Bank of New York Mellon Corp grew its stake in Albemarle Corporation (NYSE:ALB) by 258.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,561,987 shares of the specialty chemicals company’s stock after acquiring an additional 3,287,989 shares during the quarter. Bank of New York Mellon Corp owned about 4.13% of Albemarle Corporation worth $621,845,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of ALB. Jennison Associates LLC lifted its position in shares of Albemarle Corporation by 21.4% in the third quarter. Jennison Associates LLC now owns 7,797,076 shares of the specialty chemicals company’s stock valued at $1,062,819,000 after acquiring an additional 1,375,546 shares in the last quarter. Janus Henderson Group PLC lifted its position in Albemarle Corporation by 907.7% during the second quarter. Janus Henderson Group PLC now owns 817,035 shares of the specialty chemicals company’s stock worth $86,230,000 after buying an additional 735,956 shares during the period. Artisan Partners Limited Partnership lifted its position in Albemarle Corporation by 6,185.5% during the second quarter. Artisan Partners Limited Partnership now owns 731,690 shares of the specialty chemicals company’s stock worth $77,223,000 after buying an additional 720,049 shares during the period. TIAA CREF Investment Management LLC lifted its position in Albemarle Corporation by 69.2% during the second quarter. TIAA CREF Investment Management LLC now owns 1,661,821 shares of the specialty chemicals company’s stock worth $175,389,000 after buying an additional 679,453 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Albemarle Corporation by 2,054.6% during the second quarter. JPMorgan Chase & Co. now owns 456,742 shares of the specialty chemicals company’s stock worth $48,206,000 after buying an additional 480,110 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.
Several research firms recently weighed in on ALB. Jefferies Group LLC increased their target price on Albemarle Corporation from $156.00 to $162.00 and gave the stock a “buy” rating in a research report on Tuesday. Deutsche Bank AG downgraded Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday. CIBC began coverage on Albemarle Corporation in a research report on Thursday, August 17th. They set an “outperform” rating and a $133.00 target price on the stock. Royal Bank Of Canada increased their target price on Albemarle Corporation from $149.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, SunTrust Banks, Inc. downgraded Albemarle Corporation from a “buy” rating to a “hold” rating and set a $121.00 target price on the stock. in a research report on Wednesday, August 9th. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Albemarle Corporation has an average rating of “Buy” and a consensus target price of $128.45.
Albemarle Corporation (NYSE ALB) traded up $2.75 during mid-day trading on Tuesday, hitting $143.37. The stock had a trading volume of 949,200 shares, compared to its average volume of 1,172,802. The company has a current ratio of 2.11, a quick ratio of 1.56 and a debt-to-equity ratio of 0.35. Albemarle Corporation has a fifty-two week low of $76.32 and a fifty-two week high of $144.99. The firm has a market capitalization of $15,840.00, a price-to-earnings ratio of 34.81, a P/E/G ratio of 2.14 and a beta of 1.72.
Albemarle Corporation (NYSE:ALB) last posted its earnings results on Wednesday, November 8th. The specialty chemicals company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.01. Albemarle Corporation had a return on equity of 11.61% and a net margin of 30.07%. The business had revenue of $755.00 million during the quarter, compared to analyst estimates of $732.19 million. During the same quarter last year, the firm earned $0.91 earnings per share. The company’s revenue for the quarter was up 15.4% compared to the same quarter last year. research analysts expect that Albemarle Corporation will post 4.45 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.89%. Albemarle Corporation’s dividend payout ratio (DPR) is currently 45.71%.
In other news, EVP Karen G. Narwold sold 11,500 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total value of $1,333,425.00. Following the completion of the sale, the executive vice president now owns 36,620 shares in the company, valued at $4,246,089. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Matthew Juneau sold 5,397 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $115.77, for a total value of $624,810.69. Following the completion of the sale, the executive vice president now owns 360 shares of the company’s stock, valued at approximately $41,677.20. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by company insiders.
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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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