Advisory Services Network LLC grew its stake in shares of Albemarle Co. (NYSE:ALB) by 13.1% in the 3rd quarter, Holdings Channel reports. The firm owned 4,828 shares of the specialty chemicals company’s stock after acquiring an additional 558 shares during the quarter. Advisory Services Network LLC’s holdings in Albemarle were worth $482,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. boosted its position in shares of Albemarle by 7.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,398 shares of the specialty chemicals company’s stock worth $698,000 after buying an additional 535 shares during the period. ING Groep NV boosted its position in shares of Albemarle by 15.0% during the second quarter. ING Groep NV now owns 4,261 shares of the specialty chemicals company’s stock worth $402,000 after buying an additional 556 shares during the period. Arizona State Retirement System boosted its position in shares of Albemarle by 1.1% during the third quarter. Arizona State Retirement System now owns 49,921 shares of the specialty chemicals company’s stock worth $4,981,000 after buying an additional 562 shares during the period. Rothschild Investment Corp IL boosted its position in shares of Albemarle by 0.8% during the third quarter. Rothschild Investment Corp IL now owns 77,102 shares of the specialty chemicals company’s stock worth $7,693,000 after buying an additional 580 shares during the period. Finally, Cornerstone Advisors Inc. boosted its position in shares of Albemarle by 19.7% during the second quarter. Cornerstone Advisors Inc. now owns 3,730 shares of the specialty chemicals company’s stock worth $352,000 after buying an additional 614 shares during the period. 90.99% of the stock is owned by institutional investors.
Several brokerages have recently issued reports on ALB. SunTrust Banks upgraded Albemarle from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $115.00 in a research report on Tuesday, September 4th. Loop Capital set a $130.00 price objective on Albemarle and gave the stock a “buy” rating in a research report on Monday, October 8th. Berenberg Bank set a $130.00 price objective on Albemarle and gave the stock a “buy” rating in a research report on Friday. Zacks Investment Research upgraded Albemarle from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a research report on Tuesday, August 7th. Finally, ValuEngine downgraded Albemarle from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eighteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $123.50.
Albemarle (NYSE:ALB) last released its earnings results on Wednesday, November 7th. The specialty chemicals company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.06. The firm had revenue of $778.00 million during the quarter, compared to the consensus estimate of $796.79 million. Albemarle had a return on equity of 14.51% and a net margin of 10.17%. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.08 earnings per share. On average, analysts predict that Albemarle Co. will post 5.38 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be given a $0.335 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.34 dividend on an annualized basis and a yield of 1.31%. Albemarle’s dividend payout ratio (DPR) is 29.19%.
In other Albemarle news, EVP Karen G. Narwold sold 3,100 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $97.11, for a total value of $301,041.00. Following the completion of the sale, the executive vice president now directly owns 30,242 shares in the company, valued at $2,936,800.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.80% of the company’s stock.
Albemarle Company Profile
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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