Professional Advisory Services Inc. Purchases 4,488 Shares of Albemarle Co. (NYSE:ALB)

Professional Advisory Services Inc. lifted its position in Albemarle Co. (NYSE:ALB) by 3.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 134,767 shares of the specialty chemicals company’s stock after acquiring an additional 4,488 shares during the quarter. Professional Advisory Services Inc.’s holdings in Albemarle were worth $9,489,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALB. First Trust Advisors LP lifted its holdings in Albemarle by 5.4% during the second quarter. First Trust Advisors LP now owns 164,972 shares of the specialty chemicals company’s stock valued at $11,616,000 after purchasing an additional 8,500 shares during the last quarter. Svenska Handelsbanken AB publ lifted its holdings in Albemarle by 23.7% during the second quarter. Svenska Handelsbanken AB publ now owns 21,400 shares of the specialty chemicals company’s stock valued at $1,507,000 after purchasing an additional 4,100 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in Albemarle by 8.1% during the second quarter. Nikko Asset Management Americas Inc. now owns 62,332 shares of the specialty chemicals company’s stock valued at $4,389,000 after purchasing an additional 4,671 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Albemarle by 1.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,061 shares of the specialty chemicals company’s stock valued at $34,998,000 after purchasing an additional 5,442 shares during the last quarter. Finally, Boston Common Asset Management LLC lifted its holdings in Albemarle by 41.5% during the second quarter. Boston Common Asset Management LLC now owns 86,229 shares of the specialty chemicals company’s stock valued at $6,071,000 after purchasing an additional 25,306 shares during the last quarter. Hedge funds and other institutional investors own 90.13% of the company’s stock.

Shares of Albemarle stock traded down $3.24 on Friday, reaching $70.25. The stock had a trading volume of 2,093,032 shares, compared to its average volume of 1,289,545. Albemarle Co. has a 1 year low of $63.10 and a 1 year high of $108.74. The stock has a market capitalization of $7.44 billion, a P/E ratio of 12.82, a P/E/G ratio of 0.71 and a beta of 1.59. The company has a current ratio of 1.55, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The stock’s 50 day moving average price is $71.12.

Albemarle (NYSE:ALB) last announced its quarterly earnings results on Wednesday, August 7th. The specialty chemicals company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.14. Albemarle had a net margin of 16.01% and a return on equity of 15.93%. The firm had revenue of $885.05 million for the quarter, compared to the consensus estimate of $893.50 million. During the same period in the prior year, the firm posted $1.36 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, research analysts forecast that Albemarle Co. will post 6.35 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.3675 dividend. This represents a $1.47 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, September 12th. Albemarle’s payout ratio is 26.82%.

Several research firms have commented on ALB. TheStreet downgraded shares of Albemarle from a “b-” rating to a “c+” rating in a report on Monday, May 20th. Oppenheimer dropped their price objective on shares of Albemarle from $157.00 to $128.00 and set an “outperform” rating on the stock in a report on Friday. Jefferies Financial Group dropped their price objective on shares of Albemarle from $114.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, May 20th. They noted that the move was a valuation call. Nomura upped their price objective on shares of Albemarle from $70.00 to $71.00 and gave the company a “neutral” rating in a report on Friday. Finally, Loop Capital dropped their price objective on shares of Albemarle to $108.00 and set a “buy” rating on the stock in a report on Thursday, May 16th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $95.98.

In other news, SVP Deeanne J. Marlow purchased 1,000 shares of the stock in a transaction dated Monday, May 13th. The shares were purchased at an average cost of $70.85 per share, with a total value of $70,850.00. Following the completion of the acquisition, the senior vice president now owns 1,000 shares in the company, valued at approximately $70,850. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.02% of the company’s stock.

About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, 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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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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