Systematic Financial Management LP reduced its holdings in Albemarle Co. (NYSE:ALB) by 87.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 12,670 shares of the specialty chemicals company’s stock after selling 86,510 shares during the quarter. Systematic Financial Management LP’s holdings in Albemarle were worth $1,620,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of ALB. Ark Investment Management LLC increased its position in Albemarle by 104.6% in the 2nd quarter. Ark Investment Management LLC now owns 6,368 shares of the specialty chemicals company’s stock valued at $672,000 after acquiring an additional 3,255 shares during the period. Mutual of America Capital Management LLC increased its position in Albemarle by 6.5% in the 3rd quarter. Mutual of America Capital Management LLC now owns 14,437 shares of the specialty chemicals company’s stock valued at $1,968,000 after acquiring an additional 882 shares during the period. APG Asset Management N.V. increased its position in Albemarle by 6.9% in the 3rd quarter. APG Asset Management N.V. now owns 166,343 shares of the specialty chemicals company’s stock valued at $22,674,000 after acquiring an additional 10,700 shares during the period. Strs Ohio increased its position in Albemarle by 4.3% in the 3rd quarter. Strs Ohio now owns 9,374 shares of the specialty chemicals company’s stock valued at $1,277,000 after acquiring an additional 390 shares during the period. Finally, Korea Investment CORP increased its position in Albemarle by 1.3% in the 3rd quarter. Korea Investment CORP now owns 102,444 shares of the specialty chemicals company’s stock valued at $13,964,000 after acquiring an additional 1,300 shares during the period. Hedge funds and other institutional investors own 87.23% of the company’s stock.
Several brokerages have recently issued reports on ALB. Argus began coverage on Albemarle in a research report on Friday. They set a “buy” rating and a $148.00 price target on the stock. Morgan Stanley cut Albemarle from an “equal weight” rating to an “underweight” rating in a research report on Monday. UBS Group lifted their price target on Albemarle from $123.00 to $150.00 and gave the company a “neutral” rating in a research report on Thursday, November 9th. Jefferies Group lifted their price target on Albemarle from $156.00 to $162.00 and gave the company a “buy” rating in a research report on Tuesday, November 14th. Finally, Seaport Global Securities reiterated a “hold” rating and set a $130.00 price target on shares of Albemarle in a research report on Monday, February 5th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the company. Albemarle currently has an average rating of “Buy” and a consensus target price of $129.79.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.335 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This is a positive change from Albemarle’s previous quarterly dividend of $0.32. This represents a $1.34 annualized dividend and a dividend yield of 1.13%. Albemarle’s dividend payout ratio (DPR) is currently 16.56%.
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Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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