Johnston Asset Management LLC purchased a new stake in shares of Albemarle Corp. (NYSE:ALB) during the second quarter, Holdings Channel reports. The fund purchased 117,540 shares of the company’s stock, valued at approximately $9,322,000.
A number of other institutional investors also recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its position in shares of Albemarle Corp. by 72.0% in the first quarter. Goldman Sachs Group Inc. now owns 770,233 shares of the company’s stock valued at $49,241,000 after buying an additional 322,307 shares during the period. UBS Asset Management Americas Inc. raised its stake in shares of Albemarle Corp. by 3.5% in the first quarter. UBS Asset Management Americas Inc. now owns 239,430 shares of the company’s stock worth $15,307,000 after buying an additional 8,059 shares in the last quarter. UBS Group AG raised its stake in shares of Albemarle Corp. by 7.8% in the first quarter. UBS Group AG now owns 59,800 shares of the company’s stock worth $3,823,000 after buying an additional 4,304 shares in the last quarter. Cupps Capital Management LLC raised its stake in shares of Albemarle Corp. by 84.1% in the first quarter. Cupps Capital Management LLC now owns 51,332 shares of the company’s stock worth $3,281,000 after buying an additional 23,445 shares in the last quarter. Finally, Investec Asset Management LTD acquired a new stake in shares of Albemarle Corp. during the first quarter worth $164,000. Hedge funds and other institutional investors own 88.50% of the company’s stock.
Shares of Albemarle Corp. (NYSE:ALB) traded down 0.77% on Monday, hitting $84.83. The company had a trading volume of 966,355 shares. Albemarle Corp. has a 12 month low of $45.78 and a 12 month high of $87.29. The stock has a market cap of $9.54 billion, a PE ratio of 62.47 and a beta of 1.77. The company has a 50-day moving average of $81.06 and a 200 day moving average of $76.53.
Albemarle Corp. (NYSE:ALB) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.01 by $0.08. Albemarle Corp. had a net margin of 4.54% and a return on equity of 14.52%. The company had revenue of $669.30 million for the quarter, compared to analyst estimates of $860.40 million. During the same quarter last year, the business earned $0.73 earnings per share. Albemarle Corp.’s revenue was down 6.8% compared to the same quarter last year. Analysts anticipate that Albemarle Corp. will post $3.48 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a $0.305 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.22 annualized dividend and a dividend yield of 1.44%. Albemarle Corp.’s payout ratio is currently 89.05%.
A number of equities research analysts have weighed in on ALB shares. Morgan Stanley reaffirmed a “hold” rating on shares of Albemarle Corp. in a report on Thursday, June 16th. Nomura reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Albemarle Corp. in a report on Tuesday, July 12th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Albemarle Corp. in a report on Wednesday, August 24th. Zacks Investment Research lowered Albemarle Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 25th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $89.00 price objective on shares of Albemarle Corp. in a report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. Albemarle Corp. presently has a consensus rating of “Buy” and a consensus target price of $80.00.
In other news, CEO Luther C. Iv Kissam sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $83.19, for a total value of $4,159,500.00. Following the completion of the transaction, the chief executive officer now directly owns 233,000 shares in the company, valued at $19,383,270. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Sherman, Jr. sold 4,300 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $82.09, for a total transaction of $352,987.00. Following the completion of the transaction, the director now owns 1,500 shares of the company’s stock, valued at $123,135. The disclosure for this sale can be found here. 0.71% of the stock is currently owned by company insiders.
Albemarle Corp. Company Profile
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.
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