Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in Albemarle Co. (NYSE:ALB) by 32.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 195,331 shares of the specialty chemicals company’s stock after selling 93,018 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.18% of Albemarle worth $13,753,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Icon Wealth Partners LLC bought a new position in shares of Albemarle during the first quarter worth $25,000. Gemmer Asset Management LLC boosted its position in shares of Albemarle by 71.1% during the second quarter. Gemmer Asset Management LLC now owns 361 shares of the specialty chemicals company’s stock worth $25,000 after purchasing an additional 150 shares in the last quarter. Alpha Omega Wealth Management LLC boosted its position in shares of Albemarle by 125.0% during the first quarter. Alpha Omega Wealth Management LLC now owns 360 shares of the specialty chemicals company’s stock worth $30,000 after purchasing an additional 200 shares in the last quarter. NEXT Financial Group Inc boosted its position in shares of Albemarle by 71.1% during the second quarter. NEXT Financial Group Inc now owns 433 shares of the specialty chemicals company’s stock worth $31,000 after purchasing an additional 180 shares in the last quarter. Finally, Exane Derivatives bought a new position in shares of Albemarle during the second quarter worth $32,000. 90.13% of the stock is currently owned by hedge funds and other institutional investors.
ALB traded down $3.24 during trading on Friday, hitting $70.25. The company had a trading volume of 2,093,032 shares, compared to its average volume of 1,468,145. The stock has a market capitalization of $7.79 billion, a P/E ratio of 12.82, a PEG ratio of 0.75 and a beta of 1.59. Albemarle Co. has a one year low of $63.10 and a one year high of $108.74. The stock has a 50-day moving average of $71.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.45 and a quick ratio of 0.96.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.3675 dividend. The ex-dividend date is Thursday, September 12th. This represents a $1.47 annualized dividend and a yield of 2.09%. Albemarle’s payout ratio is currently 26.82%.
In other Albemarle news, SVP Deeanne J. Marlow purchased 1,000 shares of the stock in a transaction on Monday, May 13th. The shares were purchased at an average cost of $70.85 per share, for a total transaction of $70,850.00. Following the purchase, the senior vice president now owns 1,000 shares of the company’s stock, valued at $70,850. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.02% of the stock is currently owned by insiders.
A number of equities analysts have recently weighed in on the stock. TheStreet cut shares of Albemarle from a “b-” rating to a “c+” rating in a research report on Monday, May 20th. ValuEngine raised shares of Albemarle from a “strong sell” rating to a “sell” rating in a research report on Thursday. Jefferies Financial Group reduced their price target on shares of Albemarle from $114.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. They noted that the move was a valuation call. Oppenheimer reduced their price target on shares of Albemarle from $157.00 to $128.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, SunTrust Banks reduced their price target on shares of Albemarle from $120.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. Albemarle has a consensus rating of “Hold” and an average target price of $95.98.
Albemarle Company Profile
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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