Quadrant Capital Group LLC boosted its holdings in Albemarle Corporation (NYSE:ALB – Free Report) by 368.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,292 shares of the specialty chemicals company’s stock after purchasing an additional 14,384 shares during the period. Quadrant Capital Group LLC’s holdings in Albemarle were worth $1,935,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the business. Wellington Management Group LLP boosted its stake in shares of Albemarle by 161.8% during the 2nd quarter. Wellington Management Group LLP now owns 49,412 shares of the specialty chemicals company’s stock valued at $6,672,000 after buying an additional 30,541 shares during the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Albemarle in the second quarter worth $4,246,000. NFJ Investment Group LLC bought a new stake in shares of Albemarle in the second quarter worth $23,328,000. Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Albemarle in the second quarter worth $2,012,000. Finally, WINTON GROUP Ltd acquired a new stake in Albemarle in the second quarter valued at $4,145,000. Institutional investors and hedge funds own 92.87% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the stock. Wall Street Zen upgraded shares of Albemarle from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. BMO Capital Markets reissued an “outperform” rating and set a $175.00 price objective on shares of Albemarle in a report on Tuesday, October 6th. Barclays assumed coverage on shares of Albemarle in a research report on Monday, October 12th. They issued an “equal weight” rating and a $109.00 target price for the company. Morgan Stanley restated a “reduce” rating and issued a $161.00 target price on shares of Albemarle in a research note on Monday, August 10th. Finally, Scotiabank cut 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 note on Monday, August 10th. Sixteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $176.83.
View Our Latest Stock Report on ALB
Albemarle Price Performance
Shares of NYSE:ALB opened at $92.52 on Friday. The company has a market cap of $10.92 billion, a PE ratio of 342.66, a P/E/G ratio of 0.56 and a beta of 1.36. Albemarle Corporation has a fifty-two week low of $88.01 and a fifty-two week high of $221.00. The firm has a 50-day simple moving average of $116.50 and a 200 day simple moving average of $143.12. 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 (NYSE:ALB – Get Free Report) last issued its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the company posted $0.11 earnings per share. Albemarle’s revenue was up 31.1% on a year-over-year basis. On average, sell-side analysts anticipate that Albemarle Corporation will post 11.19 EPS for the current year.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company headquartered in Charlotte, North Carolina. The company develops, manufactures, and markets engineered chemicals used in energy storage, transportation, refining, pharmaceuticals, agriculture, consumer products, and other industrial applications.
Albemarle is one of the world’s major producers of lithium and supplies lithium compounds, including lithium carbonate and lithium hydroxide, for use in rechargeable batteries for electric vehicles, portable electronics, and grid energy-storage systems.
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