Westpac Banking Corp boosted its position in shares of Albemarle Corp. (NYSE:ALB) by 3.8% during the second quarter, Holdings Channel reports. The firm owned 10,052 shares of the company’s stock after buying an additional 369 shares during the period. Westpac Banking Corp’s holdings in Albemarle Corp. were worth $730,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. raised its stake in shares of Albemarle Corp. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,438 shares of the company’s stock worth $114,000 after buying an additional 7 shares during the period. Mizuho Asset Management Co. Ltd. raised its stake in shares of Albemarle Corp. by 97.9% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,605 shares of the company’s stock worth $127,000 after buying an additional 794 shares during the period. DUPONT CAPITAL MANAGEMENT Corp purchased a new stake in shares of Albemarle Corp. during the second quarter worth $178,000. Investec Asset Management LTD purchased a new stake in shares of Albemarle Corp. during the first quarter worth $164,000. Finally, Daiwa Securities Group Inc. raised its stake in shares of Albemarle Corp. by 12.5% in the second quarter. Daiwa Securities Group Inc. now owns 2,700 shares of the company’s stock worth $214,000 after buying an additional 300 shares during the period. 88.50% of the stock is owned by institutional investors and hedge funds.
Albemarle Corp. (NYSE:ALB) traded down 1.24% during mid-day trading on Monday, reaching $84.43. The company’s stock had a trading volume of 68,209 shares. The firm has a market cap of $9.49 billion, a PE ratio of 62.17 and a beta of 1.77. The stock’s 50 day moving average is $81.06 and its 200 day moving average is $76.53. Albemarle Corp. has a one year low of $45.78 and a one year high of $87.29.
Albemarle Corp. (NYSE:ALB) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.08. The business had revenue of $669.30 million for the quarter, compared to analysts’ expectations of $860.40 million. Albemarle Corp. had a return on equity of 14.52% and a net margin of 4.54%. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period last year, the firm earned $0.73 earnings per share. On average, analysts anticipate that Albemarle Corp. will post $3.48 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be paid a $0.305 dividend. This represents a $1.22 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Tuesday, September 13th. Albemarle Corp.’s payout ratio is currently 89.05%.
A number of brokerages have weighed in on ALB. Morgan Stanley reaffirmed a “hold” rating on shares of Albemarle Corp. in a research report on Thursday, June 16th. Deutsche Bank AG reaffirmed a “buy” rating and set a $94.00 target price (up from $84.00) on shares of Albemarle Corp. in a research report on Monday, June 20th. Citigroup Inc. reaffirmed a “buy” rating and set a $89.00 target price on shares of Albemarle Corp. in a research report on Wednesday, June 29th. Zacks Investment Research downgraded Albemarle Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 25th. Finally, Nomura reiterated a “buy” rating and issued a $85.00 price target on shares of Albemarle Corp. in a report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. The company presently has an average 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 on Wednesday, August 24th. The stock was sold at an average price of $83.19, for a total value of $4,159,500.00. Following the sale, the chief executive officer now directly owns 233,000 shares in the company, valued at $19,383,270. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John Sherman, Jr. sold 4,300 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $82.09, for a total value of $352,987.00. Following the completion of the sale, the director now owns 1,500 shares in the company, valued at $123,135. The disclosure for this sale can be found here. 0.71% of the stock is owned by 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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