5,205 Shares in Albemarle Corporation $ALB Acquired by Cadence Wealth Management LLC

Cadence Wealth Management LLC acquired a new position in shares of Albemarle Corporation (NYSE:ALB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,205 shares of the specialty chemicals company’s stock, valued at approximately $703,000.

Other large investors also recently added to or reduced their stakes in the company. Earnest Partners LLC increased its stake in shares of Albemarle by 14.6% in the 4th quarter. Earnest Partners LLC now owns 1,630,394 shares of the specialty chemicals company’s stock worth $230,603,000 after acquiring an additional 207,770 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Albemarle by 1.8% in the third quarter. Northern Trust Corp now owns 1,263,734 shares of the specialty chemicals company’s stock valued at $102,464,000 after purchasing an additional 22,856 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Albemarle by 57.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,241,106 shares of the specialty chemicals company’s stock valued at $175,542,000 after purchasing an additional 453,881 shares during the period. Norges Bank acquired a new stake in Albemarle during the fourth quarter worth about $165,271,000. Finally, Deutsche Bank AG acquired a new stake in Albemarle during the second quarter worth about $131,049,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Price Performance

Shares of ALB opened at $142.99 on Friday. The firm has a 50-day simple moving average of $132.04 and a two-hundred day simple moving average of $160.73. The stock has a market cap of $16.87 billion, a PE ratio of 529.61 and a beta of 1.33. Albemarle Corporation has a 1-year low of $71.25 and a 1-year high of $221.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping the consensus estimate of $3.20 by $0.55. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.11 EPS. As a group, analysts forecast that Albemarle Corporation will post 11.63 EPS for the current year.

Albemarle Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 1.1%. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date is Friday, September 11th. Albemarle’s payout ratio is currently 600.00%.

Analysts Set New Price Targets

A number of equities analysts have commented on ALB shares. Scotiabank reduced their target price on shares of Albemarle from $200.00 to $190.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 10th. Vertical Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price target for the company in a research note on Tuesday, May 26th. Truist Financial cut their price target on shares of Albemarle from $245.00 to $225.00 and set a “buy” rating for the company in a report on Friday, August 7th. Berenberg Bank lifted their price target on shares of Albemarle from $153.00 to $192.00 and gave the company a “hold” rating in a research report on Tuesday, June 2nd. Finally, Citigroup decreased their price objective on Albemarle from $225.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $190.26.

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.