40,910 Shares in Albemarle Corporation $ALB Bought by SCS Capital Management LLC

SCS Capital Management LLC acquired a new position in Albemarle Corporation (NYSE:ALB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,910 shares of the specialty chemicals company’s stock, valued at approximately $5,541,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Earnest Partners LLC lifted its stake in shares of Albemarle by 14.6% in the fourth quarter. Earnest Partners LLC now owns 1,630,394 shares of the specialty chemicals company’s stock valued at $230,603,000 after purchasing an additional 207,770 shares during the period. Northern Trust Corp grew its position in Albemarle by 1.8% during the third quarter. Northern Trust Corp now owns 1,263,734 shares of the specialty chemicals company’s stock worth $102,464,000 after buying an additional 22,856 shares during the period. Goldman Sachs Group Inc. grew its position in Albemarle by 57.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,241,106 shares of the specialty chemicals company’s stock worth $175,542,000 after buying an additional 453,881 shares during the period. Norges Bank acquired a new position in Albemarle during the fourth quarter worth about $165,271,000. Finally, Phoenix Financial Ltd. purchased a new position in Albemarle in the fourth quarter valued at about $130,415,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on ALB. Weiss Ratings reissued a “sell (d+)” rating on shares of Albemarle in a research note on Tuesday, August 4th. UBS Group dropped their price objective on Albemarle from $205.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Berenberg Bank lifted their price objective on Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a report on Tuesday, June 2nd. Vertical Research raised Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price objective for the company in a report on Tuesday, May 26th. Finally, Morgan Stanley reiterated a “reduce” rating and set a $161.00 target price on shares of Albemarle in a research report on Monday, August 10th. Fifteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Albemarle presently has an average rating of “Moderate Buy” and an average target price of $190.26.

Albemarle Stock Performance

NYSE:ALB opened at $136.07 on Monday. The firm has a 50 day simple moving average of $134.05 and a 200-day simple moving average of $162.22. 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 firm has a market cap of $16.06 billion, a PE ratio of 504.00 and a beta of 1.33. Albemarle Corporation has a 1-year low of $71.25 and a 1-year high of $221.00.

Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Albemarle’s revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.11 earnings per share. On average, equities analysts expect that Albemarle Corporation will post 11.91 EPS for the current year.

Albemarle Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 1.2%. 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 600.00%.

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.