Hsbc Holdings PLC Buys 97,961 Shares of Albemarle Corporation $ALB

Hsbc Holdings PLC increased its position in Albemarle Corporation (NYSE:ALB) by 42.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 328,651 shares of the specialty chemicals company’s stock after buying an additional 97,961 shares during the period. Hsbc Holdings PLC’s holdings in Albemarle were worth $59,662,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ALB. Nordea Investment Management AB acquired a new position in shares of Albemarle during the fourth quarter worth approximately $6,171,000. Altfest L J & Co. Inc. acquired a new stake in Albemarle in the 4th quarter valued at $1,055,000. Three Seasons Wealth LLC acquired a new stake in Albemarle in the 4th quarter valued at $873,000. Pinkerton Wealth LLC bought a new stake in Albemarle during the 4th quarter valued at $2,785,000. Finally, BW Gestao de Investimentos Ltda. increased its stake in Albemarle by 181.8% during the 4th quarter. BW Gestao de Investimentos Ltda. now owns 132,250 shares of the specialty chemicals company’s stock valued at $18,705,000 after purchasing an additional 85,320 shares in the last quarter. 92.87% of the stock is owned by institutional investors.

Insider Activity at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the completion of the sale, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. This trade represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ALB. Bank of America raised their price objective on shares of Albemarle from $190.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Berenberg Bank upped their target price on shares of Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a report on Tuesday, June 2nd. Scotiabank lifted their price target on Albemarle from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, May 14th. Oppenheimer boosted their price objective on Albemarle from $216.00 to $222.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Finally, Rothschild & Co Redburn lowered their price objective on Albemarle from $188.00 to $170.00 and set a “neutral” rating for the company in a research note on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Albemarle presently has an average rating of “Moderate Buy” and an average target price of $200.52.

Albemarle Stock Performance

Shares of ALB stock opened at $120.84 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The firm has a 50-day moving average of $156.46 and a 200-day moving average of $168.29. Albemarle Corporation has a one year low of $64.95 and a one year high of $221.00. The company has a market cap of $14.25 billion, a P/E ratio of -35.44 and a beta of 1.34.

Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $1.24 by $1.71. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.18) earnings per share. Equities research analysts forecast that Albemarle Corporation will post 13.07 EPS for the current fiscal year.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were issued a $0.405 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.62 annualized dividend and a dividend yield of 1.3%. Albemarle’s dividend payout ratio is currently -47.51%.

About Albemarle

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.