Amova Asset Management Americas Inc. Cuts Stake in Albemarle Corporation $ALB

Amova Asset Management Americas Inc. lessened its stake in shares of Albemarle Corporation (NYSE:ALB) by 54.4% in the 1st quarter, Holdings Channel reports. The firm owned 4,714 shares of the specialty chemicals company’s stock after selling 5,635 shares during the period. Amova Asset Management Americas Inc.’s holdings in Albemarle were worth $846,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ALB. MH & Associates Securities Management Corp ADV acquired a new stake in Albemarle in the 4th quarter worth about $26,000. BOKF NA lifted its holdings in Albemarle by 5,771.4% in the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 404 shares in the last quarter. Elyxium Wealth LLC purchased a new position in Albemarle in the 4th quarter valued at $34,000. EverSource Wealth Advisors LLC boosted its stake in Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 483 shares during the last quarter. Finally, Torren Management LLC purchased a new stake in shares of Albemarle during the fourth quarter worth $38,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Up 0.3%

Shares of NYSE ALB opened at $118.56 on Wednesday. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average is $152.87 and its two-hundred day moving average is $167.96. Albemarle Corporation has a 52-week low of $64.95 and a 52-week high of $221.00. The firm has a market cap of $13.98 billion, a price-to-earnings ratio of -34.77 and a beta of 1.34.

Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, topping the consensus estimate of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the business posted ($0.18) earnings per share. The company’s quarterly revenue was up 32.7% on a year-over-year basis. Research analysts predict that Albemarle Corporation will post 12.95 EPS for the current year.

Albemarle Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Friday, June 12th. Albemarle’s dividend payout ratio (DPR) is -47.51%.

Insider Buying and Selling

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction dated 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 of the company’s stock, valued at $16,078,990.68. The trade was a 15.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.42% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ALB. Citigroup upgraded shares of Albemarle from a “neutral” rating to a “buy” rating and set a $225.00 target price for the company in a research report on Thursday, June 18th. Argus upped their price objective on shares of Albemarle from $185.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Jefferies Financial Group cut their price target on Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Royal Bank Of Canada set a $166.00 price target on Albemarle in a report on Friday. Finally, Scotiabank lifted their price target on shares of Albemarle from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Albemarle presently has a consensus rating of “Moderate Buy” and an average price target of $199.87.

Albemarle Company 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.