Grandfield & Dodd LLC lessened its stake in shares of Albemarle Corporation (NYSE:ALB – Free Report) by 5.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 237,787 shares of the specialty chemicals company’s stock after selling 13,568 shares during the period. Albemarle makes up approximately 1.9% of Grandfield & Dodd LLC’s holdings, making the stock its 16th largest holding. Grandfield & Dodd LLC’s holdings in Albemarle were worth $33,633,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nordea Investment Management AB purchased a new stake in Albemarle during the 4th quarter valued at $6,171,000. Altfest L J & Co. Inc. purchased a new stake in Albemarle during the 4th quarter valued at $1,055,000. Aegis Wealth Management LLC purchased a new stake in Albemarle during the 3rd quarter valued at $324,000. Three Seasons Wealth LLC purchased a new stake in Albemarle during the 4th quarter valued at $873,000. Finally, J. Safra Sarasin Holding AG raised its holdings in Albemarle by 493.3% during the 4th quarter. J. Safra Sarasin Holding AG now owns 84,011 shares of the specialty chemicals company’s stock valued at $11,883,000 after buying an additional 69,850 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.
Insider Activity
In other news, CEO J Kent Masters sold 16,393 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.42% of the company’s stock.
Albemarle Stock Performance
Albemarle (NYSE:ALB – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company earned ($0.18) EPS. The business’s revenue was up 32.7% compared to the same quarter last year. Analysts predict that Albemarle Corporation will post 12.39 earnings per share for the current year.
Albemarle Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 0.9%. Albemarle’s dividend payout ratio is presently -47.51%.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on ALB shares. Wall Street Zen upgraded Albemarle from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 23rd. Citigroup increased their target price on Albemarle from $210.00 to $225.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Evercore increased their target price on Albemarle from $100.00 to $180.00 in a research note on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft increased their target price on Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, Rothschild & Co Redburn lowered Albemarle from a “buy” rating to a “neutral” rating and set a $188.00 target price on the stock. in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $201.42.
Read Our Latest Research Report on Albemarle
About Albemarle
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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