Blue Whale Capital LLP Makes New $16.51 Million Investment in Albemarle Corporation $ALB

Blue Whale Capital LLP bought a new position in Albemarle Corporation (NYSE:ALB) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 122,267 shares of the specialty chemicals company’s stock, valued at approximately $16,510,000. Albemarle accounts for approximately 0.5% of Blue Whale Capital LLP’s investment portfolio, making the stock its 27th largest holding.

Other large investors have also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Albemarle during the second quarter valued at about $58,713,000. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Albemarle in the second quarter worth about $2,012,000. Bank of Nova Scotia bought a new stake in Albemarle during the 2nd quarter valued at approximately $811,000. Commerce Bank bought a new stake in Albemarle during the 2nd quarter valued at approximately $542,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Albemarle during the 2nd quarter worth approximately $6,610,000. Institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

ALB has been the subject of several research reports. Berenberg Bank increased their target price on Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group dropped their price target on Albemarle from $244.00 to $211.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Robert W. Baird reduced their price target on Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a research note on Thursday, June 18th. Weiss Ratings upgraded Albemarle from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 18th. Finally, Morgan Stanley reissued a “reduce” rating and set a $161.00 price objective on shares of Albemarle in a research report on Monday, August 10th. Fifteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $190.26.

Albemarle Price Performance

Shares of ALB opened at $142.99 on Monday. Albemarle Corporation has a fifty-two week low of $71.25 and a fifty-two week high of $221.00. The firm’s 50-day simple moving average is $132.04 and its two-hundred day simple moving average is $160.70. The stock has a market cap of $16.87 billion, a PE ratio of 529.61 and a beta of 1.33. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the business earned $0.11 earnings per share. The business’s revenue was up 31.1% on a year-over-year basis. Analysts anticipate that Albemarle Corporation will post 11.63 earnings per share for the current fiscal year.

Albemarle Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a dividend of $0.41 per share. The ex-dividend date is Friday, September 11th. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a yield of 1.1%. Albemarle’s dividend payout ratio (DPR) is presently 600.00%.

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.