Mitsubishi UFJ Trust & Banking Corp lowered its stake in Albemarle Co. (NYSE:ALB) by 29.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 325,810 shares of the specialty chemicals company’s stock after selling 137,950 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.31% of Albemarle worth $32,509,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the stock. Credit Agricole S A acquired a new stake in Albemarle during the 2nd quarter worth about $123,000. SeaCrest Wealth Management LLC raised its holdings in Albemarle by 145.9% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 1,692 shares of the specialty chemicals company’s stock worth $160,000 after buying an additional 1,004 shares during the period. Valeo Financial Advisors LLC raised its holdings in Albemarle by 17,210.0% during the 3rd quarter. Valeo Financial Advisors LLC now owns 1,731 shares of the specialty chemicals company’s stock worth $171,000 after buying an additional 1,721 shares during the period. Palladium Partners LLC acquired a new stake in Albemarle during the 3rd quarter worth about $205,000. Finally, Hudson Valley Investment Advisors Inc. ADV acquired a new position in shares of Albemarle in the 3rd quarter valued at about $215,000. 92.73% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Karen G. Narwold sold 3,100 shares of the firm’s stock in a transaction on Monday, November 26th. The stock was sold at an average price of $96.54, for a total value of $299,274.00. Following the completion of the sale, the executive vice president now directly owns 27,142 shares in the company, valued at $2,620,288.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.80% of the company’s stock.
ALB has been the topic of a number of research reports. Zacks Investment Research upgraded Albemarle from a “hold” rating to a “buy” rating and set a $113.00 target price on the stock in a report on Monday, November 19th. Loop Capital set a $130.00 target price on Albemarle and gave the company a “buy” rating in a report on Friday, October 19th. SunTrust Banks upgraded Albemarle from a “hold” rating to a “buy” rating and increased their price objective for the stock from $110.00 to $115.00 in a report on Tuesday, September 4th. Berenberg Bank set a $130.00 price objective on Albemarle and gave the stock a “buy” rating in a report on Friday, November 9th. Finally, ValuEngine upgraded Albemarle from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seventeen have issued a buy rating to the company. Albemarle presently has a consensus rating of “Buy” and an average target price of $122.43.
Albemarle stock traded down $5.01 during mid-day trading on Thursday, hitting $88.18. 52,395 shares of the company were exchanged, compared to its average volume of 1,264,957. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.83 and a quick ratio of 1.18. Albemarle Co. has a 1-year low of $86.75 and a 1-year high of $138.67. The firm has a market capitalization of $9.90 billion, a P/E ratio of 19.28, a P/E/G ratio of 1.06 and a beta of 1.52.
Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, November 7th. The specialty chemicals company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.06. Albemarle had a return on equity of 15.39% and a net margin of 10.44%. The firm had revenue of $778.00 million during the quarter, compared to analyst estimates of $796.79 million. During the same period in the prior year, the company posted $1.08 earnings per share. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. On average, equities research analysts predict that Albemarle Co. will post 5.43 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Friday, December 14th will be paid a $0.335 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 1.52%. Albemarle’s dividend payout ratio (DPR) is presently 29.19%.
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Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, 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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