Old West Investment Management LLC Takes Position in Albemarle Corporation $ALB

Old West Investment Management LLC acquired a new stake in shares of Albemarle Corporation (NYSE:ALB) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 94,373 shares of the specialty chemicals company’s stock, valued at approximately $12,743,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in Albemarle in the fourth quarter valued at approximately $165,271,000. Phoenix Financial Ltd. acquired a new stake in shares of Albemarle during the 4th quarter worth approximately $130,415,000. Bank of New York Mellon Corp bought a new stake in shares of Albemarle in the 2nd quarter worth approximately $103,268,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Albemarle by 4,338.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock worth $104,444,000 after purchasing an additional 721,793 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Albemarle by 22,047.4% during the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock valued at $44,613,000 after purchasing an additional 710,589 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Trading Down 0.1%

NYSE:ALB opened at $136.07 on Monday. Albemarle Corporation has a 1 year low of $71.25 and a 1 year high of $221.00. The stock has a market cap of $16.06 billion, a price-to-earnings ratio of 504.00 and a beta of 1.33. The business has a fifty day moving average of $134.05 and a 200-day moving average of $162.22. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the company earned $0.11 earnings per share. The company’s quarterly revenue was up 31.1% compared to the same quarter last year. Equities analysts predict that Albemarle Corporation will post 11.91 earnings per share for the current year.

Albemarle Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.41 per share. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date is Friday, September 11th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.2%. Albemarle’s payout ratio is presently 600.00%.

Analysts Set New Price Targets

ALB has been the topic of several analyst reports. Royal Bank Of Canada dropped their target price on Albemarle from $166.00 to $157.00 and set an “outperform” rating on the stock in a research report on Monday, August 10th. Bank of America boosted their price target on shares of Albemarle from $190.00 to $225.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Mizuho lowered their price target on shares of Albemarle from $205.00 to $185.00 and set a “neutral” rating for the company in a research report on Wednesday, July 1st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Albemarle in a report on Tuesday, August 4th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Albemarle from $210.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Fifteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $190.26.

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.