Venture Visionary Partners LLC bought a new position in shares of Albemarle Co. (NYSE:ALB) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,918 shares of the specialty chemicals company’s stock, valued at approximately $864,000.
A number of other hedge funds also recently made changes to their positions in the stock. Usca Ria LLC bought a new position in Albemarle during the first quarter worth $555,000. AE Wealth Management LLC bought a new position in Albemarle during the first quarter worth $239,000. Silver Lake Advisory LLC increased its position in Albemarle by 2.2% during the first quarter. Silver Lake Advisory LLC now owns 22,205 shares of the specialty chemicals company’s stock worth $3,244,000 after acquiring an additional 474 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in Albemarle by 39.8% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 13,540 shares of the specialty chemicals company’s stock valued at $1,978,000 after buying an additional 3,855 shares during the period. Finally, Bank of Stockton increased its holdings in Albemarle by 6.6% in the 1st quarter. Bank of Stockton now owns 5,350 shares of the specialty chemicals company’s stock valued at $781,000 after buying an additional 330 shares during the period. 86.38% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have issued reports on ALB. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lowered shares of Albemarle from a “buy” rating to a “neutral” rating and boosted their price target for the company from $132.00 to $175.00 in a report on Wednesday, January 6th. Deutsche Bank Aktiengesellschaft raised shares of Albemarle from a “hold” rating to a “buy” rating and boosted their price target for the company from $175.00 to $190.00 in a report on Monday, February 15th. Evercore ISI raised shares of Albemarle from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $160.00 to $200.00 in a report on Monday, April 26th. Wells Fargo & Company boosted their price target on shares of Albemarle from $125.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, February 25th. Finally, Vertical Research upgraded shares of Albemarle from a “sell” rating to a “hold” rating in a research note on Monday, February 22nd. Five analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $131.26.
Albemarle (NYSE:ALB) last released its quarterly earnings results on Tuesday, February 16th. The specialty chemicals company reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07. The firm had revenue of $879.15 million during the quarter, compared to the consensus estimate of $876.15 million. Albemarle had a return on equity of 11.96% and a net margin of 11.77%. During the same quarter in the prior year, the firm posted $1.73 EPS. As a group, equities analysts predict that Albemarle Co. will post 3.94 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, April 1st. Investors of record on Friday, March 12th were given a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 11th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.94%. This is a boost from Albemarle’s previous quarterly dividend of $0.39. Albemarle’s dividend payout ratio (DPR) is presently 25.83%.
In related news, EVP Karen G. Narwold sold 1,478 shares of the firm’s stock in a transaction on Tuesday, March 2nd. The stock was sold at an average price of $153.89, for a total value of $227,449.42. Following the transaction, the executive vice president now owns 43,695 shares in the company, valued at $6,724,223.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Luther C. Iv Kissam sold 15,478 shares of the firm’s stock in a transaction on Wednesday, March 3rd. The stock was sold at an average price of $152.26, for a total value of $2,356,680.28. Insiders sold 18,477 shares of company stock worth $2,818,196 in the last 90 days. 1.07% of the stock is owned by company insiders.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine Specialties, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties; and reagents, such as butyllithium and lithium aluminum hydride for use 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 in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.
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