Allianz Asset Management GmbH grew its position in shares of Albemarle Co. (NYSE:ALB) by 47.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 761,034 shares of the specialty chemicals company’s stock after purchasing an additional 245,853 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.72% of Albemarle worth $75,936,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in shares of Albemarle by 55,259.5% in the third quarter. Bank of New York Mellon Corp now owns 4,285,376 shares of the specialty chemicals company’s stock worth $427,596,000 after acquiring an additional 4,277,635 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Albemarle in the third quarter worth approximately $142,933,000. Jennison Associates LLC lifted its stake in shares of Albemarle by 21.4% in the second quarter. Jennison Associates LLC now owns 7,330,974 shares of the specialty chemicals company’s stock worth $691,531,000 after acquiring an additional 1,290,510 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Albemarle by 1,502.7% in the second quarter. Advisors Asset Management Inc. now owns 321,137 shares of the specialty chemicals company’s stock worth $2,289,000 after acquiring an additional 301,100 shares during the period. Finally, Rovida Advisors Inc. acquired a new position in shares of Albemarle in the second quarter worth approximately $21,743,000. 93.70% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on ALB shares. ValuEngine lowered Albemarle from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. Loop Capital set a $130.00 price objective on Albemarle and gave the stock a “buy” rating in a research note on Monday, October 8th. SunTrust Banks raised Albemarle from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $115.00 in a research note on Tuesday, September 4th. Zacks Investment Research raised Albemarle from a “hold” rating to a “buy” rating and set a $104.00 price objective on the stock in a research note on Tuesday, August 7th. Finally, Vertical Research started coverage on Albemarle in a research note on Tuesday, September 25th. They issued a “sell” rating and a $85.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and seventeen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $122.78.
In other news, EVP Karen G. Narwold sold 3,100 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $97.11, for a total transaction of $301,041.00. Following the completion of the sale, the executive vice president now owns 30,242 shares in the company, valued at $2,936,800.62. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.80% of the company’s stock.
Shares of ALB stock opened at $96.42 on Friday. The company has a market capitalization of $10.14 billion, a price-to-earnings ratio of 21.01, a price-to-earnings-growth ratio of 1.08 and a beta of 1.53. The company has a quick ratio of 1.18, a current ratio of 1.83 and a debt-to-equity ratio of 0.38. Albemarle Co. has a fifty-two week low of $86.75 and a fifty-two week high of $138.67.
Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, November 7th. The specialty chemicals company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.06. The business had revenue of $778.00 million during the quarter, compared to the consensus estimate of $796.79 million. Albemarle had a return on equity of 15.39% and a net margin of 10.44%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.08 earnings per share. On average, research analysts anticipate that Albemarle Co. will post 5.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be issued a $0.335 dividend. The ex-dividend date is Thursday, December 13th. This represents a $1.34 dividend on an annualized basis and a yield of 1.39%. Albemarle’s payout ratio is currently 29.19%.
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Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, 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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