Covenant Asset Management LLC grew its holdings in shares of Albemarle Co. (NYSE:ALB) by 18.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,868 shares of the specialty chemicals company’s stock after buying an additional 1,988 shares during the period. Covenant Asset Management LLC’s holdings in Albemarle were worth $1,646,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Albemarle by 2.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock valued at $102,000 after purchasing an additional 20 shares during the last quarter. Thompson Davis & CO. Inc. lifted its holdings in shares of Albemarle by 650.0% in the 3rd quarter. Thompson Davis & CO. Inc. now owns 750 shares of the specialty chemicals company’s stock valued at $102,000 after purchasing an additional 650 shares during the last quarter. Highlander Capital Management LLC purchased a new stake in shares of Albemarle in the 2nd quarter valued at about $106,000. Advisory Services Network LLC lifted its holdings in shares of Albemarle by 43.7% in the 2nd quarter. Advisory Services Network LLC now owns 1,273 shares of the specialty chemicals company’s stock valued at $134,000 after purchasing an additional 387 shares during the last quarter. Finally, Howe & Rusling Inc. lifted its holdings in shares of Albemarle by 2,038.0% in the 3rd quarter. Howe & Rusling Inc. now owns 1,069 shares of the specialty chemicals company’s stock valued at $146,000 after purchasing an additional 1,019 shares during the last quarter. 87.99% of the stock is owned by institutional investors.
Shares of Albemarle Co. (NYSE:ALB) traded up $1.73 during mid-day trading on Friday, reaching $134.69. The company had a trading volume of 838,300 shares, compared to its average volume of 1,081,838. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.11 and a quick ratio of 1.56. Albemarle Co. has a 1 year low of $90.35 and a 1 year high of $144.99. The firm has a market cap of $14,750.00, a PE ratio of 48.10, a PEG ratio of 1.73 and a beta of 1.69.
Albemarle (NYSE:ALB) last released its earnings results on Wednesday, November 8th. The specialty chemicals company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.01. Albemarle had a return on equity of 11.61% and a net margin of 30.07%. The company had revenue of $755.00 million for the quarter, compared to analysts’ expectations of $732.19 million. During the same quarter in the previous year, the firm posted $0.91 EPS. The firm’s quarterly revenue was up 15.4% on a year-over-year basis. equities research analysts predict that Albemarle Co. will post 4.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend was Thursday, December 14th. Albemarle’s payout ratio is 45.71%.
Several analysts have recently weighed in on ALB shares. Jefferies Group reissued a “buy” rating on shares of Albemarle in a report on Tuesday, October 24th. Royal Bank of Canada reissued a “buy” rating and issued a $149.00 target price on shares of Albemarle in a report on Wednesday, October 18th. Zacks Investment Research upgraded Albemarle from a “hold” rating to a “buy” rating and set a $157.00 price target on the stock in a research report on Tuesday, October 17th. KeyCorp boosted their price target on Albemarle from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Finally, Instinet boosted their price target on Albemarle from $134.00 to $146.00 and gave the company a “buy” rating in a research report on Monday, September 18th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $128.38.
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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