5,686 Shares in Albemarle Corporation $ALB Acquired by Mystic Asset Management Inc.

Mystic Asset Management Inc. purchased a new position in Albemarle Corporation (NYSE:ALB) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 5,686 shares of the specialty chemicals company’s stock, valued at approximately $768,000.

Other hedge funds also recently made changes to their positions in the company. Addison Advisors LLC purchased a new position in Albemarle in the 2nd quarter valued at about $28,000. BOKF NA increased its stake in Albemarle by 5,771.4% during the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 404 shares during the last quarter. Elyxium Wealth LLC bought a new position in shares of Albemarle in the 4th quarter worth about $34,000. EverSource Wealth Advisors LLC lifted its position in shares of Albemarle by 536.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after buying an additional 483 shares during the last quarter. Finally, Torren Management LLC acquired a new position in shares of Albemarle in the 4th quarter valued at about $38,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on ALB. Wall Street Zen lowered Albemarle from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Jefferies Financial Group decreased their target price on Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Rothschild & Co Redburn decreased their price target on shares of Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 1st. Finally, Truist Financial dropped their price target on Albemarle from $245.00 to $225.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Fifteen research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.26.

Albemarle Stock Up 0.2%

ALB opened at $134.59 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35. The company has a market capitalization of $15.88 billion, a PE ratio of 498.50 and a beta of 1.33. The business has a 50-day moving average of $132.59 and a 200-day moving average of $160.86. Albemarle Corporation has a fifty-two week low of $71.25 and a fifty-two week high of $221.00.

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

Albemarle Increases Dividend

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

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.