Mizuho Asset Management Co. Ltd. boosted its stake in shares of Albemarle Corp. (NYSE:ALB) by 97.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,605 shares of the company’s stock after buying an additional 794 shares during the period. Mizuho Asset Management Co. Ltd.’s holdings in Albemarle Corp. were worth $127,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. raised its stake in Albemarle Corp. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,438 shares of the company’s stock valued at $114,000 after buying an additional 7 shares during the period. Investec Asset Management LTD purchased a new stake in Albemarle Corp. during the first quarter valued at approximately $164,000. DUPONT CAPITAL MANAGEMENT Corp purchased a new stake in Albemarle Corp. during the second quarter valued at approximately $178,000. Mn Services Vermogensbeheer B.V. raised its stake in Albemarle Corp. by 2.5% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 2,850 shares of the company’s stock valued at $203,000 after buying an additional 70 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in Albemarle Corp. by 12.5% in the second quarter. Daiwa Securities Group Inc. now owns 2,700 shares of the company’s stock valued at $214,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 88.50% of the company’s stock.
Shares of Albemarle Corp. (NYSE:ALB) traded up 0.35% on Tuesday, reaching $81.99. 106,593 shares of the company’s stock traded hands. Albemarle Corp. has a 52-week low of $41.50 and a 52-week high of $87.29. The firm’s 50-day moving average is $80.85 and its 200-day moving average is $76.08. The stock has a market cap of $9.22 billion, a price-to-earnings ratio of 60.38 and a beta of 1.87.
Albemarle Corp. (NYSE:ALB) last issued its earnings results on Wednesday, August 3rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.08. The firm had revenue of $669.30 million for the quarter, compared to the consensus estimate of $860.40 million. Albemarle Corp. had a net margin of 4.54% and a return on equity of 14.52%. The business’s revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.73 earnings per share. Analysts anticipate that Albemarle Corp. will post $3.47 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be paid a $0.305 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $1.22 annualized dividend and a dividend yield of 1.49%. Albemarle Corp.’s dividend payout ratio is presently 89.05%.
Several research firms have commented on ALB. Citigroup Inc. increased their price objective on shares of Albemarle Corp. from $95.00 to $101.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. Deutsche Bank AG restated a “buy” rating and set a $94.00 price target (up previously from $84.00) on shares of Albemarle Corp. in a research note on Monday, June 20th. Zacks Investment Research lowered shares of Albemarle Corp. from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 18th. Nomura set a $92.00 price target on shares of Albemarle Corp. and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. Finally, Morgan Stanley restated a “hold” rating on shares of Albemarle Corp. in a research note on Thursday, June 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $80.00.
In other news, Director John Sherman, Jr. sold 4,300 shares of the company’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $82.09, for a total value of $352,987.00. Following the transaction, the director now owns 1,500 shares in the company, valued at $123,135. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Luther C. Iv Kissam sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $83.19, for a total transaction of $4,159,500.00. Following the transaction, the chief executive officer now owns 233,000 shares in the company, valued at approximately $19,383,270. The disclosure for this sale can be found here. 0.71% of the stock is currently owned by insiders.
About Albemarle Corp.
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.
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