PNC Financial Services Group Inc. Buys 5,337 Shares of Albemarle Corporation $ALB

PNC Financial Services Group Inc. raised its stake in Albemarle Corporation (NYSE:ALB) by 15.4% in the fourth quarter, Holdings Channel reports. The firm owned 39,913 shares of the specialty chemicals company’s stock after acquiring an additional 5,337 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Albemarle were worth $5,645,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Handelsbanken Fonder AB grew its stake in Albemarle by 368.5% in the fourth quarter. Handelsbanken Fonder AB now owns 379,127 shares of the specialty chemicals company’s stock valued at $53,624,000 after purchasing an additional 298,207 shares in the last quarter. Cedar Wealth Management LLC boosted its stake in shares of Albemarle by 48.5% during the 4th quarter. Cedar Wealth Management LLC now owns 1,669 shares of the specialty chemicals company’s stock worth $236,000 after acquiring an additional 545 shares during the period. Intrua Financial LLC bought a new position in shares of Albemarle during the 4th quarter worth approximately $286,000. North Dakota State Investment Board bought a new position in shares of Albemarle during the 4th quarter worth approximately $570,000. Finally, Elyxium Wealth LLC bought a new position in shares of Albemarle during the 4th quarter worth approximately $34,000. 92.87% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO J Kent Masters sold 16,393 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares in the company, valued at approximately $16,078,990.68. This trade represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ALB shares. Wall Street Zen upgraded Albemarle from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Morgan Stanley boosted their price target on Albemarle from $170.00 to $189.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 28th. Mizuho boosted their price target on Albemarle from $185.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Argus boosted their price target on Albemarle from $185.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Albemarle from $210.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.26.

Albemarle Stock Performance

Shares of Albemarle stock opened at $171.78 on Monday. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. The business’s fifty day simple moving average is $182.54 and its 200 day simple moving average is $161.33. Albemarle Corporation has a 12 month low of $53.70 and a 12 month high of $221.00. The firm has a market capitalization of $20.26 billion, a P/E ratio of -50.38, a price-to-earnings-growth ratio of 0.86 and a beta of 1.36.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The business’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same period last year, the business posted ($0.18) earnings per share. As a group, analysts anticipate that Albemarle Corporation will post 12.45 EPS for the current year.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a $0.405 dividend. The ex-dividend date is Friday, June 12th. This represents a $1.62 annualized dividend and a dividend yield of 0.9%. Albemarle’s payout ratio is currently -47.51%.

Albemarle 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.