Albemarle (NYSE:ALB) CEO J Kent Masters Sells 11,783 Shares

Albemarle Corporation (NYSE:ALB) CEO J Kent Masters sold 11,783 shares of Albemarle stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total value of $2,012,654.23. Following the completion of the sale, the chief executive officer directly owned 134,628 shares in the company, valued at $22,995,808.68. This represents a 8.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Albemarle Stock Performance

NYSE ALB traded down $4.32 on Thursday, hitting $163.68. 1,479,693 shares of the company’s stock were exchanged, compared to its average volume of 2,334,267. The firm has a market cap of $19.29 billion, a price-to-earnings ratio of -28.47, a P/E/G ratio of 1.29 and a beta of 1.43. The firm’s 50-day moving average price is $170.61 and its two-hundred day moving average price is $127.80. Albemarle Corporation has a fifty-two week low of $49.43 and a fifty-two week high of $206.00. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.23 and a quick ratio of 1.57.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the business earned ($1.09) earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, research analysts expect that Albemarle Corporation will post -0.04 EPS for the current year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, March 13th. Albemarle’s payout ratio is presently -28.17%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group increased their price target on shares of Albemarle from $210.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, January 28th. Zacks Research raised shares of Albemarle from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Argus upped their target price on shares of Albemarle from $140.00 to $185.00 in a research report on Monday, February 23rd. BMO Capital Markets increased their target price on shares of Albemarle from $145.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Finally, Berenberg Bank set a $153.00 price target on Albemarle in a research note on Monday, February 23rd. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Albemarle has a consensus rating of “Moderate Buy” and an average price target of $170.24.

Hedge Funds Weigh In On Albemarle

Institutional investors have recently modified their holdings of the company. AQR Capital Management LLC grew its stake in Albemarle by 25.5% in the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock worth $229,000 after acquiring an additional 654 shares during the period. Integrated Wealth Concepts LLC lifted its stake in shares of Albemarle by 26.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock worth $346,000 after purchasing an additional 996 shares during the period. United Services Automobile Association acquired a new stake in shares of Albemarle during the first quarter worth $208,000. Empowered Funds LLC acquired a new stake in shares of Albemarle during the first quarter worth $411,000. Finally, Assetmark Inc. grew its position in shares of Albemarle by 248.0% in the second quarter. Assetmark Inc. now owns 689 shares of the specialty chemicals company’s stock valued at $43,000 after purchasing an additional 491 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.