Bank of Nova Scotia Has $8.20 Million Stake in Albemarle Corporation $ALB

Bank of Nova Scotia decreased its stake in shares of Albemarle Corporation (NYSE:ALB) by 77.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 45,693 shares of the specialty chemicals company’s stock after selling 158,288 shares during the period. Bank of Nova Scotia’s holdings in Albemarle were worth $8,203,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALB. MH & Associates Securities Management Corp ADV acquired a new stake in Albemarle in the fourth quarter worth about $26,000. Elyxium Wealth LLC acquired a new stake in shares of Albemarle in the 4th quarter valued at approximately $34,000. Torren Management LLC bought a new position in Albemarle during the 4th quarter worth approximately $38,000. Sound Income Strategies LLC grew its holdings in shares of Albemarle by 190.1% in the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock valued at $52,000 after buying an additional 192 shares during the period. Finally, Root Financial Partners LLC raised its stake in Albemarle by 121.5% during the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock worth $42,000 after buying an additional 164 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on ALB shares. Deutsche Bank Aktiengesellschaft increased their target price on Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Royal Bank Of Canada set a $166.00 price objective on shares of Albemarle in a research report on Friday, July 17th. Morgan Stanley upped their target price on shares of Albemarle from $170.00 to $189.00 and gave the company an “equal weight” rating in a report on Tuesday, April 28th. UBS Group lifted their price objective on shares of Albemarle from $230.00 to $264.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Wall Street Zen raised Albemarle from a “buy” rating to a “strong-buy” rating in a report on Monday, July 13th. Fifteen investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $199.87.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the 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 transaction, the chief executive officer directly owned 87,519 shares in the company, valued at approximately $16,078,990.68. This trade represents a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.42% of the company’s stock.

Albemarle Stock Performance

Albemarle stock opened at $114.88 on Monday. The stock’s 50 day moving average is $148.42 and its 200 day moving average is $167.38. 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 company has a market capitalization of $13.55 billion, a P/E ratio of -33.69 and a beta of 1.34. Albemarle Corporation has a twelve month low of $64.95 and a twelve month high of $221.00.

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. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. Albemarle’s revenue was up 32.7% compared to the same quarter last year. During the same period last year, the business earned ($0.18) EPS. On average, equities research analysts predict that Albemarle Corporation will post 12.86 earnings per share for the current fiscal year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 1.4%. This is a boost from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date is Friday, September 11th. Albemarle’s dividend payout ratio (DPR) is currently -47.51%.

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.