JPMorgan Chase & Co. lowered its holdings in shares of Albemarle Co. (NYSE:ALB) by 43.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 143,130 shares of the specialty chemicals company’s stock after selling 107,771 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.13% of Albemarle worth $14,280,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of ALB. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Albemarle by 8.9% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 408,380 shares of the specialty chemicals company’s stock worth $40,748,000 after buying an additional 33,269 shares during the period. Howe & Rusling Inc. boosted its position in shares of Albemarle by 371.0% during the third quarter. Howe & Rusling Inc. now owns 60,469 shares of the specialty chemicals company’s stock worth $6,034,000 after buying an additional 47,630 shares during the period. SG Americas Securities LLC boosted its position in shares of Albemarle by 120.2% during the third quarter. SG Americas Securities LLC now owns 29,402 shares of the specialty chemicals company’s stock worth $2,934,000 after buying an additional 174,888 shares during the period. Systematic Financial Management LP purchased a new position in shares of Albemarle during the third quarter worth $1,342,000. Finally, ING Groep NV boosted its position in shares of Albemarle by 105.0% during the third quarter. ING Groep NV now owns 8,736 shares of the specialty chemicals company’s stock worth $872,000 after buying an additional 4,475 shares during the period. Institutional investors own 92.73% of the company’s stock.
In other Albemarle news, EVP Karen G. Narwold sold 3,100 shares of the firm’s stock in a transaction on Monday, November 26th. The stock was sold at an average price of $96.54, for a total value of $299,274.00. Following the sale, the executive vice president now directly owns 27,142 shares in the company, valued at $2,620,288.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.80% of the stock is owned by company insiders.
NYSE:ALB opened at $88.65 on Friday. The firm has a market capitalization of $9.68 billion, a P/E ratio of 17.17, a P/E/G ratio of 1.03 and a beta of 1.52. Albemarle Co. has a 12-month low of $86.75 and a 12-month high of $138.67. 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 (NYSE:ALB) last released its earnings results on Wednesday, November 7th. The specialty chemicals company reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.06. The firm had revenue of $778.00 million during the quarter, compared to analyst estimates of $796.79 million. Albemarle had a return on equity of 15.39% and a net margin of 10.44%. Albemarle’s revenue was up 3.0% compared to the same quarter last year. During the same period last year, the business posted $1.08 earnings per share. Equities research analysts predict that Albemarle Co. will post 5.43 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be paid a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, December 13th. Albemarle’s dividend payout ratio is presently 29.19%.
Several research analysts have recently commented on the company. ValuEngine upgraded Albemarle from a “sell” rating to a “hold” rating in a research report on Friday, September 21st. Vertical Research assumed coverage on Albemarle in a research report on Tuesday, September 25th. They set a “sell” rating and a $85.00 price target for the company. Vertical Group began coverage on Albemarle in a research report on Tuesday, September 25th. They set a “sell” rating and a $85.00 price target for the company. Berenberg Bank set a $130.00 target price on Albemarle and gave the company a “buy” rating in a report on Friday, November 9th. Finally, Loop Capital set a $130.00 target price on Albemarle and gave the company a “buy” rating in a report on Monday, October 8th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seventeen have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $122.43.
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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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