State Treasurer State of Michigan lessened its stake in Albemarle Corporation (NYSE:ALB) by 8.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,540 shares of the specialty chemicals company’s stock after selling 2,900 shares during the quarter. State Treasurer State of Michigan’s holdings in Albemarle Corporation were worth $4,572,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Carroll Financial Associates Inc. raised its position in shares of Albemarle Corporation by 0.3% in the 2nd quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock valued at $103,000 after purchasing an additional 3 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Albemarle Corporation by 0.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,458 shares of the specialty chemicals company’s stock valued at $154,000 after acquiring an additional 4 shares in the last quarter. Scotia Capital Inc. raised its position in shares of Albemarle Corporation by 0.5% during the 2nd quarter. Scotia Capital Inc. now owns 2,022 shares of the specialty chemicals company’s stock valued at $213,000 after acquiring an additional 10 shares in the last quarter. Alps Advisors Inc. raised its position in shares of Albemarle Corporation by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 4,606 shares of the specialty chemicals company’s stock valued at $486,000 after acquiring an additional 12 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Albemarle Corporation by 2.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock valued at $102,000 after acquiring an additional 20 shares in the last quarter. 83.82% of the stock is currently owned by institutional investors.
In other news, EVP Karen G. Narwold sold 11,500 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the completion of the sale, the executive vice president now directly owns 36,620 shares of the company’s stock, valued at approximately $4,246,089. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Matthew Juneau sold 5,397 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $115.77, for a total value of $624,810.69. Following the transaction, the executive vice president now directly owns 360 shares in the company, valued at approximately $41,677.20. The disclosure for this sale can be found here. 0.74% of the stock is owned by company insiders.
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Shares of Albemarle Corporation (ALB) traded down $0.22 during trading on Friday, reaching $140.62. The company had a trading volume of 1,056,300 shares, compared to its average volume of 1,344,476. The stock has a market cap of $15,537.95, a P/E ratio of 34.81, a P/E/G ratio of 2.16 and a beta of 1.72. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.67 and a current ratio of 2.11. Albemarle Corporation has a 1 year low of $76.32 and a 1 year high of $144.99.
Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings data on Wednesday, November 8th. The specialty chemicals company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.01. The firm had revenue of $755.00 million during the quarter, compared to the consensus estimate of $732.19 million. Albemarle Corporation had a return on equity of 11.61% and a net margin of 30.07%. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.91 EPS. research analysts forecast that Albemarle Corporation will post 4.45 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Thursday, December 14th. Albemarle Corporation’s dividend payout ratio (DPR) is presently 16.56%.
Several equities research analysts recently issued reports on the company. Robert W. Baird reissued a “hold” rating and set a $135.00 price target on shares of Albemarle Corporation in a research report on Wednesday, November 1st. Royal Bank Of Canada upped their price target on Albemarle Corporation from $149.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday. Nomura upped their price objective on Albemarle Corporation to $159.00 and gave the stock an “outperform” rating in a research note on Friday. Zacks Investment Research upgraded Albemarle Corporation from a “hold” rating to a “buy” rating and set a $157.00 price objective for the company in a research note on Tuesday, October 17th. Finally, Goldman Sachs Group, Inc. (The) downgraded Albemarle Corporation from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $139.66 to $142.00 in a research note on Friday, October 6th. Eight investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $128.15.
Albemarle Corporation Profile
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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