BIT Capital GmbH Takes Position in Albemarle Corporation $ALB

BIT Capital GmbH acquired a new stake in Albemarle Corporation (NYSE:ALB) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 12,000 shares of the specialty chemicals company’s stock, valued at approximately $1,697,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Albemarle during the 4th quarter worth about $165,271,000. Phoenix Financial Ltd. bought a new stake in shares of Albemarle during the 4th quarter worth about $130,415,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Albemarle by 4,338.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock worth $104,444,000 after buying an additional 721,793 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Albemarle by 22,047.4% during the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock worth $44,613,000 after buying an additional 710,589 shares during the period. Finally, Samlyn Capital LLC bought a new stake in shares of Albemarle during the 3rd quarter worth about $47,088,000. Institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

ALB stock opened at $155.73 on Friday. The company has a 50 day simple moving average of $183.54 and a 200 day simple moving average of $165.76. The stock has a market cap of $18.37 billion, a price-to-earnings ratio of -45.67, a P/E/G ratio of 0.84 and a beta of 1.30. Albemarle Corporation has a 1 year low of $55.90 and a 1 year high of $221.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the company earned ($0.18) EPS. The firm’s quarterly revenue was up 32.7% compared to the same quarter last year. Research analysts anticipate that Albemarle Corporation will post 12.39 EPS for the current fiscal year.

Albemarle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be given a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, June 12th. Albemarle’s dividend payout ratio is -47.51%.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of the transaction, the chief executive officer directly owned 87,519 shares in the company, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.42% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on ALB shares. Wells Fargo & Company lifted their target price on shares of Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Robert W. Baird lifted their target price on shares of Albemarle from $210.00 to $236.00 in a report on Thursday, May 7th. UBS Group lifted their target price on shares of Albemarle from $230.00 to $264.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Vertical Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price objective for the company in a report on Tuesday, May 26th. Finally, Mizuho boosted their price objective on shares of Albemarle from $185.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.04.

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.