BBVA USA Bancshares Inc. boosted its stake in Albemarle Co. (NYSE:ALB) by 14.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,444 shares of the specialty chemicals company’s stock after purchasing an additional 1,607 shares during the period. BBVA USA Bancshares Inc.’s holdings in Albemarle were worth $864,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of ALB. Vanguard Group Inc. boosted its position in Albemarle by 1.1% during the second quarter. Vanguard Group Inc. now owns 12,741,734 shares of the specialty chemicals company’s stock valued at $897,145,000 after acquiring an additional 137,085 shares during the last quarter. BlackRock Inc. boosted its position in shares of Albemarle by 9.0% during the 2nd quarter. BlackRock Inc. now owns 8,304,153 shares of the specialty chemicals company’s stock worth $584,695,000 after purchasing an additional 682,231 shares in the last quarter. Primecap Management Co. CA boosted its position in shares of Albemarle by 30.8% during the 2nd quarter. Primecap Management Co. CA now owns 5,777,880 shares of the specialty chemicals company’s stock worth $406,821,000 after purchasing an additional 1,362,000 shares in the last quarter. Baillie Gifford & Co. boosted its position in shares of Albemarle by 1.7% during the 2nd quarter. Baillie Gifford & Co. now owns 2,685,713 shares of the specialty chemicals company’s stock worth $189,101,000 after purchasing an additional 45,809 shares in the last quarter. Finally, Iridian Asset Management LLC CT boosted its position in shares of Albemarle by 3.5% during the 2nd quarter. Iridian Asset Management LLC CT now owns 1,470,945 shares of the specialty chemicals company’s stock worth $103,569,000 after purchasing an additional 49,392 shares in the last quarter. Institutional investors and hedge funds own 90.46% of the company’s stock.
NYSE:ALB opened at $65.54 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.82 and a current ratio of 1.39. The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 1.09 and a beta of 1.63. Albemarle Co. has a 52 week low of $58.63 and a 52 week high of $103.37. The firm has a 50-day moving average price of $66.57 and a two-hundred day moving average price of $68.33.
Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, November 6th. The specialty chemicals company reported $1.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.04. The firm had revenue of $879.70 million during the quarter, compared to analyst estimates of $883.67 million. Albemarle had a net margin of 16.27% and a return on equity of 15.94%. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the business posted $1.31 EPS. As a group, sell-side analysts forecast that Albemarle Co. will post 6.08 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.368 dividend. This is a positive change from Albemarle’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $1.47 annualized dividend and a yield of 2.25%. Albemarle’s dividend payout ratio (DPR) is 26.82%.
In related news, insider Eric Norris purchased 3,090 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was bought at an average price of $64.66 per share, for a total transaction of $199,799.40. Following the purchase, the insider now directly owns 164 shares in the company, valued at approximately $10,604.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Luther C. Iv Kissam sold 36,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.00, for a total transaction of $2,520,000.00. Following the sale, the chief executive officer now owns 334,046 shares of the company’s stock, valued at approximately $23,383,220. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.
A number of research firms recently weighed in on ALB. Morgan Stanley lowered their target price on shares of Albemarle from $65.00 to $60.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Loop Capital lowered their target price on shares of Albemarle to $98.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Wells Fargo & Co lowered their target price on shares of Albemarle from $75.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 25th. UBS Group lowered their target price on shares of Albemarle from $95.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Vertical Group lowered their target price on shares of Albemarle from $58.50 to $39.50 in a report on Wednesday, August 14th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $83.70.
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.
Further Reading: Book Value Of Equity Per Share – BVPS Explained
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