Clifford Swan Investment Counsel LLC Sells 22,311 Shares of Albemarle Corporation $ALB

Clifford Swan Investment Counsel LLC cut its holdings in Albemarle Corporation (NYSE:ALB) by 19.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,054 shares of the specialty chemicals company’s stock after selling 22,311 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in Albemarle were worth $12,430,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Addison Advisors LLC purchased a new stake in Albemarle in the second quarter worth approximately $28,000. Elyxium Wealth LLC bought a new stake in Albemarle during the fourth quarter valued at about $34,000. Sound Income Strategies LLC increased its holdings in Albemarle by 190.1% in the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock worth $52,000 after acquiring an additional 192 shares in the last quarter. Root Financial Partners LLC increased its stake in shares of Albemarle by 121.5% in the fourth quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 164 shares in the last quarter. Finally, Dakota Community Bank & Trust NA bought a new stake in Albemarle during the first quarter valued at about $54,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Stock Performance

Shares of ALB opened at $135.24 on Tuesday. The stock has a fifty day moving average price of $128.84 and a 200-day moving average price of $159.47. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22. Albemarle Corporation has a 12 month low of $71.25 and a 12 month high of $221.00. The firm has a market cap of $15.96 billion, a PE ratio of 500.91 and a beta of 1.33.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company’s revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Equities research analysts predict that Albemarle Corporation will post 11.39 earnings per share for the current fiscal 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 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, September 11th. This is a boost from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s dividend payout ratio (DPR) is presently 600.00%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ALB shares. Morgan Stanley reiterated a “reduce” rating and set a $161.00 price objective on shares of Albemarle in a research report on Monday, August 10th. Jefferies Financial Group dropped their target price on Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. 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. Scotiabank cut their price objective on Albemarle from $200.00 to $190.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 10th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Fifteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $190.04.

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.