DNB Asset Management AS trimmed its position in Albemarle Corporation (NYSE:ALB – Free Report) by 46.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,146 shares of the specialty chemicals company’s stock after selling 19,101 shares during the quarter. DNB Asset Management AS’s holdings in Albemarle were worth $3,132,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in ALB. Phoenix Financial Ltd. acquired a new position in shares of Albemarle in the fourth quarter worth about $130,415,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Albemarle by 4,338.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock worth $104,444,000 after buying an additional 721,793 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Albemarle by 22,047.4% in the second quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock worth $44,613,000 after buying an additional 710,589 shares during the period. Samlyn Capital LLC acquired a new stake in shares of Albemarle during the third quarter worth approximately $47,088,000. Finally, Caisse de depot et placement du Quebec acquired a new stake in shares of Albemarle during the third quarter worth approximately $41,239,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Albemarle
In other news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares of the company’s stock, valued at $16,078,990.68. This trade represents a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.42% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Read Our Latest Stock Report on Albemarle
Albemarle Price Performance
NYSE ALB opened at $168.82 on Wednesday. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $19.91 billion, a PE ratio of -49.51, a price-to-earnings-growth ratio of 0.88 and a beta of 1.36. The company has a 50 day moving average price of $182.39 and a two-hundred day moving average price of $159.78. Albemarle Corporation has a 12-month low of $53.70 and a 12-month high of $221.00.
Albemarle (NYSE:ALB – Get Free Report) last posted its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $1.71. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the previous year, the company earned ($0.18) earnings per share. The company’s revenue was up 32.7% compared to the same quarter last year. As a group, equities analysts predict that Albemarle Corporation will post 12.45 earnings per share for the current fiscal year.
Albemarle Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a $0.405 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.0%. Albemarle’s dividend payout ratio (DPR) is currently -47.51%.
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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