Wakefield Asset Management LLLP Purchases Shares of 9,285 Albemarle Co. (NYSE:ALB)

Wakefield Asset Management LLLP acquired a new stake in Albemarle Co. (NYSE:ALBGet Rating) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,285 shares of the specialty chemicals company’s stock, valued at approximately $2,456,000. Albemarle accounts for approximately 1.1% of Wakefield Asset Management LLLP’s portfolio, making the stock its 28th biggest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Albemarle by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 13,661,001 shares of the specialty chemicals company’s stock valued at $3,021,130,000 after purchasing an additional 75,867 shares during the last quarter. State Street Corp raised its holdings in shares of Albemarle by 0.3% during the first quarter. State Street Corp now owns 5,364,655 shares of the specialty chemicals company’s stock valued at $1,188,408,000 after acquiring an additional 16,968 shares in the last quarter. Invesco Ltd. lifted its stake in Albemarle by 14.3% in the first quarter. Invesco Ltd. now owns 1,247,801 shares of the specialty chemicals company’s stock worth $275,952,000 after acquiring an additional 155,848 shares during the period. Wellington Management Group LLP boosted its holdings in Albemarle by 33.6% in the first quarter. Wellington Management Group LLP now owns 865,408 shares of the specialty chemicals company’s stock valued at $191,386,000 after acquiring an additional 217,538 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in Albemarle by 11.8% during the 2nd quarter. ProShare Advisors LLC now owns 857,194 shares of the specialty chemicals company’s stock valued at $179,135,000 after purchasing an additional 90,414 shares during the period. 82.24% of the stock is owned by institutional investors.

Albemarle Stock Performance

Shares of NYSE:ALB traded down $0.98 during midday trading on Wednesday, reaching $263.61. 81,288 shares of the company’s stock traded hands, compared to its average volume of 1,454,349. Albemarle Co. has a one year low of $169.93 and a one year high of $334.55. The stock has a 50 day moving average of $248.26 and a 200 day moving average of $259.38. The company has a market cap of $30.88 billion, a price-to-earnings ratio of 19.85, a P/E/G ratio of 0.60 and a beta of 1.45. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.08 and a current ratio of 1.73.

Albemarle (NYSE:ALBGet Rating) last posted its earnings results on Wednesday, November 2nd. The specialty chemicals company reported $7.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.84 by $0.66. The business had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Albemarle had a net margin of 27.77% and a return on equity of 26.84%. The business’s revenue for the quarter was up 151.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 EPS. As a group, equities research analysts anticipate that Albemarle Co. will post 20.95 EPS for the current fiscal year.

Insider Activity at Albemarle

In other news, CFO Scott Tozier sold 1,719 shares of the firm’s stock in a transaction on Friday, January 6th. The stock was sold at an average price of $220.00, for a total value of $378,180.00. Following the transaction, the chief financial officer now directly owns 63,384 shares in the company, valued at approximately $13,944,480. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Eric Norris sold 2,390 shares of Albemarle stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $307.80, for a total transaction of $735,642.00. Following the transaction, the insider now owns 15,564 shares in the company, valued at approximately $4,790,599.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Scott Tozier sold 1,719 shares of the firm’s stock in a transaction on Friday, January 6th. The stock was sold at an average price of $220.00, for a total value of $378,180.00. Following the completion of the transaction, the chief financial officer now directly owns 63,384 shares in the company, valued at $13,944,480. The disclosure for this sale can be found here. Insiders have sold a total of 17,681 shares of company stock worth $5,310,662 over the last quarter. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ALB shares. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Albemarle from $325.00 to $290.00 in a research note on Tuesday, January 10th. Morgan Stanley upped their target price on shares of Albemarle from $145.00 to $155.00 and gave the stock an “underweight” rating in a research report on Monday, November 28th. Royal Bank of Canada lifted their price target on shares of Albemarle from $340.00 to $362.00 in a research report on Wednesday. Jefferies Financial Group restated a “buy” rating and issued a $350.00 price objective on shares of Albemarle in a report on Friday, September 30th. Finally, Credit Suisse Group lifted their target price on shares of Albemarle from $196.00 to $200.00 and gave the company an “underperform” rating in a report on Thursday, November 3rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $293.58.

Albemarle Profile

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Albemarle Corp. engages in the development, manufacture, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine, Catalysts, and All Other.

Further Reading

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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