Great West Life Assurance Co. Can raised its stake in shares of Albemarle Corporation (NYSE:ALB) by 38.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 108,665 shares of the specialty chemicals company’s stock after buying an additional 30,232 shares during the period. Great West Life Assurance Co. Can owned 0.10% of Albemarle Corporation worth $11,455,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in ALB. Columbus Circle Investors raised its position in Albemarle Corporation by 10.0% in the first quarter. Columbus Circle Investors now owns 1,110,457 shares of the specialty chemicals company’s stock worth $117,309,000 after buying an additional 100,823 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Albemarle Corporation by 12.4% in the first quarter. Nisa Investment Advisors LLC now owns 58,820 shares of the specialty chemicals company’s stock worth $6,214,000 after buying an additional 6,500 shares during the last quarter. Barometer Capital Management Inc. acquired a new stake in shares of Albemarle Corporation during the first quarter worth $25,074,000. Cullinan Associates Inc. acquired a new stake in shares of Albemarle Corporation during the first quarter worth $201,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Albemarle Corporation during the first quarter worth $380,000. 86.22% of the stock is currently owned by institutional investors and hedge funds.
Albemarle Corporation (ALB) traded up 0.43% during trading on Friday, hitting $112.59. The stock had a trading volume of 872,711 shares. The firm has a market cap of $12.44 billion, a PE ratio of 14.40 and a beta of 1.59. The company’s 50 day moving average is $114.72 and its 200 day moving average is $107.36. Albemarle Corporation has a 52-week low of $75.11 and a 52-week high of $123.48.
Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.02. The company had revenue of $737.25 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the firm earned $0.93 EPS. Equities research analysts forecast that Albemarle Corporation will post $4.36 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.14%. The ex-dividend date is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio is currently 16.41%.
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A number of equities research analysts have weighed in on ALB shares. Aegis reiterated a “buy” rating on shares of Albemarle Corporation in a report on Friday, July 7th. Zacks Investment Research upgraded Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a report on Friday, July 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 target price on shares of Albemarle Corporation in a research report on Thursday, June 29th. Nomura reaffirmed a “buy” rating and set a $124.00 target price on shares of Albemarle Corporation in a research report on Monday, May 15th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $120.00 target price on shares of Albemarle Corporation in a research report on Friday, June 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $109.61.
In other Albemarle Corporation news, CFO Scott Tozier sold 25,000 shares of the stock in a transaction dated 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 owns 57,506 shares in the company, valued at approximately $6,333,135.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Douglas L. Maine sold 10,000 shares of the stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $107.94, for a total transaction of $1,079,400.00. Following the completion of the sale, the director now owns 24,150 shares of the company’s stock, valued at approximately $2,606,751. The disclosure for this sale can be found here. Insiders have sold a total of 105,000 shares of company stock worth $11,499,850 over the last ninety days. 0.74% of the stock is 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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