Albemarle Corporation $ALB Stake Increased by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its holdings in Albemarle Corporation (NYSE:ALB) by 803.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 223,856 shares of the specialty chemicals company’s stock after purchasing an additional 199,080 shares during the quarter. Retirement Systems of Alabama’s holdings in Albemarle were worth $23,679,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Primecap Management Co. CA bought a new position in shares of Albemarle during the second quarter worth approximately $358,101,000. ProShare Advisors LLC raised its position in shares of Albemarle by 69.7% in the third quarter. ProShare Advisors LLC now owns 1,436,117 shares of the specialty chemicals company’s stock valued at $151,912,000 after buying an additional 589,787 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Albemarle in the second quarter valued at approximately $131,049,000. Amundi raised its position in shares of Albemarle by 40.5% in the second quarter. Amundi now owns 827,874 shares of the specialty chemicals company’s stock valued at $111,784,000 after buying an additional 238,774 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Albemarle in the second quarter valued at approximately $103,268,000. Institutional investors own 92.87% of the company’s stock.

Top Albemarle Stories

These are some of the ALB stories that stood out recently:

• Positive Sentiment: Zacks Research upgraded Albemarle from “strong sell” to “hold,” a modest improvement in its view of the shares. Read more about the Zacks Research upgrade
• Positive Sentiment: Citigroup raised its price target for ALB, signaling greater potential upside in its valuation, though the reported headline did not give the new target. Read more about Citigroup’s price target increase
• Negative Sentiment: UBS Group and Morgan Stanley each cut their price targets for Albemarle, adding to concerns about the stock’s near-term upside. The reports did not specify the revised targets in the headlines. Read more about UBS’s price target cut Read more about Morgan Stanley’s price target cut

Albemarle Price Performance

Shares of NYSE:ALB opened at $96.14 on Thursday. The firm has a 50 day moving average of $105.23 and a 200-day moving average of $146.54. The stock has a market capitalization of $11.35 billion, a PE ratio of 23.22, a PEG ratio of 0.59 and a beta of 1.34. The company has a current ratio of 2.34, a quick ratio of 1.57 and a debt-to-equity ratio of 0.21. Albemarle Corporation has a 12 month low of $89.77 and a 12 month high of $221.00.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, November 4th. The specialty chemicals company reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.05. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. Albemarle had a net margin of 10.40% and a return on equity of 14.91%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.19) EPS. On average, equities research analysts predict that Albemarle Corporation will post 10.75 EPS for the current fiscal year.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Friday, December 18th will be paid a dividend of $0.41 per share. The ex-dividend date is Friday, December 18th. This represents a $1.64 annualized dividend and a yield of 1.7%. Albemarle’s dividend payout ratio is presently 39.61%.

Wall Street Analyst Weigh In

ALB has been the topic of a number of analyst reports. BMO Capital Markets reissued an “outperform” rating and set a $175.00 price target on shares of Albemarle in a research report on Tuesday, October 6th. Scotiabank lowered their price objective on Albemarle from $190.00 to $165.00 and set a “sector outperform” rating on the stock in a research note on Monday. Royal Bank Of Canada dropped their price objective on Albemarle from $129.00 to $119.00 and set an “outperform” rating for the company in a report on Friday, November 6th. Truist Financial reiterated a “buy” rating and set a $170.00 target price (down from $185.00) on shares of Albemarle in a research report on Friday, November 6th. Finally, Citigroup increased their target price on Albemarle from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Monday. Fifteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Albemarle currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.05.

About Albemarle

Albemarle Corporation is a specialty chemicals company that produces lithium, bromine and refining catalysts. Its products serve industries including energy storage, transportation, electronics, petroleum refining and pharmaceuticals. The company supplies lithium compounds used in rechargeable batteries and other applications. It also makes bromine-based products for uses such as flame retardants and water treatment, along with catalysts used in refining petroleum. Albemarle traces its history to 1887 and is headquartered in Charlotte, North Carolina.