State Board of Administration of Florida Retirement System decreased its stake in Albemarle Co. (NYSE:ALB) by 1.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 147,257 shares of the specialty chemicals company’s stock after selling 2,190 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Albemarle were worth $12,072,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in ALB. Proficio Capital Partners LLC increased its holdings in shares of Albemarle by 143.1% in the fourth quarter. Proficio Capital Partners LLC now owns 350 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 206 shares in the last quarter. Pinnacle Bank bought a new stake in shares of Albemarle in the fourth quarter worth about $27,000. Alpha Omega Wealth Management LLC increased its holdings in shares of Albemarle by 125.0% in the first quarter. Alpha Omega Wealth Management LLC now owns 360 shares of the specialty chemicals company’s stock worth $30,000 after acquiring an additional 200 shares in the last quarter. First Quadrant L P CA bought a new stake in shares of Albemarle in the fourth quarter worth about $31,000. Finally, Private Capital Group LLC increased its holdings in shares of Albemarle by 332.7% in the fourth quarter. Private Capital Group LLC now owns 424 shares of the specialty chemicals company’s stock worth $33,000 after acquiring an additional 326 shares in the last quarter. 94.20% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP Deeanne J. Marlow acquired 1,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average cost of $70.85 per share, for a total transaction of $70,850.00. Following the completion of the acquisition, the senior vice president now owns 1,000 shares in the company, valued at $70,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Scott Tozier sold 2,961 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $91.00, for a total value of $269,451.00. Following the transaction, the chief financial officer now owns 49,672 shares of the company’s stock, valued at $4,520,152. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by company insiders.
Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, May 8th. The specialty chemicals company reported $1.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.02. The business had revenue of $832.06 million during the quarter, compared to the consensus estimate of $827.94 million. Albemarle had a return on equity of 15.53% and a net margin of 20.54%. Albemarle’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the company earned $1.30 earnings per share. On average, research analysts predict that Albemarle Co. will post 6.24 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.3675 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 2.17%. Albemarle’s payout ratio is presently 26.82%.
Several brokerages have issued reports on ALB. Loop Capital lowered their price target on Albemarle to $108.00 and set a “buy” rating for the company in a report on Thursday. KeyCorp lowered their price target on Albemarle from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, May 10th. ValuEngine downgraded Albemarle from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 1st. Royal Bank of Canada lowered their price target on Albemarle to $100.00 and set an “outperform” rating for the company in a report on Friday, March 29th. Finally, Buckingham Research lowered their price target on Albemarle from $100.00 to $88.00 and set a “neutral” rating for the company in a report on Friday, March 29th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $99.54.
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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