DAVENPORT & Co LLC Reduces Position in Albemarle Corporation $ALB

DAVENPORT & Co LLC decreased its holdings in Albemarle Corporation (NYSE:ALB) by 4.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 136,551 shares of the specialty chemicals company’s stock after selling 6,726 shares during the period. DAVENPORT & Co LLC’s holdings in Albemarle were worth $19,314,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Strategic Advocates LLC purchased a new stake in shares of Albemarle in the third quarter valued at approximately $25,000. BOKF NA increased its holdings in shares of Albemarle by 5,771.4% in the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 404 shares during the last quarter. Cromwell Holdings LLC lifted its position in Albemarle by 36.8% during the third quarter. Cromwell Holdings LLC now owns 413 shares of the specialty chemicals company’s stock worth $34,000 after buying an additional 111 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Albemarle by 536.7% during the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after buying an additional 483 shares in the last quarter. Finally, Physician Wealth Advisors Inc. acquired a new position in Albemarle during the third quarter worth $40,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ALB. Argus upped their target price on Albemarle from $140.00 to $185.00 in a report on Monday, February 23rd. Robert W. Baird set a $210.00 price target on Albemarle and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Mizuho boosted their price target on shares of Albemarle from $156.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Wells Fargo & Company set a $165.00 price objective on shares of Albemarle in a report on Monday, February 16th. Finally, BMO Capital Markets raised their price objective on shares of Albemarle from $145.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Albemarle has an average rating of “Moderate Buy” and a consensus price target of $170.24.

Albemarle Stock Performance

NYSE ALB opened at $181.32 on Thursday. The company has a market cap of $21.33 billion, a P/E ratio of -31.53, a P/E/G ratio of 1.36 and a beta of 1.43. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.23 and a quick ratio of 1.57. The stock has a 50-day moving average of $171.51 and a two-hundred day moving average of $133.39. Albemarle Corporation has a 1-year low of $49.43 and a 1-year high of $206.00.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.13). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the company earned ($1.09) earnings per share. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, analysts anticipate that Albemarle Corporation will post -0.04 EPS for the current year.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. Albemarle’s dividend payout ratio is presently -28.17%.

Insider Buying and Selling

In other Albemarle news, CEO J Kent Masters sold 11,783 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total value of $2,012,654.23. Following the completion of the transaction, the chief executive officer owned 134,628 shares of the company’s stock, valued at $22,995,808.68. This trade represents a 8.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.33% of the stock is owned by corporate insiders.

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.