Assenagon Asset Management S.A. Buys 12,929 Shares of Albemarle Corporation $ALB

Assenagon Asset Management S.A. lifted its stake in shares of Albemarle Corporation (NYSE:ALB) by 37.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 47,334 shares of the specialty chemicals company’s stock after buying an additional 12,929 shares during the period. Assenagon Asset Management S.A.’s holdings in Albemarle were worth $8,498,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Nordea Investment Management AB bought a new position in shares of Albemarle during the 4th quarter worth approximately $6,171,000. Altfest L J & Co. Inc. bought a new position in shares of Albemarle in the fourth quarter valued at approximately $1,055,000. Three Seasons Wealth LLC purchased a new stake in shares of Albemarle during the fourth quarter valued at approximately $873,000. J. Safra Sarasin Holding AG increased its position in shares of Albemarle by 493.3% during the fourth quarter. J. Safra Sarasin Holding AG now owns 84,011 shares of the specialty chemicals company’s stock valued at $11,883,000 after acquiring an additional 69,850 shares during the last quarter. Finally, BW Gestao de Investimentos Ltda. lifted its holdings in Albemarle by 181.8% during the fourth quarter. BW Gestao de Investimentos Ltda. now owns 132,250 shares of the specialty chemicals company’s stock worth $18,705,000 after acquiring an additional 85,320 shares during the period. Institutional investors own 92.87% of the company’s stock.

Insider Buying and Selling at Albemarle

In other news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction on Friday, May 15th. The stock was 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. The trade was a 15.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.42% of the company’s stock.

Albemarle Stock Performance

Shares of ALB stock opened at $133.69 on Monday. The firm’s 50 day moving average is $176.64 and its 200 day moving average is $169.40. The stock has a market capitalization of $15.77 billion, a P/E ratio of -39.21, a PEG ratio of 0.64 and a beta of 1.31. Albemarle Corporation has a 12 month low of $60.64 and a 12 month high of $221.00. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, beating 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 analyst estimates of $1.34 billion. During the same period in the previous year, the business earned ($0.18) EPS. Albemarle’s revenue was up 32.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Albemarle Corporation will post 12.98 earnings per share for the current year.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, June 12th. Albemarle’s dividend payout ratio (DPR) is presently -47.51%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ALB shares. Rothschild & Co Redburn cut Albemarle from a “buy” rating to a “neutral” rating and set a $188.00 price objective on the stock. in a research report on Wednesday, April 22nd. Jefferies Financial Group lifted their target price on Albemarle from $230.00 to $244.00 in a research note on Monday, May 11th. Royal Bank Of Canada boosted their price target on shares of Albemarle from $253.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Morgan Stanley increased their price target on shares of Albemarle from $170.00 to $189.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 28th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Albemarle presently has an average rating of “Moderate Buy” and an average target price of $202.54.

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.