SG Americas Securities LLC reduced its position in shares of Albemarle Co. (NYSE:ALB) by 57.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,292 shares of the specialty chemicals company’s stock after selling 8,569 shares during the period. SG Americas Securities LLC’s holdings in Albemarle were worth $437,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALB. Amundi Pioneer Asset Management Inc. lifted its position in shares of Albemarle by 0.3% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 176,692 shares of the specialty chemicals company’s stock valued at $14,484,000 after purchasing an additional 460 shares in the last quarter. Retirement Systems of Alabama increased its holdings in Albemarle by 0.3% during the second quarter. Retirement Systems of Alabama now owns 49,415 shares of the specialty chemicals company’s stock worth $3,479,000 after buying an additional 171 shares during the last quarter. Bridge Creek Capital Management LLC purchased a new stake in Albemarle during the second quarter worth about $204,000. Evolution Wealth Advisors LLC purchased a new stake in Albemarle during the second quarter worth about $1,878,000. Finally, Ridgewood Investments LLC purchased a new stake in Albemarle during the second quarter worth about $329,000. 89.30% of the stock is currently owned by institutional investors.
ALB has been the subject of a number of research analyst reports. UBS Group decreased their price objective on shares of Albemarle from $95.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Gabelli initiated coverage on shares of Albemarle in a report on Thursday, September 12th. They set a “buy” rating and a $109.00 price objective for the company. Wells Fargo & Co decreased their price objective on shares of Albemarle from $75.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 25th. Royal Bank of Canada downgraded shares of Albemarle from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $77.00 to $71.00 in a report on Tuesday, November 12th. Finally, ValuEngine upgraded shares of Albemarle from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Four analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $83.26.
In related news, CEO Luther C. Iv Kissam sold 36,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.00, for a total transaction of $2,520,000.00. Following the completion of the transaction, the chief executive officer now owns 334,046 shares of the company’s stock, valued at $23,383,220. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.02% of the stock is currently owned by insiders.
ALB opened at $64.90 on Monday. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 1.09 and a beta of 1.63. The company has a quick ratio of 0.82, a current ratio of 1.39 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $66.24 and a 200-day moving average price of $67.94. Albemarle Co. has a twelve month low of $58.63 and a twelve month high of $100.36.
Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, November 6th. The specialty chemicals company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.04. The firm had revenue of $879.70 million during the quarter, compared to the consensus estimate of $883.67 million. Albemarle had a net margin of 16.27% and a return on equity of 15.94%. The company’s revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the company earned $1.31 earnings per share. On average, sell-side analysts expect that Albemarle Co. will post 6.08 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.368 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $1.47 annualized dividend and a yield of 2.27%. This is a boost from Albemarle’s previous quarterly dividend of $0.37. Albemarle’s payout ratio is currently 26.82%.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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