Schwab Charles Investment Management Inc. lowered its position in Albemarle Co. (NYSE:ALB) by 26.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 365,978 shares of the specialty chemicals company’s stock after selling 130,902 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.33% of Albemarle worth $49,887,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Baillie Gifford & Co. raised its position in Albemarle by 100.8% in the second quarter. Baillie Gifford & Co. now owns 184,555 shares of the specialty chemicals company’s stock valued at $19,478,000 after purchasing an additional 92,650 shares during the period. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Albemarle in the second quarter valued at about $439,000. Lord Abbett & CO. LLC purchased a new position in Albemarle in the second quarter valued at about $11,681,000. Sumitomo Life Insurance Co. purchased a new position in Albemarle in the third quarter valued at about $1,703,000. Finally, Vanguard Group Inc. raised its position in Albemarle by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,501,329 shares of the specialty chemicals company’s stock valued at $1,319,389,000 after purchasing an additional 213,530 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.
Several research analysts have commented on the company. BidaskClub lowered Albemarle from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. UBS raised their price objective on Albemarle from $123.00 to $150.00 and gave the company a “neutral” rating in a research report on Thursday, November 9th. Jefferies Group reissued a “buy” rating on shares of Albemarle in a research report on Tuesday, October 24th. BMO Capital Markets initiated coverage on Albemarle in a research report on Tuesday, October 24th. They issued an “outperform” rating and a $160.00 price objective on the stock. Finally, Vertical Research reaffirmed a “hold” rating and set a $109.00 target price (up from $108.00) on shares of Albemarle in a research report on Thursday, August 10th. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Albemarle has a consensus rating of “Buy” and an average target price of $128.45.
Albemarle Co. (NYSE:ALB) opened at $127.48 on Thursday. The company has a market capitalization of $14,142.33, a PE ratio of 31.68, a P/E/G ratio of 1.94 and a beta of 1.69. Albemarle Co. has a 52 week low of $85.60 and a 52 week high of $144.99. The company has a quick ratio of 1.56, a current ratio of 2.11 and a debt-to-equity ratio of 0.35.
Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, November 8th. The specialty chemicals company reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.01. The business had revenue of $755.00 million during the quarter, compared to the consensus estimate of $732.19 million. Albemarle had a return on equity of 11.61% and a net margin of 30.07%. The company’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period last year, the firm earned $0.91 earnings per share. analysts anticipate that Albemarle Co. will post 4.46 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.28 dividend on an annualized basis and a yield of 1.00%. Albemarle’s dividend payout ratio (DPR) is 16.56%.
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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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