Manning & Napier Advisors LLC decreased its holdings in Albemarle Corporation (NYSE:ALB – Free Report) by 98.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 14,387 shares of the specialty chemicals company’s stock after selling 1,074,136 shares during the period. Manning & Napier Advisors LLC’s holdings in Albemarle were worth $2,583,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the business. AQR Capital Management LLC increased its position in Albemarle by 25.5% during the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock worth $229,000 after purchasing an additional 654 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Albemarle by 26.2% during the first 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 during the last quarter. United Services Automobile Association acquired a new position in shares of Albemarle in the 1st quarter worth approximately $208,000. Empowered Funds LLC acquired a new position in Albemarle in the first quarter valued at $411,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Albemarle by 536.7% in the 2nd 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 during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.
Insider Buying and Selling at Albemarle
In other news, CEO J Kent Masters sold 16,393 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the sale, the chief executive officer owned 87,519 shares in the company, valued at approximately $16,078,990.68. This trade represents a 15.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.42% of the company’s stock.
Albemarle Price Performance
Albemarle (NYSE:ALB – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $1.24 by $1.71. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. Albemarle’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.18) earnings per share. Equities analysts expect that Albemarle Corporation will post 13.06 EPS for the current year.
Albemarle Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were issued a $0.405 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.3%. Albemarle’s dividend payout ratio is presently -47.51%.
Analyst Ratings Changes
A number of research firms recently issued reports on ALB. Royal Bank Of Canada boosted their target price on shares of Albemarle from $253.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Robert W. Baird dropped their target price on Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. Weiss Ratings upgraded shares of Albemarle from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, May 7th. Vertical Research raised Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price objective on the stock in a research report on Tuesday, May 26th. Finally, Berenberg Bank boosted their target price on shares of Albemarle from $153.00 to $192.00 and gave the company a “hold” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $199.58.
Read 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.
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