State of Alaska Department of Revenue grew its position in Albemarle Co. (NYSE:ALB) by 13.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,329 shares of the specialty chemicals company’s stock after buying an additional 3,654 shares during the period. State of Alaska Department of Revenue’s holdings in Albemarle were worth $2,134,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of Albemarle by 2.4% in the 1st quarter. BlackRock Inc. now owns 7,621,922 shares of the specialty chemicals company’s stock valued at $624,846,000 after buying an additional 176,605 shares in the last quarter. Primecap Management Co. CA raised its position in shares of Albemarle by 6.0% in the 1st quarter. Primecap Management Co. CA now owns 4,415,880 shares of the specialty chemicals company’s stock valued at $362,014,000 after purchasing an additional 249,100 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Albemarle by 27.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,720,253 shares of the specialty chemicals company’s stock valued at $141,028,000 after purchasing an additional 375,253 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of Albemarle by 15.8% in the 1st quarter. Artisan Partners Limited Partnership now owns 1,472,164 shares of the specialty chemicals company’s stock valued at $120,688,000 after purchasing an additional 201,100 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Albemarle by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 1,358,277 shares of the specialty chemicals company’s stock valued at $104,495,000 after purchasing an additional 67,439 shares during the last quarter. Institutional investors and hedge funds own 90.08% of the company’s stock.
In other Albemarle news, SVP Deeanne J. Marlow purchased 1,000 shares of Albemarle stock in a transaction on Monday, May 13th. The stock was bought at an average cost of $70.85 per share, with a total value of $70,850.00. Following the transaction, the senior vice president now owns 1,000 shares of the company’s stock, valued at approximately $70,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.02% of the company’s stock.
Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, May 8th. The specialty chemicals company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $827.94 million. During the same period last year, the firm posted $1.30 EPS. Albemarle’s revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, analysts predict that Albemarle Co. will post 6.19 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.3675 per share. This represents a $1.47 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, September 12th. Albemarle’s dividend payout ratio is presently 26.82%.
Several brokerages recently commented on ALB. KeyCorp reaffirmed an “overweight” rating and issued a $94.00 price objective (down from $100.00) on shares of Albemarle in a research report on Tuesday, July 9th. Jefferies Financial Group decreased their price objective on shares of Albemarle from $114.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, May 20th. They noted that the move was a valuation call. TheStreet lowered shares of Albemarle from a “b-” rating to a “c+” rating in a research report on Monday, May 20th. Loop Capital decreased their price objective on shares of Albemarle to $108.00 and set a “buy” rating for the company in a research report on Thursday, May 16th. Finally, ValuEngine lowered shares of Albemarle from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $95.77.
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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