Albemarle Corporation $ALB Stock: Keybank National Association OH Grows Holdings

Keybank National Association OH raised its position in shares of Albemarle Corporation (NYSE:ALB) by 4,773.2% in the third quarter, HoldingsChannel.com reports. The firm owned 268,268 shares of the specialty chemicals company’s stock after buying an additional 262,763 shares during the period. Keybank National Association OH’s holdings in Albemarle were worth $28,377,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ALB. Primecap Management Co. CA bought a new stake in shares of Albemarle in the 2nd quarter worth $358,101,000. ProShare Advisors LLC lifted its holdings in shares of Albemarle by 69.7% in the third quarter. ProShare Advisors LLC now owns 1,436,117 shares of the specialty chemicals company’s stock valued at $151,912,000 after buying an additional 589,787 shares during the period. Deutsche Bank AG acquired a new stake in shares of Albemarle in the second quarter valued at $131,049,000. Amundi boosted its stake in Albemarle by 40.5% during the second quarter. Amundi now owns 827,874 shares of the specialty chemicals company’s stock valued at $111,784,000 after buying an additional 238,774 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Albemarle during the second quarter valued at about $103,268,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Price Performance

NYSE ALB opened at $96.14 on Thursday. Albemarle Corporation has a 1 year low of $89.77 and a 1 year high of $221.00. The business’s fifty day moving average is $105.23 and its two-hundred day moving average is $146.54. The stock has a market capitalization of $11.35 billion, a P/E ratio of 23.22, a P/E/G ratio of 0.59 and a beta of 1.34. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.57 and a current ratio of 2.34.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, November 4th. The specialty chemicals company reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.05. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. Albemarle had a return on equity of 14.91% and a net margin of 10.40%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period last year, the company posted ($0.19) EPS. On average, research analysts forecast that Albemarle Corporation will post 10.75 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 18th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, December 18th. Albemarle’s dividend payout ratio is currently 39.61%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ALB shares. Truist Financial reaffirmed a “buy” rating and set a $170.00 target price (down from $185.00) on shares of Albemarle in a report on Friday, November 6th. Wall Street Zen downgraded shares of Albemarle from a “buy” rating to a “hold” rating in a report on Saturday, November 7th. UBS Group cut their price target on shares of Albemarle from $150.00 to $137.00 and set a “buy” rating for the company in a report on Monday. BMO Capital Markets restated an “outperform” rating and set a $175.00 price objective on shares of Albemarle in a research report on Tuesday, October 6th. Finally, Mizuho raised shares of Albemarle from a “neutral” rating to an “outperform” rating and set a $130.00 price objective on the stock in a research note on Wednesday, October 14th. Fifteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Albemarle presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.05.

More Albemarle News

Here’s some of the latest news about ALB:

• Positive Sentiment: Zacks Research upgraded Albemarle from “strong sell” to “hold,” a modest improvement in its view of the shares. Read more about the Zacks Research upgrade
• Positive Sentiment: Citigroup raised its price target for ALB, signaling greater potential upside in its valuation, though the reported headline did not give the new target. Read more about Citigroup’s price target increase
• Negative Sentiment: UBS Group and Morgan Stanley each cut their price targets for Albemarle, adding to concerns about the stock’s near-term upside. The reports did not specify the revised targets in the headlines. Read more about UBS’s price target cut Read more about Morgan Stanley’s price target cut

Albemarle Company Profile

Albemarle Corporation is a specialty chemicals company that produces lithium, bromine and refining catalysts. Its products serve industries including energy storage, transportation, electronics, petroleum refining and pharmaceuticals. The company supplies lithium compounds used in rechargeable batteries and other applications. It also makes bromine-based products for uses such as flame retardants and water treatment, along with catalysts used in refining petroleum. Albemarle traces its history to 1887 and is headquartered in Charlotte, North Carolina.