Hsbc Holdings PLC Raises Stock Holdings in Albemarle Corporation $ALB

Hsbc Holdings PLC raised its position in shares of Albemarle Corporation (NYSE:ALB) by 47.4% during the 4th quarter, Holdings Channel reports. The firm owned 230,690 shares of the specialty chemicals company’s stock after buying an additional 74,202 shares during the quarter. Hsbc Holdings PLC’s holdings in Albemarle were worth $32,655,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. Forty three Eighteen Advisors LLC acquired a new position in Albemarle in the 4th quarter worth approximately $952,000. Rockefeller Capital Management L.P. lifted its stake in Albemarle by 1.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 43,685 shares of the specialty chemicals company’s stock valued at $6,179,000 after acquiring an additional 525 shares during the period. Osbon Capital Management LLC purchased a new stake in shares of Albemarle in the 4th quarter valued at $65,000. Larry Mathis Financial Planning LLC purchased a new stake in shares of Albemarle in the 4th quarter valued at $579,000. Finally, Corient Private Wealth LLC increased its stake in shares of Albemarle by 48.9% in the fourth quarter. Corient Private Wealth LLC now owns 25,361 shares of the specialty chemicals company’s stock worth $3,587,000 after acquiring an additional 8,332 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO J Kent Masters sold 16,393 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the completion of the sale, the chief executive officer owned 87,519 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.42% of the company’s stock.

Albemarle Price Performance

Shares of Albemarle stock opened at $133.74 on Tuesday. The business has a 50 day simple moving average of $168.86 and a two-hundred day simple moving average of $169.48. Albemarle Corporation has a 12 month low of $64.24 and a 12 month high of $221.00. The stock has a market capitalization of $15.77 billion, a P/E ratio of -39.22 and a beta of 1.34. 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 issued its quarterly earnings results 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 positive return on equity of 5.22% and a negative net margin of 5.00%.The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company posted ($0.18) earnings per share. The business’s revenue was up 32.7% on a year-over-year basis. As a group, analysts predict that Albemarle Corporation will post 12.98 EPS for the current fiscal year.

Albemarle Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. HSBC boosted their target price on shares of Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Zacks Research raised Albemarle from a “hold” rating to a “strong-buy” rating in a report on Monday, May 11th. Argus boosted their price target on Albemarle from $185.00 to $230.00 and gave the company a “buy” rating in a report on Monday, May 11th. Vertical Research upgraded shares of Albemarle from a “hold” rating to a “buy” rating and set a $224.00 target price for the company in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company upped their price target on Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. One research 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 issued a Sell rating to the company. Based on data from MarketBeat, Albemarle currently has a consensus rating of “Moderate Buy” and an average price target of $199.58.

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.