Channing Capital Management LLC cut its stake in shares of Albemarle Corporation (NYSE:ALB) by 6.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,259 shares of the specialty chemicals company’s stock after selling 2,122 shares during the period. Channing Capital Management LLC’s holdings in Albemarle Corporation were worth $3,510,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cornerstone Advisors Inc. increased its position in shares of Albemarle Corporation by 26.8% in the second quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock valued at $185,000 after buying an additional 370 shares during the last quarter. State Street Corp increased its position in shares of Albemarle Corporation by 0.5% in the first quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock valued at $671,675,000 after buying an additional 30,662 shares during the last quarter. Marietta Investment Partners LLC purchased a new position in shares of Albemarle Corporation during the first quarter valued at $2,574,000. Nationwide Fund Advisors increased its position in shares of Albemarle Corporation by 7.0% in the first quarter. Nationwide Fund Advisors now owns 68,503 shares of the specialty chemicals company’s stock valued at $7,237,000 after buying an additional 4,476 shares during the last quarter. Finally, Tiemann Investment Advisors LLC increased its position in shares of Albemarle Corporation by 7.2% in the first quarter. Tiemann Investment Advisors LLC now owns 3,745 shares of the specialty chemicals company’s stock valued at $396,000 after buying an additional 251 shares during the last quarter. 85.39% of the stock is owned by hedge funds and other institutional investors.
Albemarle Corporation (NYSE ALB) traded down 1.43% during trading on Friday, reaching $109.36. The company’s stock had a trading volume of 2,138,074 shares. The firm has a market capitalization of $12.08 billion, a price-to-earnings ratio of 13.99 and a beta of 1.59. Albemarle Corporation has a 52-week low of $75.11 and a 52-week high of $123.48. The stock’s 50-day moving average is $113.72 and its 200 day moving average is $106.75.
Albemarle Corporation (NYSE:ALB) last issued its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.02. The business had revenue of $737.25 million for the quarter, compared to analyst estimates of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 EPS. On average, analysts predict that Albemarle Corporation will post $4.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio is 16.41%.
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ALB has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Aegis reissued a “buy” rating on shares of Albemarle Corporation in a research note on Friday, July 7th. Royal Bank Of Canada restated a “buy” rating and issued a $136.00 price target on shares of Albemarle Corporation in a report on Friday, July 14th. Needham & Company LLC restated a “buy” rating and issued a $36.00 price target on shares of Albemarle Corporation in a report on Thursday, June 29th. Finally, BidaskClub cut Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Albemarle Corporation currently has a consensus rating of “Buy” and a consensus target price of $106.69.
In other Albemarle Corporation news, Chairman Luther C. Iv Kissam sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $110.08, for a total value of $5,504,000.00. Following the sale, the chairman now owns 252,917 shares of the company’s stock, valued at approximately $27,841,103.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Scott Tozier sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $110.13, for a total value of $2,753,250.00. Following the completion of the sale, the chief financial officer now directly owns 57,506 shares in the company, valued at approximately $6,333,135.78. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,000 shares of company stock worth $11,499,850. 0.74% of the stock is currently owned by insiders.
Albemarle Corporation Company Profile
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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