Albemarle Corporation $ALB Stock: New York Life Investment Management LLC Grows Position

New York Life Investment Management LLC increased its position in Albemarle Corporation (NYSE:ALB) by 183.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,394 shares of the specialty chemicals company’s stock after acquiring an additional 55,915 shares during the period. New York Life Investment Management LLC owned about 0.07% of Albemarle worth $9,139,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ALB. Ethic Inc. increased its position in shares of Albemarle by 233.0% during the 3rd quarter. Ethic Inc. now owns 71,694 shares of the specialty chemicals company’s stock valued at $7,584,000 after purchasing an additional 50,167 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc lifted its stake in shares of Albemarle by 5,070.9% in the 3rd quarter. AEGON ASSET MANAGEMENT UK Plc now owns 85,579 shares of the specialty chemicals company’s stock worth $9,053,000 after purchasing an additional 83,924 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Albemarle by 161.8% in the second quarter. Wellington Management Group LLP now owns 49,412 shares of the specialty chemicals company’s stock worth $6,672,000 after buying an additional 30,541 shares during the last quarter. Great Lakes Advisors LLC purchased a new position in shares of Albemarle in the second quarter worth approximately $4,246,000. Finally, WINTON GROUP Ltd purchased a new position in shares of Albemarle in the second quarter worth approximately $4,145,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Zacks Research upgraded shares of Albemarle from a “strong sell” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. decreased their price target on shares of Albemarle from $160.00 to $140.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 25th. Scotiabank decreased their price target on shares of Albemarle from $190.00 to $165.00 and set a “sector outperform” rating on the stock in a research report on Monday. Argus dropped their price target on shares of Albemarle from $230.00 to $135.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Finally, Weiss Ratings raised shares of Albemarle from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, November 4th. Fifteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $174.05.

Albemarle Trading Down 1.1%

Shares of Albemarle stock opened at $94.91 on Friday. The company has a market capitalization of $11.20 billion, a P/E ratio of 22.92, a P/E/G ratio of 0.60 and a beta of 1.34. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.57 and a current ratio of 2.34. The company has a fifty day moving average of $104.38 and a 200 day moving average of $146.06. Albemarle Corporation has a fifty-two week low of $89.77 and a fifty-two week high of $221.00.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, November 4th. The specialty chemicals company reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.53 by $0.05. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Albemarle had a return on equity of 14.91% and a net margin of 10.40%. The business’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm earned ($0.19) earnings per share. On average, sell-side analysts anticipate that Albemarle Corporation will post 10.70 earnings per share for the current fiscal year.

Albemarle Announces Dividend

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

Albemarle Profile

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.