Biltmore Wealth Management LLC Acquires New Position in Albemarle Corporation $ALB

Biltmore Wealth Management LLC bought a new position in shares of Albemarle Corporation (NYSE:ALB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,408 shares of the specialty chemicals company’s stock, valued at approximately $482,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FNY Investment Advisers LLC boosted its holdings in shares of Albemarle by 207.4% during the fourth quarter. FNY Investment Advisers LLC now owns 4,150 shares of the specialty chemicals company’s stock worth $586,000 after purchasing an additional 2,800 shares during the last quarter. Blue Trust Inc. increased its stake in Albemarle by 12.2% in the fourth quarter. Blue Trust Inc. now owns 4,095 shares of the specialty chemicals company’s stock valued at $579,000 after purchasing an additional 445 shares during the last quarter. Bangor Savings Bank increased its stake in Albemarle by 23.5% in the fourth quarter. Bangor Savings Bank now owns 777 shares of the specialty chemicals company’s stock valued at $110,000 after purchasing an additional 148 shares during the last quarter. Tema Etfs LLC purchased a new position in Albemarle during the fourth quarter worth about $232,000. Finally, Three Seasons Wealth LLC acquired a new stake in Albemarle in the 4th quarter worth about $873,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Performance

Shares of NYSE:ALB opened at $178.21 on Friday. The business has a 50-day moving average of $172.05 and a two-hundred day moving average of $137.24. The firm has a market capitalization of $21.01 billion, a PE ratio of -30.99, a P/E/G ratio of 1.37 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. Albemarle Corporation has a 12 month low of $49.43 and a 12 month high of $206.00.

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

Albemarle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were 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 was Friday, March 13th. Albemarle’s payout ratio is currently -28.17%.

Analyst Ratings Changes

Several analysts have commented on the company. UBS Group lifted their price target on Albemarle from $185.00 to $205.00 and gave the company a “buy” rating in a report on Monday, January 12th. Wells Fargo & Company set a $165.00 price objective on shares of Albemarle in a report on Monday, February 16th. JPMorgan Chase & Co. decreased their target price on shares of Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Scotiabank upgraded shares of Albemarle from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $85.00 to $200.00 in a report on Monday, January 12th. Finally, BMO Capital Markets upped their price target 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 research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $170.24.

Insider Transactions at Albemarle

In other news, CEO J Kent Masters sold 11,783 shares of the stock in a transaction 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 sale, the chief executive officer owned 134,628 shares of the company’s stock, valued at $22,995,808.68. This represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.33% of the stock is currently owned by corporate insiders.

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.