Albemarle Corporation (NYSE:ALB – Get Free Report)’s share price rose 7.7% during trading on Friday . The company traded as high as $171.94 and last traded at $171.3410. Approximately 990,833 shares traded hands during trading, a decline of 60% from the average daily volume of 2,489,095 shares. The stock had previously closed at $159.06.
Wall Street Analyst Weigh In
A number of research firms have issued reports on ALB. Weiss Ratings raised Albemarle from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, May 7th. HSBC boosted their target price on Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Royal Bank Of Canada boosted their target price on Albemarle from $253.00 to $257.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Morgan Stanley boosted their target price on Albemarle from $170.00 to $189.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 28th. Finally, Wells Fargo & Company boosted their target price on Albemarle from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $203.04.
Albemarle Stock Up 7.2%
Albemarle (NYSE:ALB – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the firm earned ($0.18) earnings per share. Albemarle’s revenue for the quarter was up 32.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Albemarle Corporation will post 12.39 earnings per share for the current fiscal year.
Albemarle Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors 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 annualized dividend and a yield of 0.9%. Albemarle’s dividend payout ratio is -47.51%.
Insider Buying and Selling
In related news, CEO J Kent Masters sold 16,393 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.42% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the stock. Dakota Community Bank & Trust NA acquired a new position in Albemarle during the first quarter valued at approximately $54,000. Parallel Advisors LLC boosted its position in Albemarle by 4.9% during the first quarter. Parallel Advisors LLC now owns 2,588 shares of the specialty chemicals company’s stock valued at $465,000 after purchasing an additional 120 shares during the last quarter. NewEdge Advisors LLC boosted its position in Albemarle by 9.3% during the first quarter. NewEdge Advisors LLC now owns 8,679 shares of the specialty chemicals company’s stock valued at $1,558,000 after purchasing an additional 740 shares during the last quarter. CTC Alternative Strategies Ltd. acquired a new position in Albemarle during the first quarter valued at approximately $251,000. Finally, Essential Partners LLC boosted its position in Albemarle by 73.3% during the first quarter. Essential Partners LLC now owns 383 shares of the specialty chemicals company’s stock valued at $69,000 after purchasing an additional 162 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.
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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