Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Albemarle Co. (NYSE:ALB) by 11.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 491,619 shares of the specialty chemicals company’s stock after buying an additional 50,653 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.46% of Albemarle worth $40,303,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Norges Bank bought a new stake in Albemarle in the fourth quarter worth about $74,312,000. Eagle Asset Management Inc. purchased a new position in Albemarle during the fourth quarter valued at approximately $27,807,000. State of Tennessee Treasury Department increased its holdings in Albemarle by 1,358.2% during the fourth quarter. State of Tennessee Treasury Department now owns 353,023 shares of the specialty chemicals company’s stock valued at $27,207,000 after buying an additional 328,813 shares during the period. Principal Financial Group Inc. increased its holdings in Albemarle by 29.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,345,000 shares of the specialty chemicals company’s stock valued at $103,659,000 after buying an additional 305,829 shares during the period. Finally, Robecosam AG increased its holdings in Albemarle by 63.3% during the fourth quarter. Robecosam AG now owns 766,000 shares of the specialty chemicals company’s stock valued at $58,783,000 after buying an additional 297,000 shares during the period. Institutional investors and hedge funds own 89.84% of the company’s stock.
Several research firms have issued reports on ALB. ValuEngine raised shares of Albemarle from a “strong sell” rating to a “sell” rating in a report on Friday, February 22nd. Loop Capital lifted their price objective on shares of Albemarle from $112.00 to $119.00 and gave the stock a “buy” rating in a research note on Thursday, February 21st. Deutsche Bank lifted their price objective on shares of Albemarle from $84.00 to $95.00 and gave the stock a “hold” rating in a research note on Monday, February 25th. KeyCorp decreased their target price on shares of Albemarle from $120.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, April 12th. Finally, restated a “buy” rating and set a $157.00 target price on shares of Albemarle in a research report on Thursday, February 14th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. Albemarle presently has an average rating of “Hold” and a consensus target price of $98.98.
NYSE:ALB opened at $73.43 on Wednesday. The company has a current ratio of 1.55, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 0.72 and a beta of 1.61. Albemarle Co. has a 1-year low of $63.10 and a 1-year high of $108.74.
Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, May 8th. The specialty chemicals company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.02. Albemarle had a net margin of 20.54% and a return on equity of 15.53%. The company had revenue of $832.06 million for the quarter, compared to analyst estimates of $827.94 million. During the same period in the previous year, the business posted $1.30 EPS. Albemarle’s revenue was up 1.3% on a year-over-year basis. Equities analysts expect that Albemarle Co. will post 6.24 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.3675 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.47 annualized dividend and a dividend yield of 2.00%. Albemarle’s dividend payout ratio is currently 26.82%.
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Albemarle Company Profile
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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