578,547 Shares in Albemarle Corporation $ALB Purchased by Nykredit A S

Nykredit A S purchased a new position in shares of Albemarle Corporation (NYSE:ALB) during the second quarter, HoldingsChannel reports. The firm purchased 578,547 shares of the specialty chemicals company’s stock, valued at approximately $78,121,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC increased its holdings in shares of Albemarle by 25.5% during 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 last quarter. Integrated Wealth Concepts LLC lifted its holdings in Albemarle by 26.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock valued at $346,000 after purchasing an additional 996 shares during the last quarter. United Services Automobile Association bought a new position in Albemarle during the first quarter worth $208,000. Empowered Funds LLC bought a new position in Albemarle during the first quarter worth $411,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Albemarle by 536.7% in the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 483 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Albemarle Stock Up 1.6%

ALB stock opened at $137.65 on Thursday. Albemarle Corporation has a fifty-two week low of $71.25 and a fifty-two week high of $221.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35. The stock has a market capitalization of $16.24 billion, a price-to-earnings ratio of 509.83, a PEG ratio of 0.79 and a beta of 1.33. The business’s fifty day moving average price is $128.35 and its two-hundred day moving average price is $159.04.

Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the previous year, the business posted $0.11 earnings per share. Albemarle’s quarterly revenue was up 31.1% on a year-over-year basis. On average, equities analysts anticipate that Albemarle Corporation will post 11.39 earnings per share for the current year.

Albemarle Increases Dividend

The firm 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. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, September 11th. This is a boost from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s dividend payout ratio (DPR) is currently 600.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Truist Financial dropped their price objective on shares of Albemarle from $245.00 to $225.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Robert W. Baird reduced their target price on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating for the company in a report on Thursday, June 18th. Rothschild & Co Redburn decreased their price target on shares of Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. Zacks Research cut shares of Albemarle from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Finally, Citigroup cut their price objective on shares of Albemarle from $225.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Fifteen research 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $190.04.

About Albemarle

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.