Moore Capital Management LP acquired a new stake in Albemarle Corporation (NYSE:ALB – Free Report) during the 2nd quarter, Holdings Channel reports. The fund acquired 59,533 shares of the specialty chemicals company’s stock, valued at approximately $8,039,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of ALB. Addison Advisors LLC bought a new position in shares of Albemarle during the 2nd quarter worth approximately $28,000. Elyxium Wealth LLC acquired a new position in Albemarle during the fourth quarter worth approximately $34,000. Sound Income Strategies LLC raised its stake in Albemarle by 190.1% in the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock valued at $52,000 after acquiring an additional 192 shares during the period. Root Financial Partners LLC lifted its stake in shares of Albemarle by 121.5% during the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock worth $42,000 after buying an additional 164 shares during the last quarter. Finally, Dakota Community Bank & Trust NA acquired a new position in Albemarle in the 1st quarter valued at about $54,000. Institutional investors and hedge funds own 92.87% of the company’s stock.
Analyst Upgrades and Downgrades
ALB has been the topic of several recent research reports. Argus increased their price objective on Albemarle from $185.00 to $230.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Vertical Research upgraded shares of Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price target on the stock in a research note on Tuesday, May 26th. Weiss Ratings raised shares of Albemarle from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Finally, Truist Financial cut their target price on Albemarle from $245.00 to $225.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Fifteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $190.04.
Albemarle Stock Down 0.0%
Shares of NYSE ALB opened at $137.34 on Monday. The company has a 50 day simple moving average of $129.26 and a 200 day simple moving average of $159.70. 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 firm has a market cap of $16.21 billion, a PE ratio of 508.69 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 (NYSE:ALB – Get Free Report) last announced its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, beating the consensus estimate of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the prior year, the business posted $0.11 earnings per share. The firm’s revenue was up 31.1% on a year-over-year basis. On average, research analysts forecast that Albemarle Corporation will post 11.39 EPS for the current year.
Albemarle Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. This is an increase from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Friday, September 11th. Albemarle’s payout ratio is currently 600.00%.
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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