Albemarle Sees Unusually Large Options Volume (NYSE:ALB)

Albemarle Corporation (NYSE:ALB) was the recipient of unusually large options trading on Thursday. Stock traders purchased 49,254 call options on the company. This is an increase of 388% compared to the average volume of 10,093 call options.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Bank of America increased their target price on shares of Albemarle from $190.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Robert W. Baird increased their price objective on Albemarle from $210.00 to $236.00 in a research report on Thursday, May 7th. Citigroup raised their price objective on Albemarle from $210.00 to $225.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Jefferies Financial Group increased their price target on Albemarle from $230.00 to $244.00 in a research report on Monday, May 11th. Finally, Zacks Research upgraded shares of Albemarle from a “hold” rating to a “strong-buy” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $203.04.

Insider Buying and Selling

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the sale, the chief executive officer directly owned 87,519 shares in the company, valued at approximately $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On Albemarle

Several hedge funds have recently bought and sold shares of ALB. Strategic Advocates LLC acquired a new stake in shares of Albemarle in the third quarter worth $25,000. MH & Associates Securities Management Corp ADV bought a new position in shares of Albemarle in the fourth quarter worth about $26,000. BOKF NA boosted its stake in Albemarle by 5,771.4% during the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 404 shares during the period. Elyxium Wealth LLC acquired a new stake in Albemarle in the 4th quarter valued at approximately $34,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Albemarle by 536.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after buying an additional 483 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Albemarle Stock Up 7.9%

Shares of NYSE:ALB traded up $11.67 during trading on Thursday, reaching $158.89. 2,232,638 shares of the company traded hands, compared to its average volume of 2,505,103. Albemarle has a 1-year low of $55.90 and a 1-year high of $221.00. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The firm has a market cap of $18.74 billion, a P/E ratio of -46.60, a price-to-earnings-growth ratio of 0.77 and a beta of 1.30. The firm has a fifty day simple moving average of $181.91 and a 200 day simple moving average of $166.71.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the company posted ($0.18) earnings per share. The business’s quarterly revenue was up 32.7% compared to the same quarter last year. Analysts anticipate that Albemarle will post 12.39 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a dividend of $0.405 per share. The ex-dividend date is Friday, June 12th. This represents a $1.62 annualized dividend and a dividend yield of 1.0%. Albemarle’s dividend payout ratio is -47.51%.

About Albemarle

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.