 shares of the specialty chemicals company’s stock after selling 6,512 shares during the period. Advisor Group Inc.’s holdings in Albemarle Corporation were worth $1,201,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. boosted its holdings in Albemarle Corporation by 26.8% during the second 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 period. Baillie Gifford & Co. boosted its holdings in Albemarle Corporation by 100.8% during the second quarter. Baillie Gifford & Co. now owns 184,555 shares of the specialty chemicals company’s stock valued at $19,478,000 after acquiring an additional 92,650 shares during the period. Meiji Yasuda Asset Management Co Ltd. bought a new stake in Albemarle Corporation during the second quarter valued at about $439,000. State Street Corp boosted its holdings in Albemarle Corporation by 0.5% during the first 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 period. Finally, Marietta Investment Partners LLC bought a new stake in Albemarle Corporation during the first quarter valued at about $2,574,000. Institutional investors own 83.73% of the company’s stock.
In other Albemarle Corporation news, CFO Scott Tozier sold 25,000 shares of the business’s stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $110.13, for a total value of $2,753,250.00. Following the completion of the sale, the chief financial officer now owns 57,506 shares of the company’s stock, valued at approximately $6,333,135.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Luther C. Iv Kissam sold 50,000 shares of the business’s stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $110.08, for a total transaction of $5,504,000.00. Following the completion of the sale, the chairman now directly owns 252,917 shares of the company’s stock, valued at approximately $27,841,103.36. The disclosure for this sale can be found here. Insiders have sold a total of 91,897 shares of company stock valued at $10,215,486 in the last ninety days. 0.74% of the stock is currently owned by insiders.
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A number of equities research analysts have issued reports on the stock. Jefferies Group LLC upped their price target on shares of Albemarle Corporation from $144.00 to $156.00 and gave the company a “buy” rating in a report on Thursday, September 21st. Royal Bank Of Canada restated a “buy” rating and set a $136.00 price target on shares of Albemarle Corporation in a report on Wednesday, September 20th. Robert W. Baird cut shares of Albemarle Corporation from an “outperform” rating to a “neutral” rating and upped their price target for the company from $134.29 to $135.00 in a report on Monday, September 25th. They noted that the move was a valuation call. Loop Capital assumed coverage on shares of Albemarle Corporation in a report on Thursday. They set a “buy” rating and a $150.00 price target for the company. Finally, Instinet upped their price target on shares of Albemarle Corporation from $134.00 to $146.00 and gave the company a “buy” rating in a report on Monday, September 18th. Eight analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $115.11.
Albemarle Corporation (ALB) opened at 136.31 on Friday. The company has a 50-day moving average of $117.92 and a 200 day moving average of $111.37. Albemarle Corporation has a 52-week low of $76.32 and a 52-week high of $137.48. The firm has a market cap of $15.06 billion, a price-to-earnings ratio of 17.43 and a beta of 1.61.
Albemarle Corporation (NYSE:ALB) last announced its earnings results 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. The business had revenue of $737.25 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.93 EPS. On average, equities research analysts anticipate that Albemarle Corporation will post $4.37 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Thursday, September 14th. Albemarle Corporation’s payout ratio is 16.41%.
About Albemarle Corporation
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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