Wills Financial Group Inc. Purchases New Stake in Albemarle Co. (ALB)
Wills Financial Group Inc. acquired a new position in shares of Albemarle Co. (NYSE:ALB) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,740 shares of the specialty chemicals company’s stock, valued at approximately $237,000.
Several other large investors also recently modified their holdings of ALB. Vanguard Group Inc. boosted its stake in Albemarle by 1.7% during the second quarter. Vanguard Group Inc. now owns 12,501,329 shares of the specialty chemicals company’s stock worth $1,319,389,000 after acquiring an additional 213,530 shares in the last quarter. Jennison Associates LLC increased its holdings in Albemarle by 21.4% during the third quarter. Jennison Associates LLC now owns 7,797,076 shares of the specialty chemicals company’s stock worth $1,062,819,000 after buying an additional 1,375,546 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Albemarle by 258.1% during the third quarter. Bank of New York Mellon Corp now owns 4,561,987 shares of the specialty chemicals company’s stock worth $621,845,000 after buying an additional 3,287,989 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in Albemarle by 69.2% during the second quarter. TIAA CREF Investment Management LLC now owns 1,661,821 shares of the specialty chemicals company’s stock worth $175,389,000 after purchasing an additional 679,453 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in Albemarle by 98.8% during the third quarter. Allianz Asset Management GmbH now owns 1,307,904 shares of the specialty chemicals company’s stock valued at $178,281,000 after purchasing an additional 650,158 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.
Several research analysts have commented on the stock. BidaskClub downgraded shares of Albemarle from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. UBS boosted their target price on shares of Albemarle from $123.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, November 9th. Jefferies Group reiterated a “buy” rating on shares of Albemarle in a research note on Tuesday, October 24th. BMO Capital Markets assumed coverage on Albemarle in a research report on Tuesday, October 24th. They issued an “outperform” rating and a $160.00 target price for the company. Finally, Vertical Research reissued a “hold” rating and issued a $109.00 target price (up previously from $108.00) on shares of Albemarle in a research report on Thursday, August 10th. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $128.45.
Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, November 8th. The specialty chemicals company reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.01. The firm had revenue of $755.00 million for the quarter, compared to analysts’ expectations of $732.19 million. Albemarle had a net margin of 30.07% and a return on equity of 11.61%. The company’s quarterly revenue was up 15.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 EPS. analysts anticipate that Albemarle Co. will post 4.46 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a $0.32 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.28 dividend on an annualized basis and a yield of 0.99%. Albemarle’s dividend payout ratio is presently 16.56%.
Albemarle 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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