Occidental Asset Management LLC Invests $4.49 Million in Albemarle Corporation $ALB

Occidental Asset Management LLC purchased a new stake in Albemarle Corporation (NYSE:ALB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 33,252 shares of the specialty chemicals company’s stock, valued at approximately $4,490,000.

Several other hedge funds have also added to or reduced their stakes in the business. Earnest Partners LLC boosted its holdings in shares of Albemarle by 14.6% during the 4th quarter. Earnest Partners LLC now owns 1,630,394 shares of the specialty chemicals company’s stock worth $230,603,000 after buying an additional 207,770 shares during the period. Northern Trust Corp lifted its position in Albemarle by 1.8% during the third quarter. Northern Trust Corp now owns 1,263,734 shares of the specialty chemicals company’s stock worth $102,464,000 after acquiring an additional 22,856 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Albemarle by 57.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,241,106 shares of the specialty chemicals company’s stock worth $175,542,000 after acquiring an additional 453,881 shares during the period. Norges Bank bought a new stake in shares of Albemarle during the fourth quarter worth approximately $165,271,000. Finally, Deutsche Bank AG acquired a new position in shares of Albemarle in the second quarter valued at approximately $131,049,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Stock Down 1.4%

ALB stock opened at $134.22 on Tuesday. The company has a market cap of $15.84 billion, a PE ratio of 497.13 and a beta of 1.33. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22. Albemarle Corporation has a 52 week low of $71.25 and a 52 week high of $221.00. The business has a 50-day simple moving average of $133.73 and a 200 day simple moving average of $161.80.

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

Albemarle Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Berenberg Bank increased their target price on Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a research note on Tuesday, June 2nd. HSBC increased their price objective on Albemarle from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Mizuho dropped their target price on Albemarle from $205.00 to $185.00 and set a “neutral” rating for the company in a report on Wednesday, July 1st. UBS Group reduced their target price on shares of Albemarle from $205.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Fifteen investment 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $190.26.

Albemarle Company 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.