Mitsubishi UFJ Asset Management Co. Ltd. Takes $22.81 Million Position in Albemarle Corporation $ALB

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Albemarle Corporation (NYSE:ALB) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 168,946 shares of the specialty chemicals company’s stock, valued at approximately $22,813,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.14% of Albemarle as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. BOKF NA raised its holdings in Albemarle by 5,771.4% in the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after acquiring an additional 404 shares in the last quarter. Elyxium Wealth LLC acquired a new stake in shares of Albemarle in the 4th quarter valued at $34,000. EverSource Wealth Advisors LLC boosted its position in Albemarle by 536.7% in the second 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 in the last quarter. Torren Management LLC acquired a new position in shares of Albemarle in the 4th quarter worth approximately $38,000. Finally, Root Financial Partners LLC increased its holdings in Albemarle by 121.5% during the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock valued at $42,000 after purchasing an additional 164 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

ALB has been the subject of several research analyst reports. Jefferies Financial Group cut their price objective on Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Scotiabank lowered their target price on Albemarle from $200.00 to $190.00 and set a “sector outperform” rating for the company in a research note on Monday, August 10th. Royal Bank Of Canada cut their price target on Albemarle from $166.00 to $157.00 and set an “outperform” rating for the company in a report on Monday, August 10th. Rothschild & Co Redburn reduced their price target on shares of Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 1st. Finally, Vertical Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price objective on the stock in a report on Tuesday, May 26th. Fifteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Albemarle currently has an average rating of “Moderate Buy” and an average target price of $190.26.

Albemarle Trading Up 0.2%

ALB opened at $134.59 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35. The company has a market cap of $15.88 billion, a price-to-earnings ratio of 498.50 and a beta of 1.33. The firm has a 50 day simple moving average of $132.59 and a 200 day simple moving average of $160.86. Albemarle Corporation has a fifty-two week low of $71.25 and a fifty-two week high of $221.00.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period last year, the firm earned $0.11 earnings per share. The business’s revenue for the quarter was up 31.1% on a year-over-year basis. On average, sell-side analysts anticipate that Albemarle Corporation will post 11.91 earnings per share for the current year.

Albemarle Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a $0.41 dividend. The ex-dividend date is Friday, September 11th. This represents a $1.64 annualized dividend and a dividend yield of 1.2%. This is an increase from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s dividend payout ratio is 600.00%.

Albemarle Company Profile

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.