ProShare Advisors LLC Sells 856,806 Shares of Albemarle Corporation $ALB

ProShare Advisors LLC trimmed its holdings in Albemarle Corporation (NYSE:ALB) by 29.9% during the third quarter, Holdings Channel reports. The firm owned 2,013,304 shares of the specialty chemicals company’s stock after selling 856,806 shares during the quarter. ProShare Advisors LLC’s holdings in Albemarle were worth $163,239,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in ALB. Geode Capital Management LLC grew 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 buying an additional 59,104 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in Albemarle in the 3rd quarter valued at about $138,723,000. PGGM Investments boosted its stake in Albemarle by 10.8% during 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. Vest Financial LLC increased its holdings in Albemarle by 55.4% during the 2nd quarter. Vest Financial LLC now owns 959,978 shares of the specialty chemicals company’s stock worth $60,162,000 after purchasing an additional 342,321 shares in the last quarter. Finally, Empower Advisory Group LLC raised its stake in shares of Albemarle by 11.4% in the second quarter. Empower Advisory Group LLC now owns 866,575 shares of the specialty chemicals company’s stock worth $54,308,000 after purchasing an additional 88,457 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of NYSE:ALB opened at $163.47 on Monday. The firm has a market capitalization of $19.24 billion, a PE ratio of -102.81, a P/E/G ratio of 2.92 and a beta of 1.44. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The company has a 50-day moving average price of $154.02 and a two-hundred day moving average price of $112.49. Albemarle Corporation has a twelve month low of $49.43 and a twelve month high of $195.68.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ALB shares. Stephens reaffirmed an “outperform” rating on shares of Albemarle in a research report on Friday, December 19th. HSBC raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $200.00 price objective on the stock in a report on Monday, January 19th. Scotiabank upgraded shares of Albemarle from a “sector perform” rating to a “sector outperform” rating and increased their target price for the company from $85.00 to $200.00 in a report on Monday, January 12th. Morgan Stanley reissued an “equal weight” rating on shares of Albemarle in a research report on Friday, December 19th. Finally, Zacks Research raised shares of Albemarle from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Albemarle presently has an average rating of “Moderate Buy” and a consensus price target of $161.16.

About Albemarle

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.