Community Bank N.A. raised its stake in shares of Albemarle Co. (NYSE:ALB) by 27.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,015 shares of the specialty chemicals company’s stock after purchasing an additional 1,965 shares during the period. Community Bank N.A.’s holdings in Albemarle were worth $696,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently modified their holdings of ALB. Bank of New York Mellon Corp grew its holdings in Albemarle by 4.9% during the 1st quarter. Bank of New York Mellon Corp now owns 2,582,617 shares of the specialty chemicals company’s stock valued at $145,584,000 after buying an additional 120,444 shares in the last quarter. Geode Capital Management LLC increased its position in Albemarle by 6.2% in the first quarter. Geode Capital Management LLC now owns 1,785,289 shares of the specialty chemicals company’s stock worth $100,455,000 after purchasing an additional 104,863 shares during the last quarter. SPF Beheer BV raised its stake in Albemarle by 12.6% during the first quarter. SPF Beheer BV now owns 1,248,607 shares of the specialty chemicals company’s stock valued at $70,810,000 after purchasing an additional 139,307 shares in the last quarter. KAMES CAPITAL plc lifted its position in Albemarle by 39.3% during the first quarter. KAMES CAPITAL plc now owns 1,017,369 shares of the specialty chemicals company’s stock valued at $57,195,000 after purchasing an additional 287,073 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Albemarle in the 4th quarter worth $63,479,000. Hedge funds and other institutional investors own 92.33% of the company’s stock.
A number of research analysts recently commented on the stock. Zacks Investment Research raised shares of Albemarle from a “sell” rating to a “hold” rating and set a $67.00 price target for the company in a report on Monday, May 11th. Citigroup upgraded Albemarle from a “sell” rating to a “hold” rating in a report on Friday, June 26th. Goldman Sachs Group lowered Albemarle from a “buy” rating to a “neutral” rating and decreased their price target for the company from $67.00 to $61.00 in a report on Tuesday, May 12th. Deutsche Bank lifted their price objective on shares of Albemarle from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, SunTrust Banks reduced their target price on shares of Albemarle from $90.00 to $65.00 and set a “hold” rating on the stock in a research note on Monday, May 11th. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $74.98.
Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.85 by $0.15. Albemarle had a net margin of 14.50% and a return on equity of 15.34%. The business had revenue of $738.85 million during the quarter, compared to analyst estimates of $769.26 million. During the same quarter in the previous year, the business posted $1.23 EPS. The company’s quarterly revenue was down 11.2% compared to the same quarter last year. Equities research analysts expect that Albemarle Co. will post 3.33 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 18th will be given a dividend of $0.385 per share. The ex-dividend date is Thursday, September 17th. This represents a $1.54 annualized dividend and a yield of 1.87%. Albemarle’s dividend payout ratio (DPR) is presently 25.50%.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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