Albemarle Corporation (ALB) Sets New 12-Month High at $123.71

Albemarle Corporation (NYSE:ALB) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $123.71 and last traded at $123.73, with a volume of 1,037,606 shares traded. The stock had previously closed at $118.28.

Several brokerages have issued reports on ALB. BidaskClub downgraded shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. KeyCorp reissued a “buy” rating and set a $125.00 price objective on shares of Albemarle Corporation in a research report on Sunday, September 3rd. Royal Bank Of Canada reissued a “buy” rating and set a $136.00 price objective on shares of Albemarle Corporation in a research report on Friday, July 14th. Robert W. Baird reissued an “outperform” rating and set a $135.00 price objective (up from $125.00) on shares of Albemarle Corporation in a research report on Tuesday, July 18th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $110.94.

The company’s 50 day moving average is $116.04 and its 200 day moving average is $110.12. The company has a market capitalization of $13.77 billion, a PE ratio of 15.94 and a beta of 1.61.

Albemarle Corporation (NYSE:ALB) last announced its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.02. The firm had revenue of $737.25 million during the quarter, compared to analyst estimates of $735.50 million. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. Albemarle Corporation’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 EPS. On average, equities analysts forecast that Albemarle Corporation will post $4.37 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a yield of 1.03%. Albemarle Corporation’s dividend payout ratio is presently 16.41%.

In related news, EVP Matthew Juneau sold 5,397 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $115.77, for a total value of $624,810.69. Following the completion of the transaction, the executive vice president now owns 360 shares in the company, valued at approximately $41,677.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas L. Maine sold 10,000 shares of the stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $107.94, for a total transaction of $1,079,400.00. Following the completion of the transaction, the director now owns 24,150 shares of the company’s stock, valued at approximately $2,606,751. The disclosure for this sale can be found here. Insiders sold a total of 121,897 shares of company stock valued at $13,458,086 in the last quarter. 0.74% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ALB. Janney Montgomery Scott LLC grew its position in Albemarle Corporation by 7.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 3,546 shares of the specialty chemicals company’s stock valued at $375,000 after buying an additional 232 shares in the last quarter. Advisors Asset Management Inc. grew its position in Albemarle Corporation by 69.9% in the 1st quarter. Advisors Asset Management Inc. now owns 5,027 shares of the specialty chemicals company’s stock valued at $531,000 after buying an additional 2,069 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in Albemarle Corporation by 154.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 7,483 shares of the specialty chemicals company’s stock valued at $824,000 after buying an additional 4,539 shares in the last quarter. Comerica Bank grew its position in Albemarle Corporation by 5.5% in the 1st quarter. Comerica Bank now owns 37,377 shares of the specialty chemicals company’s stock valued at $4,043,000 after buying an additional 1,960 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its position in Albemarle Corporation by 7.2% in the 1st quarter. Pictet Asset Management Ltd. now owns 63,700 shares of the specialty chemicals company’s stock valued at $6,729,000 after buying an additional 4,300 shares in the last quarter. Hedge funds and other institutional investors own 84.01% of the company’s stock.

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Albemarle Corporation Company Profile

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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