Pearl River Capital LLC raised its holdings in Albemarle Co. (NYSE:ALB) by 2,742.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,842 shares of the specialty chemicals company’s stock after purchasing an additional 2,742 shares during the period. Pearl River Capital LLC’s holdings in Albemarle were worth $232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also made changes to their positions in ALB. Benjamin F. Edwards & Company Inc. lifted its position in Albemarle by 7.7% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,998 shares of the specialty chemicals company’s stock worth $154,000 after buying an additional 143 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in Albemarle by 1.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 11,283 shares of the specialty chemicals company’s stock worth $925,000 after buying an additional 160 shares in the last quarter. LS Investment Advisors LLC lifted its position in Albemarle by 5.0% during the 1st quarter. LS Investment Advisors LLC now owns 4,064 shares of the specialty chemicals company’s stock worth $333,000 after buying an additional 194 shares in the last quarter. AdvisorNet Financial Inc lifted its position in Albemarle by 5.1% during the 4th quarter. AdvisorNet Financial Inc now owns 4,106 shares of the specialty chemicals company’s stock worth $316,000 after buying an additional 198 shares in the last quarter. Finally, Proficio Capital Partners LLC lifted its position in Albemarle by 143.1% during the 4th quarter. Proficio Capital Partners LLC now owns 350 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 206 shares in the last quarter. 94.26% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have weighed in on ALB. KeyCorp dropped their price objective on Albemarle from $120.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, April 12th. Loop Capital boosted their price objective on Albemarle from $112.00 to $119.00 and gave the stock a “buy” rating in a report on Thursday, February 21st. ValuEngine raised Albemarle from a “strong sell” rating to a “sell” rating in a report on Friday, February 22nd. Vertical Group dropped their price objective on Albemarle from $86.00 to $59.00 in a report on Tuesday, January 15th. Finally, Royal Bank of Canada dropped their price objective on Albemarle to $100.00 and set an “outperform” rating for the company in a report on Friday, March 29th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. Albemarle presently has an average rating of “Hold” and a consensus target price of $100.85.
Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, February 20th. The specialty chemicals company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.07. Albemarle had a return on equity of 15.82% and a net margin of 20.55%. The firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $894.45 million. During the same quarter in the prior year, the firm posted $1.34 EPS. The business’s revenue was up 7.4% on a year-over-year basis. As a group, analysts anticipate that Albemarle Co. will post 6.17 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.3675 per share. This represents a $1.47 dividend on an annualized basis and a yield of 2.04%. Albemarle’s dividend payout ratio (DPR) is currently 26.82%.
In other news, CFO Scott Tozier sold 2,961 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $91.00, for a total value of $269,451.00. Following the completion of the sale, the chief financial officer now owns 49,672 shares of the company’s stock, valued at approximately $4,520,152. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Karen G. Narwold sold 1,243 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $91.00, for a total value of $113,113.00. Following the completion of the sale, the executive vice president now directly owns 34,757 shares of the company’s stock, valued at approximately $3,162,887. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.
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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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