Deutsche Bank AG purchased a new stake in shares of Albemarle Corporation (NYSE:ALB – Free Report) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 970,516 shares of the specialty chemicals company’s stock, valued at approximately $131,049,000.
A number of other large investors have also recently made changes to their positions in the business. Norges Bank bought a new position in Albemarle in the 4th quarter worth $165,271,000. Phoenix Financial Ltd. bought a new position in Albemarle in the fourth quarter worth about $130,415,000. Bank of New York Mellon Corp bought a new position in Albemarle in the second quarter worth about $103,268,000. Northwestern Mutual Wealth Management Co. boosted its position in Albemarle by 4,338.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock valued at $104,444,000 after acquiring an additional 721,793 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Albemarle by 22,047.4% during the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock worth $44,613,000 after acquiring an additional 710,589 shares during the period. 92.87% of the stock is currently owned by institutional investors.
Albemarle Trading Up 1.3%
Albemarle stock opened at $134.44 on Thursday. The business has a 50-day simple moving average of $133.08 and a two-hundred day simple moving average of $161.11. The company has a market cap of $15.86 billion, a P/E ratio of 497.93 and a beta of 1.33. Albemarle Corporation has a 52-week low of $71.25 and a 52-week high of $221.00. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22.
Albemarle Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a $0.41 dividend. The ex-dividend date is Friday, September 11th. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. This represents a $1.64 annualized dividend and a dividend yield of 1.2%. Albemarle’s dividend payout ratio (DPR) is presently 600.00%.
Wall Street Analyst Weigh In
ALB has been the subject of a number of research reports. Wall Street Zen downgraded Albemarle from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Robert W. Baird dropped their target price on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. Scotiabank reduced their target price on shares of Albemarle from $200.00 to $190.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 10th. Berenberg Bank increased their price target on shares of Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a research note on Tuesday, June 2nd. Finally, Rothschild & Co Redburn lowered their price target on shares of Albemarle from $188.00 to $170.00 and set a “neutral” rating for the company in a research report on Wednesday, July 1st. Fifteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.26.
View Our Latest Analysis 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.
Featured Stories
- Five stocks we like better than Albemarle
- Bloom Energy’s AI Surge Meets a Valuation Reality Check
- Target Is Winning Shoppers Back—Can the Rally Reach $180?
- IonQ’s Space Contract Points to a New Frontier for Quantum Investors
- Is Apple’s AI Strategy Smarter Than Skeptics Think?
Want to see what other hedge funds are holding ALB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Albemarle Corporation (NYSE:ALB – Free Report).
Receive News & Ratings for Albemarle Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Albemarle and related companies with MarketBeat.com's FREE daily email newsletter.
