Axxcess Wealth Management LLC bought a new stake in shares of Albemarle Co. (NYSE:ALB – Get Rating) in the second quarter, Holdings Channel reports. The fund bought 2,032 shares of the specialty chemicals company’s stock, valued at approximately $425,000.
A number of other hedge funds have also added to or reduced their stakes in ALB. Covestor Ltd grew its holdings in shares of Albemarle by 51.2% during the first quarter. Covestor Ltd now owns 130 shares of the specialty chemicals company’s stock worth $29,000 after purchasing an additional 44 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new stake in Albemarle in the 1st quarter worth approximately $35,000. Riverview Trust Co lifted its position in Albemarle by 92.3% in the 2nd quarter. Riverview Trust Co now owns 175 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 84 shares during the last quarter. CoreCap Advisors LLC bought a new stake in Albemarle in the second quarter valued at approximately $39,000. Finally, MCF Advisors LLC bought a new stake in Albemarle in the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 81.80% of the company’s stock.
Analyst Ratings Changes
A number of brokerages recently commented on ALB. Royal Bank of Canada upped their target price on Albemarle from $371.00 to $380.00 and gave the company an “outperform” rating in a report on Tuesday, November 8th. Bank of America upped their price target on Albemarle from $262.00 to $332.00 and gave the stock a “neutral” rating in a research note on Monday, October 3rd. Credit Suisse Group raised their price target on Albemarle from $196.00 to $200.00 and gave the company an “underperform” rating in a report on Thursday, November 3rd. Mizuho raised their price target on Albemarle from $300.00 to $325.00 and gave the company a “neutral” rating in a report on Friday, November 4th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Albemarle from $305.00 to $325.00 in a report on Monday, November 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $297.89.
Insiders Place Their Bets
Albemarle Stock Up 0.3 %
Albemarle stock opened at $283.90 on Thursday. The firm has a market cap of $33.26 billion, a price-to-earnings ratio of 21.52, a price-to-earnings-growth ratio of 0.84 and a beta of 1.41. Albemarle Co. has a 52 week low of $169.93 and a 52 week high of $334.55. The business’s 50-day moving average price is $278.33 and its 200 day moving average price is $254.57. The company has a quick ratio of 1.08, a current ratio of 1.73 and a debt-to-equity ratio of 0.45.
Albemarle (NYSE:ALB – Get Rating) last posted its earnings results on Thursday, November 3rd. The specialty chemicals company reported $7.50 EPS for the quarter, topping the consensus estimate of $6.99 by $0.51. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.21 billion. Albemarle had a return on equity of 26.84% and a net margin of 27.77%. Albemarle’s revenue for the quarter was up 151.9% compared to the same quarter last year. During the same period last year, the company earned $1.05 earnings per share. As a group, sell-side analysts anticipate that Albemarle Co. will post 20.99 earnings per share for the current year.
Albemarle Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be given a dividend of $0.395 per share. The ex-dividend date of this dividend is Thursday, December 15th. This represents a $1.58 dividend on an annualized basis and a yield of 0.56%. Albemarle’s dividend payout ratio is currently 11.98%.
Albemarle Company Profile
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties; and reagents, such as butyllithium and lithium aluminum hydride for use in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.
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