Mitsubishi UFJ Asset Management UK Ltd. Reduces Stake in Albemarle Corporation $ALB

Mitsubishi UFJ Asset Management UK Ltd. reduced its position in Albemarle Corporation (NYSE:ALB) by 29.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,000 shares of the specialty chemicals company’s stock after selling 5,000 shares during the period. Mitsubishi UFJ Asset Management UK Ltd.’s holdings in Albemarle were worth $1,697,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. MH & Associates Securities Management Corp ADV purchased a new position in Albemarle in the 4th quarter valued at approximately $26,000. Elyxium Wealth LLC purchased a new position in Albemarle in the 4th quarter valued at approximately $34,000. Torren Management LLC purchased a new position in Albemarle in the 4th quarter valued at approximately $38,000. Strategic Advocates LLC purchased a new position in Albemarle in the 3rd quarter valued at approximately $25,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Albemarle in the 4th quarter valued at approximately $47,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO J Kent Masters sold 16,393 shares of the firm’s stock in a transaction 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 sale, the chief executive officer owned 87,519 shares in the company, valued at $16,078,990.68. This trade represents a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.42% of the stock is owned by company insiders.

Albemarle Price Performance

Shares of NYSE:ALB opened at $168.82 on Wednesday. The business’s fifty day moving average price is $182.39 and its two-hundred day moving average price is $159.78. The stock has a market cap of $19.91 billion, a PE ratio of -49.51, a price-to-earnings-growth ratio of 0.88 and a beta of 1.36. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. Albemarle Corporation has a one year low of $53.70 and a one year high of $221.00.

Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the firm earned ($0.18) EPS. Albemarle’s quarterly revenue was up 32.7% on a year-over-year basis. On average, analysts forecast that Albemarle Corporation will post 12.45 EPS for the current fiscal year.

Albemarle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a dividend of $0.405 per share. The ex-dividend date is Friday, June 12th. This represents a $1.62 annualized dividend and a dividend yield of 1.0%. Albemarle’s dividend payout ratio (DPR) is -47.51%.

Wall Street Analyst Weigh In

ALB has been the subject of several research analyst reports. Berenberg Bank set a $153.00 price objective on Albemarle in a research note on Monday, February 23rd. Mizuho increased their target price on Albemarle from $185.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Citigroup increased their target price on Albemarle from $210.00 to $225.00 and gave the company a “neutral” rating in a report on Friday, May 8th. UBS Group increased their target price on Albemarle from $230.00 to $264.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Rothschild & Co Redburn cut Albemarle from a “buy” rating to a “neutral” rating and set a $188.00 target price on the stock. in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.26.

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.