Insider Selling: Albemarle Corporation (ALB) Chairman Sells 50,000 Shares of Stock
Albemarle Corporation (NYSE:ALB) Chairman Luther C. Iv Kissam sold 50,000 shares of Albemarle Corporation stock in a transaction on Friday, July 7th. The shares were sold at an average price of $110.08, for a total value of $5,504,000.00. Following the completion of the transaction, the chairman now owns 252,917 shares in the company, valued at approximately $27,841,103.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Albemarle Corporation (NYSE ALB) traded up 1.45% during mid-day trading on Tuesday, hitting $112.95. The stock had a trading volume of 1,321,654 shares. The company has a market cap of $12.51 billion, a PE ratio of 27.45 and a beta of 1.58. Albemarle Corporation has a one year low of $75.11 and a one year high of $116.64. The firm’s 50 day moving average price is $110.26 and its 200-day moving average price is $101.62.
Albemarle Corporation (NYSE:ALB) last released its quarterly earnings results on Wednesday, May 3rd. The specialty chemicals company reported $1.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.10. Albemarle Corporation had a net margin of 17.02% and a return on equity of 11.97%. The company had revenue of $722.06 million during the quarter, compared to analysts’ expectations of $678.74 million. On average, equities research analysts anticipate that Albemarle Corporation will post $4.36 earnings per share 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 given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio is currently 31.22%.
ALB has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Albemarle Corporation from a “hold” rating to a “buy” rating and set a $117.00 target price on the stock in a report on Monday, March 27th. Morgan Stanley reduced their target price on Albemarle Corporation from $100.00 to $72.00 and set an “equal weight” rating on the stock in a report on Thursday, May 25th. Robert W. Baird reiterated an “outperform” rating and issued a $125.00 target price on shares of Albemarle Corporation in a report on Sunday, April 9th. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 target price on shares of Albemarle Corporation in a report on Friday, June 16th. Finally, Nomura reiterated a “buy” rating and issued a $124.00 target price on shares of Albemarle Corporation in a report on Monday, May 15th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $103.93.
Several hedge funds and other institutional investors have recently made changes to their positions in ALB. First Republic Investment Management Inc. raised its position in shares of Albemarle Corporation by 10.5% in the fourth quarter. First Republic Investment Management Inc. now owns 2,843 shares of the specialty chemicals company’s stock worth $244,000 after buying an additional 269 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of Albemarle Corporation by 7.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 3,940 shares of the specialty chemicals company’s stock worth $339,000 after buying an additional 260 shares in the last quarter. Norges Bank bought a new position in shares of Albemarle Corporation during the fourth quarter worth approximately $77,376,000. Elkhorn Investments LLC bought a new position in shares of Albemarle Corporation during the fourth quarter worth approximately $708,000. Finally, Kentucky Retirement Systems bought a new position in shares of Albemarle Corporation during the fourth quarter worth approximately $703,000. 85.75% of the stock is owned by institutional investors and hedge funds.
About Albemarle Corporation
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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