3,085 Shares in Albemarle Corporation $ALB Bought by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. bought a new stake in Albemarle Corporation (NYSE:ALB) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,085 shares of the specialty chemicals company’s stock, valued at approximately $250,000.

Several other hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in shares of Albemarle by 2.0% during the second quarter. Geode Capital Management LLC now owns 2,954,331 shares of the specialty chemicals company’s stock valued at $184,782,000 after acquiring an additional 59,104 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Albemarle by 48.5% during the second quarter. ProShare Advisors LLC now owns 2,870,110 shares of the specialty chemicals company’s stock worth $179,870,000 after purchasing an additional 937,538 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Albemarle during the third quarter worth approximately $138,723,000. PGGM Investments raised its stake in Albemarle by 10.8% in the 3rd quarter. PGGM Investments now owns 1,185,005 shares of the specialty chemicals company’s stock valued at $96,080,000 after purchasing an additional 115,081 shares during the last quarter. Finally, Vest Financial LLC lifted its holdings in Albemarle by 55.4% in the 2nd quarter. Vest Financial LLC now owns 959,978 shares of the specialty chemicals company’s stock valued at $60,162,000 after purchasing an additional 342,321 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Price Performance

NYSE:ALB opened at $164.85 on Tuesday. Albemarle Corporation has a 52 week low of $49.43 and a 52 week high of $195.68. The stock’s fifty day moving average is $151.02 and its two-hundred day moving average is $110.07. The company has a market capitalization of $19.40 billion, a P/E ratio of -103.68, a P/E/G ratio of 3.05 and a beta of 1.41. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.40.

Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.73. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. Albemarle had a positive return on equity of 0.10% and a negative net margin of 0.43%.The company’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period last year, the business posted ($1.55) earnings per share. Equities analysts expect that Albemarle Corporation will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ALB. Wells Fargo & Company increased their target price on shares of Albemarle from $135.00 to $174.00 and gave the company an “equal weight” rating in a research report on Monday, January 26th. Rothschild Redb upgraded shares of Albemarle to a “strong-buy” rating in a report on Friday, October 24th. Truist Financial raised shares of Albemarle from a “hold” rating to a “buy” rating and raised their target price for the stock from $125.00 to $205.00 in a research note on Wednesday, January 21st. Dbs Bank upped their price target on Albemarle from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Finally, Stephens reiterated an “outperform” rating on shares of Albemarle in a research report on Friday, December 19th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $161.16.

Albemarle Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.