Readystate Asset Management LP Takes $2.06 Million Position in Albemarle Corporation $ALB

Readystate Asset Management LP bought a new position in shares of Albemarle Corporation (NYSE:ALB) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 25,450 shares of the specialty chemicals company’s stock, valued at approximately $2,063,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. NEOS Investment Management LLC increased its holdings in shares of Albemarle by 45.1% in the third quarter. NEOS Investment Management LLC now owns 12,544 shares of the specialty chemicals company’s stock worth $1,017,000 after purchasing an additional 3,897 shares during the period. Zions Bancorporation National Association UT increased its stake in Albemarle by 155.7% in the 3rd quarter. Zions Bancorporation National Association UT now owns 2,506 shares of the specialty chemicals company’s stock worth $203,000 after acquiring an additional 1,526 shares during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Albemarle by 0.7% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 41,621 shares of the specialty chemicals company’s stock valued at $3,375,000 after acquiring an additional 286 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Albemarle by 28.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 34,576 shares of the specialty chemicals company’s stock valued at $2,803,000 after acquiring an additional 7,654 shares during the last quarter. Finally, HighTower Advisors LLC grew its holdings in shares of Albemarle by 35.3% during the third quarter. HighTower Advisors LLC now owns 41,596 shares of the specialty chemicals company’s stock worth $3,373,000 after purchasing an additional 10,845 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Stock Performance

Albemarle stock opened at $168.72 on Wednesday. The firm has a fifty day simple moving average of $159.73 and a two-hundred day simple moving average of $117.07. The company has a quick ratio of 1.57, a current ratio of 2.23 and a debt-to-equity ratio of 0.41. Albemarle Corporation has a twelve month low of $49.43 and a twelve month high of $195.68. The company has a market capitalization of $19.88 billion, a PE ratio of -29.34, a P/E/G ratio of 2.40 and a beta of 1.44.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.13). The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period last year, the business posted ($1.09) earnings per share. Research analysts expect that Albemarle Corporation will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

ALB has been the topic of a number of recent analyst reports. Robert W. Baird set a $210.00 target price on shares of Albemarle and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Argus increased their price target on shares of Albemarle from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Truist Financial raised shares of Albemarle from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $125.00 to $205.00 in a report on Wednesday, January 21st. Mizuho increased their target price on Albemarle from $156.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 12th. Finally, Morgan Stanley raised their price target on Albemarle from $147.00 to $170.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $164.32.

Albemarle Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.