BlackRock Inc. trimmed its holdings in shares of Albemarle Corporation (NYSE:ALB) by 3.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,007,881 shares of the specialty chemicals company’s stock after selling 302,836 shares during the quarter. BlackRock Inc. owned about 7.23% of Albemarle Corporation worth $845,151,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also bought and sold shares of the stock. Nationwide Fund Advisors grew its position in Albemarle Corporation by 129.2% during the second quarter. Nationwide Fund Advisors now owns 156,985 shares of the specialty chemicals company’s stock worth $16,568,000 after buying an additional 88,482 shares in the last quarter. Captrust Financial Advisors purchased a new position in Albemarle Corporation during the second quarter worth about $987,000. Norinchukin Bank The grew its position in Albemarle Corporation by 5.1% during the second quarter. Norinchukin Bank The now owns 7,686 shares of the specialty chemicals company’s stock worth $811,000 after buying an additional 370 shares in the last quarter. Bridgewater Associates LP purchased a new position in Albemarle Corporation during the second quarter worth about $1,576,000. Finally, HAP Trading LLC grew its position in Albemarle Corporation by 193.4% during the second quarter. HAP Trading LLC now owns 11,397 shares of the specialty chemicals company’s stock worth $1,203,000 after buying an additional 23,597 shares in the last quarter. Institutional investors and hedge funds own 83.73% of the company’s stock.
A number of research firms have recently issued reports on ALB. BidaskClub cut Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Robert W. Baird reiterated an “outperform” rating and issued a $135.00 price objective (up from $125.00) on shares of Albemarle Corporation in a report on Tuesday, July 18th. They noted that the move was a valuation call. KeyCorp reiterated a “buy” rating and issued a $125.00 price objective on shares of Albemarle Corporation in a report on Sunday, September 3rd. SunTrust Banks, Inc. cut Albemarle Corporation from a “buy” rating to a “hold” rating and set a $121.00 price objective for the company. in a report on Wednesday, August 9th. Finally, Oppenheimer Holdings, Inc. began coverage on Albemarle Corporation in a report on Wednesday, August 16th. They issued an “outperform” rating and a $133.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $112.50.
In related news, EVP Matthew Juneau sold 5,397 shares of Albemarle Corporation stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $115.77, for a total value of $624,810.69. Following the completion of the transaction, the executive vice president now owns 360 shares in the company, valued at $41,677.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Luther C. Iv Kissam sold 50,000 shares of Albemarle Corporation stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $110.08, for a total value of $5,504,000.00. Following the completion of the transaction, the chairman now owns 252,917 shares of the company’s stock, valued at approximately $27,841,103.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,897 shares of company stock valued at $10,215,486. 0.74% of the stock is currently owned by company insiders.
Shares of Albemarle Corporation (NYSE:ALB) opened at 134.65 on Wednesday. The company’s 50-day moving average price is $117.92 and its 200 day moving average price is $111.37. Albemarle Corporation has a one year low of $76.32 and a one year high of $135.26. The stock has a market capitalization of $14.88 billion, a PE ratio of 17.22 and a beta of 1.61.
Albemarle Corporation (NYSE:ALB) last released its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.02. The company had revenue of $737.25 million during the quarter, compared to analyst estimates of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the business posted $0.93 earnings per share. Analysts anticipate that Albemarle Corporation will post $4.37 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a $0.32 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 0.95%. Albemarle Corporation’s dividend payout ratio is currently 16.41%.
Albemarle Corporation Company Profile
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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