Wealthfront Advisers LLC purchased a new stake in Albemarle Corporation (NYSE:ALB – Free Report) in the second quarter, HoldingsChannel.com reports. The fund purchased 5,246 shares of the specialty chemicals company’s stock, valued at approximately $708,000.
Several other institutional investors and hedge funds have also bought and sold shares of ALB. AQR Capital Management LLC raised its position 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 boosted its position 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 Albemarle in the first quarter valued at approximately $208,000. Empowered Funds LLC bought a new position in Albemarle in the first quarter valued at approximately $411,000. Finally, EverSource Wealth Advisors LLC raised its position in Albemarle by 536.7% during the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 483 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.
Albemarle Price Performance
Shares of ALB opened at $142.99 on Friday. The business has a 50-day moving average of $132.04 and a 200-day moving average of $160.73. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35. The company has a market capitalization of $16.87 billion, a price-to-earnings ratio of 529.61 and a beta of 1.33. Albemarle Corporation has a 1 year low of $71.25 and a 1 year high of $221.00.
Albemarle Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a dividend of $0.41 per share. This is an increase from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.64 dividend on an annualized basis and a yield of 1.1%. Albemarle’s dividend payout ratio (DPR) is currently 600.00%.
Analyst Ratings Changes
ALB has been the subject of several recent analyst reports. Royal Bank Of Canada dropped their price objective on Albemarle from $166.00 to $157.00 and set an “outperform” rating for the company in a research report on Monday, August 10th. Vertical Research upgraded Albemarle from a “hold” rating to a “buy” rating and set a $224.00 target price on the stock in a research report on Tuesday, May 26th. Wall Street Zen downgraded Albemarle from a “buy” rating to a “hold” rating in a research note 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 for the company in a report on Thursday, June 18th. Finally, Argus raised their price target on shares of Albemarle from $185.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $190.26.
Check Out Our Latest Stock 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.
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