Pinkerton Wealth LLC bought a new position in Albemarle Corporation (NYSE:ALB – Free Report) during the 4th quarter, Holdings Channel reports. The institutional investor bought 19,689 shares of the specialty chemicals company’s stock, valued at approximately $2,785,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Rathbones Group PLC purchased a new stake in Albemarle in the fourth quarter worth approximately $277,000. Banque Cantonale Vaudoise boosted its holdings in Albemarle by 11.9% in the fourth quarter. Banque Cantonale Vaudoise now owns 5,894 shares of the specialty chemicals company’s stock worth $834,000 after purchasing an additional 628 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Albemarle in the fourth quarter worth approximately $47,000. PNC Financial Services Group Inc. boosted its holdings in Albemarle by 15.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 39,913 shares of the specialty chemicals company’s stock worth $5,645,000 after purchasing an additional 5,337 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in Albemarle by 368.5% in the fourth quarter. Handelsbanken Fonder AB now owns 379,127 shares of the specialty chemicals company’s stock worth $53,624,000 after purchasing an additional 298,207 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.
Albemarle Stock Performance
Shares of NYSE ALB opened at $170.28 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. The company has a market cap of $20.08 billion, a P/E ratio of -49.94, a P/E/G ratio of 0.85 and a beta of 1.36. The firm’s fifty day moving average is $182.40 and its two-hundred day moving average is $160.29. Albemarle Corporation has a 52-week low of $53.70 and a 52-week high of $221.00.
Albemarle Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, June 12th. Albemarle’s payout ratio is currently -47.51%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on ALB shares. Royal Bank Of Canada raised their target price on shares of Albemarle from $245.00 to $253.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Wall Street Zen upgraded shares of Albemarle from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Wells Fargo & Company increased their price target on shares of Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. UBS Group increased their price target on shares of Albemarle from $230.00 to $264.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Truist Financial increased their price target on shares of Albemarle from $245.00 to $260.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $200.26.
Read Our Latest Report on Albemarle
Insider Transactions at Albemarle
In other Albemarle news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the sale, the chief executive officer directly owned 87,519 shares in the company, valued at approximately $16,078,990.68. The trade was a 15.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.42% of the company’s stock.
Albemarle 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.
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