Albemarle Corporation $ALB Position Boosted by TD Asset Management Inc

TD Asset Management Inc grew its stake in shares of Albemarle Corporation (NYSE:ALB) by 20.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 25,936 shares of the specialty chemicals company’s stock after acquiring an additional 4,383 shares during the period. TD Asset Management Inc’s holdings in Albemarle were worth $2,103,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC boosted its stake in Albemarle by 25.5% in the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock worth $229,000 after purchasing an additional 654 shares during the period. Integrated Wealth Concepts LLC grew its holdings in shares of Albemarle by 26.2% during the first quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock valued at $346,000 after buying an additional 996 shares in the last quarter. United Services Automobile Association acquired a new position in Albemarle during the first quarter valued at $208,000. Empowered Funds LLC acquired a new stake in Albemarle during the 1st quarter worth about $411,000. Finally, Teacher Retirement System of Texas grew its stake in Albemarle by 4.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 17,866 shares of the specialty chemicals company’s stock valued at $1,120,000 after acquiring an additional 682 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. UBS Group boosted their price target on shares of Albemarle from $185.00 to $205.00 and gave the company a “buy” rating in a report on Monday, January 12th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Albemarle from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Zacks Research raised shares of Albemarle from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Citigroup boosted their price target on Albemarle from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, February 13th. Finally, Morgan Stanley upped their price target on Albemarle from $147.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Friday, February 13th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $170.04.

Albemarle Price Performance

Shares of NYSE:ALB opened at $168.43 on Thursday. Albemarle Corporation has a 1-year low of $49.43 and a 1-year high of $206.00. The firm has a market capitalization of $19.85 billion, a PE ratio of -29.29, a PEG ratio of 1.31 and a beta of 1.43. The company has a current ratio of 2.23, a quick ratio of 1.57 and a debt-to-equity ratio of 0.41. The business’s 50 day moving average is $168.08 and its 200-day moving average is $124.55.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the firm posted ($1.09) earnings per share. Albemarle’s revenue was up 15.9% on a year-over-year basis. Sell-side analysts predict that Albemarle Corporation will post -0.04 earnings per share for the current year.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, March 13th. Albemarle’s dividend payout ratio is currently -28.17%.

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.