Virginia Retirement Systems ET AL bought a new stake in shares of Albemarle Corp. (NYSE:ALB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 5,200 shares of the company’s stock, valued at approximately $412,000.
Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Albemarle Corp. by 20.0% in the second quarter. Vanguard Group Inc. now owns 10,771,871 shares of the company’s stock valued at $854,316,000 after buying an additional 1,795,733 shares during the last quarter. Egerton Capital UK LLP purchased a new position in Albemarle Corp. during the second quarter valued at $118,587,000. Jennison Associates LLC purchased a new position in Albemarle Corp. during the second quarter valued at $103,180,000. First Eagle Investment Management LLC purchased a new position in Albemarle Corp. during the second quarter valued at $55,772,000. Finally, Scout Investments Inc. purchased a new position in Albemarle Corp. during the second quarter valued at $28,760,000. Institutional investors own 88.50% of the company’s stock.
Shares of Albemarle Corp. (NYSE:ALB) opened at 82.37 on Friday. Albemarle Corp. has a 12 month low of $45.78 and a 12 month high of $87.29. The firm has a 50 day moving average of $81.24 and a 200-day moving average of $77.32. The stock has a market capitalization of $9.26 billion, a P/E ratio of 60.66 and a beta of 1.77.
Albemarle Corp. (NYSE:ALB) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.08. Albemarle Corp. had a net margin of 4.54% and a return on equity of 14.52%. The company had revenue of $669.30 million for the quarter, compared to analysts’ expectations of $860.40 million. During the same period last year, the company earned $0.73 EPS. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. Analysts forecast that Albemarle Corp. will post $3.48 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a dividend of $0.305 per share. The ex-dividend date was Tuesday, September 13th. This represents a $1.22 annualized dividend and a dividend yield of 1.48%. Albemarle Corp.’s dividend payout ratio is currently 89.05%.
ALB has been the topic of several recent analyst reports. Nomura set a $92.00 target price on shares of Albemarle Corp. and gave the company a “buy” rating in a report on Tuesday, August 23rd. Zacks Investment Research downgraded shares of Albemarle Corp. from a “hold” rating to a “strong sell” rating in a research note on Monday, August 8th. Deutsche Bank AG boosted their price target on shares of Albemarle Corp. from $94.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Citigroup Inc. boosted their price target 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. Finally, Morgan Stanley reissued 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 given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $80.00.
In related news, Director John Sherman, Jr. sold 4,300 shares of the firm’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 sale, the director now directly owns 1,500 shares of the company’s stock, valued at $123,135. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Luther C. Iv Kissam sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $83.19, for a total transaction of $4,159,500.00. Following the completion of the sale, the chief executive officer now directly owns 233,000 shares in the company, valued at $19,383,270. The disclosure for this sale can be found here. Company insiders own 0.71% of the company’s stock.
Albemarle Corp. Company Profile
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.
Want to see what other hedge funds are holding ALB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Albemarle Corp. (NYSE:ALB).
Receive News & Ratings for Albemarle Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Albemarle Corp. and related companies with MarketBeat.com's FREE daily email newsletter.