Albemarle Corporation (NYSE:ALB) Short Interest Up 15.5% in February

Albemarle Corporation (NYSE:ALB) was the target of a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 9,924,799 shares, a growth of 15.5% from the February 12th total of 8,590,028 shares. Approximately 8.4% of the company’s stock are sold short. Based on an average daily trading volume, of 2,429,450 shares, the days-to-cover ratio is presently 4.1 days. Based on an average daily trading volume, of 2,429,450 shares, the days-to-cover ratio is presently 4.1 days. Approximately 8.4% of the company’s stock are sold short.

Albemarle Stock Performance

Shares of Albemarle stock traded up $3.64 during trading hours on Tuesday, hitting $166.08. 380,287 shares of the company were exchanged, compared to its average volume of 2,948,367. 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 has a 50-day moving average of $171.21 and a 200-day moving average of $129.49. Albemarle has a 1 year low of $49.43 and a 1 year high of $206.00. The stock has a market capitalization of $19.54 billion, a price-to-earnings ratio of -28.87, a P/E/G ratio of 1.21 and a beta of 1.43.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.13). The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.09) earnings per share. As a group, analysts expect that Albemarle will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their target price on Albemarle from $185.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Jefferies Financial Group boosted their price objective on Albemarle from $210.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, January 28th. Zacks Research raised Albemarle from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Stephens restated an “outperform” rating on shares of Albemarle in a research report on Friday, December 19th. Finally, Berenberg Bank set a $153.00 target price on shares of Albemarle in a report on Monday, February 23rd. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Albemarle has a consensus rating of “Moderate Buy” and an average price target of $170.24.

Insider Activity

In related news, CEO J Kent Masters sold 11,783 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total value of $2,012,654.23. Following the transaction, the chief executive officer directly owned 134,628 shares of the company’s stock, valued at $22,995,808.68. This trade represents a 8.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Albemarle

A number of institutional investors have recently added to or reduced their stakes in ALB. Parallel Advisors LLC boosted its stake in shares of Albemarle by 2.5% in the fourth quarter. Parallel Advisors LLC now owns 2,468 shares of the specialty chemicals company’s stock valued at $349,000 after buying an additional 60 shares in the last quarter. Eaton Financial Holdings Company LLC boosted its position in shares of Albemarle by 1.2% during the 4th quarter. Eaton Financial Holdings Company LLC now owns 5,769 shares of the specialty chemicals company’s stock worth $816,000 after purchasing an additional 66 shares in the last quarter. Signature Estate & Investment Advisors LLC boosted its position in shares of Albemarle by 1.9% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 3,592 shares of the specialty chemicals company’s stock worth $508,000 after purchasing an additional 67 shares in the last quarter. Assetmark Inc. grew its stake in shares of Albemarle by 10.9% during the 4th quarter. Assetmark Inc. now owns 782 shares of the specialty chemicals company’s stock worth $111,000 after purchasing an additional 77 shares during the period. Finally, BNP Paribas increased its holdings in shares of Albemarle by 3.3% in the 4th quarter. BNP Paribas now owns 2,423 shares of the specialty chemicals company’s stock valued at $343,000 after purchasing an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.