Granite Investment Advisors LLC bought a new stake in Albemarle Co. (NYSE:ALB) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,500 shares of the specialty chemicals company’s stock, valued at approximately $320,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in shares of Albemarle by 258.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,561,987 shares of the specialty chemicals company’s stock valued at $621,845,000 after purchasing an additional 3,287,989 shares during the period. Jennison Associates LLC raised its stake in shares of Albemarle by 21.4% during the 3rd quarter. Jennison Associates LLC now owns 7,797,076 shares of the specialty chemicals company’s stock valued at $1,062,819,000 after purchasing an additional 1,375,546 shares during the period. Global X Management Co. LLC raised its stake in shares of Albemarle by 497.9% during the 4th quarter. Global X Management Co. LLC now owns 1,506,961 shares of the specialty chemicals company’s stock valued at $192,725,000 after purchasing an additional 1,254,927 shares during the period. Janus Henderson Group PLC raised its stake in shares of Albemarle by 95.3% during the 3rd quarter. Janus Henderson Group PLC now owns 1,595,684 shares of the specialty chemicals company’s stock valued at $217,507,000 after purchasing an additional 778,649 shares during the period. Finally, Allianz Asset Management GmbH raised its stake in shares of Albemarle by 98.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,307,904 shares of the specialty chemicals company’s stock valued at $178,281,000 after purchasing an additional 650,158 shares during the period. Hedge funds and other institutional investors own 86.42% of the company’s stock.
A number of analysts recently issued reports on ALB shares. Citigroup decreased their price objective on Albemarle from $148.00 to $112.00 and set a “neutral” rating on the stock in a research note on Thursday, March 1st. Berenberg Bank began coverage on Albemarle in a research note on Tuesday, February 27th. They set a “buy” rating and a $150.00 price objective on the stock. BMO Capital Markets restated an “outperform” rating and issued a $130.00 target price (down from $160.00) on shares of Albemarle in a research note on Friday, March 2nd. Seaport Global Securities restated a “hold” rating and issued a $130.00 target price on shares of Albemarle in a research note on Monday, February 5th. Finally, Robert W. Baird upgraded Albemarle from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $131.72 to $133.51 in a research note on Monday, January 8th. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $128.07.
Albemarle Co. (NYSE ALB) traded down $2.80 on Wednesday, hitting $100.33. The stock had a trading volume of 1,963,657 shares, compared to its average volume of 2,564,641. Albemarle Co. has a 1 year low of $90.49 and a 1 year high of $144.99. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.06 and a quick ratio of 1.57. The stock has a market cap of $11,090.00, a PE ratio of 23.61, a P/E/G ratio of 1.24 and a beta of 1.59.
Albemarle (NYSE:ALB) last posted its quarterly earnings data on Tuesday, February 27th. The specialty chemicals company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.13. The firm had revenue of $857.79 million during the quarter, compared to analysts’ expectations of $791.46 million. Albemarle had a return on equity of 13.27% and a net margin of 1.79%. research analysts expect that Albemarle Co. will post 5.11 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be issued a dividend of $0.335 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This is a boost from Albemarle’s previous quarterly dividend of $0.32. This represents a $1.34 annualized dividend and a yield of 1.34%. Albemarle’s dividend payout ratio is currently 30.12%.
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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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