Sierra Summit Advisors LLC acquired a new position in shares of Albemarle Corporation (NYSE:ALB – Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 5,340 shares of the specialty chemicals company’s stock, valued at approximately $959,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its holdings in shares of Albemarle by 25.5% in the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock valued at $229,000 after buying an additional 654 shares in the last quarter. Integrated Wealth Concepts LLC raised its stake in shares of Albemarle by 26.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock worth $346,000 after acquiring an additional 996 shares in the last quarter. United Services Automobile Association bought a new position in shares of Albemarle during the 1st quarter worth approximately $208,000. Empowered Funds LLC purchased a new stake in Albemarle during the first quarter valued at approximately $411,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Albemarle by 536.7% in the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after acquiring an additional 483 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.
Albemarle Trading Down 0.6%
NYSE ALB opened at $135.27 on Friday. The company has a fifty day simple moving average of $171.23 and a two-hundred day simple moving average of $169.44. The stock has a market cap of $15.95 billion, a P/E ratio of -39.67, a P/E/G ratio of 0.66 and a beta of 1.34. Albemarle Corporation has a 12-month low of $64.24 and a 12-month high of $221.00. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23.
Albemarle Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were given a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a yield of 1.2%. Albemarle’s payout ratio is currently -47.51%.
Insiders Place Their Bets
In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.42% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have issued reports on the stock. Citigroup raised shares of Albemarle from a “neutral” rating to a “buy” rating and set a $225.00 price target on the stock in a report on Thursday, June 18th. Mizuho lowered their price objective on Albemarle from $205.00 to $185.00 and set a “neutral” rating for the company in a research report on Wednesday. Morgan Stanley boosted their target price on Albemarle from $170.00 to $189.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 28th. UBS Group upped their target price on Albemarle from $230.00 to $264.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, Scotiabank increased their price target on Albemarle from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $199.58.
Get Our Latest Research Report on ALB
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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