SIR Capital Management L.P. Acquires Shares of 122,115 Albemarle Corporation $ALB

SIR Capital Management L.P. acquired a new stake in Albemarle Corporation (NYSE:ALB) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 122,115 shares of the specialty chemicals company’s stock, valued at approximately $17,272,000. Albemarle makes up about 1.9% of SIR Capital Management L.P.’s portfolio, making the stock its 18th largest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strategic Advocates LLC acquired a new position in Albemarle in the 3rd quarter valued at $25,000. MH & Associates Securities Management Corp ADV acquired a new position in Albemarle in the 4th quarter valued at $26,000. 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 position in Albemarle in the 4th quarter valued at $34,000. Finally, EverSource Wealth Advisors LLC raised 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 acquiring an additional 483 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of the transaction, the chief executive officer owned 87,519 shares of the company’s stock, valued at $16,078,990.68. This represents a 15.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.42% of the stock is currently owned by insiders.

Albemarle Price Performance

Albemarle stock opened at $170.59 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. Albemarle Corporation has a 52 week low of $55.90 and a 52 week high of $221.00. The stock has a market capitalization of $20.12 billion, a P/E ratio of -50.03, a price-to-earnings-growth ratio of 0.80 and a beta of 1.30. The stock has a fifty day moving average of $181.35 and a 200-day moving average of $167.03.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, topping 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 company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the firm earned ($0.18) EPS. Albemarle’s revenue was up 32.7% on a year-over-year basis. On average, sell-side analysts expect that Albemarle Corporation will post 12.39 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, June 12th. Albemarle’s dividend payout ratio is presently -47.51%.

Analysts Set New Price Targets

Several equities analysts have weighed in on ALB shares. Bank of America lifted their price objective on Albemarle from $190.00 to $225.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Weiss Ratings raised Albemarle from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, May 7th. Vertical Research raised Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price target for the company in a report on Tuesday, May 26th. Evercore boosted their price target on Albemarle from $100.00 to $180.00 in a report on Wednesday, February 18th. Finally, JPMorgan Chase & Co. lowered their price target on Albemarle from $195.00 to $145.00 and set a “neutral” rating for the company in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Albemarle has a consensus rating of “Moderate Buy” and a consensus price target of $203.04.

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.