Axxcess Wealth Management LLC Makes New Investment in Albemarle Co. (NYSE:ALB)

Axxcess Wealth Management LLC acquired a new position in Albemarle Co. (NYSE:ALBGet Rating) during the second quarter, HoldingsChannel reports. The institutional investor acquired 2,032 shares of the specialty chemicals company’s stock, valued at approximately $425,000.

A number of other large investors have also added to or reduced their stakes in the company. Covestor Ltd increased its position in shares of Albemarle by 51.2% during the 1st quarter. Covestor Ltd now owns 130 shares of the specialty chemicals company’s stock valued at $29,000 after purchasing an additional 44 shares during the last quarter. Harbor Investment Advisory LLC increased its position in shares of Albemarle by 5.3% during the 2nd quarter. Harbor Investment Advisory LLC now owns 993 shares of the specialty chemicals company’s stock valued at $208,000 after purchasing an additional 50 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of Albemarle by 20.4% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 295 shares of the specialty chemicals company’s stock valued at $62,000 after purchasing an additional 50 shares during the last quarter. Canal Capital Management LLC increased its position in shares of Albemarle by 3.7% during the 2nd quarter. Canal Capital Management LLC now owns 1,421 shares of the specialty chemicals company’s stock valued at $297,000 after purchasing an additional 51 shares during the last quarter. Finally, Gulf International Bank UK Ltd increased its position in shares of Albemarle by 0.3% during the 2nd quarter. Gulf International Bank UK Ltd now owns 17,589 shares of the specialty chemicals company’s stock valued at $3,726,000 after purchasing an additional 55 shares during the last quarter. Institutional investors own 81.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ALB. Deutsche Bank Aktiengesellschaft boosted their target price on Albemarle from $305.00 to $325.00 in a research report on Monday, November 7th. Jefferies Financial Group restated a “buy” rating and set a $350.00 price objective on shares of Albemarle in a report on Friday, September 30th. Royal Bank of Canada boosted their price objective on Albemarle from $371.00 to $380.00 and gave the company an “outperform” rating in a report on Tuesday, November 8th. StockNews.com initiated coverage on Albemarle in a report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Mizuho boosted their price objective on Albemarle from $300.00 to $325.00 and gave the company a “neutral” rating in a report on Friday, November 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $297.89.

Albemarle Trading Up 0.3 %

Shares of NYSE ALB opened at $283.90 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.73 and a quick ratio of 1.08. The stock has a market capitalization of $33.26 billion, a P/E ratio of 21.52, a price-to-earnings-growth ratio of 0.84 and a beta of 1.41. Albemarle Co. has a 1-year low of $169.93 and a 1-year high of $334.55. The business has a fifty day moving average price of $278.33 and a 200 day moving average price of $254.57.

Albemarle (NYSE:ALBGet Rating) last issued its quarterly earnings data on Thursday, November 3rd. The specialty chemicals company reported $7.50 earnings per share for the quarter, topping analysts’ consensus estimates of $6.99 by $0.51. Albemarle had a return on equity of 26.84% and a net margin of 27.77%. The firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.21 billion. During the same period in the prior year, the business posted $1.05 EPS. The firm’s quarterly revenue was up 151.9% on a year-over-year basis. Equities research analysts expect that Albemarle Co. will post 20.99 EPS for the current fiscal year.

Albemarle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 16th will be issued a $0.395 dividend. This represents a $1.58 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend is Thursday, December 15th. Albemarle’s dividend payout ratio is presently 11.98%.

Insider Activity

In other news, EVP Karen G. Narwold sold 2,250 shares of the stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $285.66, for a total value of $642,735.00. Following the transaction, the executive vice president now directly owns 11,444 shares of the company’s stock, valued at $3,269,093.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Karen G. Narwold sold 9,072 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $322.26, for a total transaction of $2,923,542.72. Following the sale, the executive vice president now directly owns 8,507 shares of the company’s stock, valued at $2,741,465.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Karen G. Narwold sold 2,250 shares of the firm’s stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $285.66, for a total value of $642,735.00. Following the sale, the executive vice president now directly owns 11,444 shares in the company, valued at $3,269,093.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,962 shares of company stock valued at $4,911,107. Company insiders own 0.25% of the company’s stock.

Albemarle Company Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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