Ieq Capital LLC Buys New Position in Albemarle Corporation $ALB

Ieq Capital LLC acquired a new stake in Albemarle Corporation (NYSE:ALB) in the second quarter, Holdings Channel reports. The firm acquired 43,967 shares of the specialty chemicals company’s stock, valued at approximately $5,937,000.

Other large investors have also recently added to or reduced their stakes in the company. Addison Advisors LLC purchased a new stake in shares of Albemarle during the second quarter worth $28,000. Elyxium Wealth LLC purchased a new position in Albemarle in the fourth quarter valued at $34,000. Torren Management LLC purchased a new position in Albemarle in the fourth quarter valued at $38,000. Sound Income Strategies LLC grew its stake in Albemarle by 190.1% during the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock worth $52,000 after purchasing an additional 192 shares in the last quarter. Finally, Root Financial Partners LLC grew its stake in Albemarle by 121.5% during the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 164 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Performance

Shares of ALB stock opened at $142.99 on Monday. The stock has a market capitalization of $16.87 billion, a PE ratio of 529.61 and a beta of 1.33. Albemarle Corporation has a 52-week low of $71.25 and a 52-week high of $221.00. The stock’s 50-day moving average price is $132.04 and its 200 day moving average price is $160.70. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. Albemarle’s quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 EPS. As a group, equities research analysts forecast that Albemarle Corporation will post 11.63 EPS for the current year.

Albemarle Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Vertical Research raised Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price target on the stock in a research report on Tuesday, May 26th. Zacks Research lowered shares of Albemarle from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Wall Street Zen cut shares of Albemarle from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Argus lifted their price target on shares of Albemarle from $185.00 to $230.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Finally, Jefferies Financial Group lowered their price target on shares of Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Fifteen research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $190.26.

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.