MAI Capital Management Sells 1,142 Shares of Albemarle Corporation $ALB

MAI Capital Management cut its holdings in Albemarle Corporation (NYSE:ALB) by 22.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,842 shares of the specialty chemicals company’s stock after selling 1,142 shares during the quarter. MAI Capital Management’s holdings in Albemarle were worth $241,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Moran Wealth Management LLC grew its holdings in Albemarle by 1.6% during the 2nd quarter. Moran Wealth Management LLC now owns 9,482 shares of the specialty chemicals company’s stock worth $594,000 after acquiring an additional 148 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Albemarle by 0.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 22,798 shares of the specialty chemicals company’s stock worth $1,496,000 after purchasing an additional 148 shares in the last quarter. Amalgamated Bank grew its stake in shares of Albemarle by 0.8% during the second quarter. Amalgamated Bank now owns 22,740 shares of the specialty chemicals company’s stock valued at $1,425,000 after purchasing an additional 184 shares during the last quarter. National Pension Service grew its stake in shares of Albemarle by 74.5% during the first quarter. National Pension Service now owns 452 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 193 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its holdings in shares of Albemarle by 10.3% in the second quarter. SBI Securities Co. Ltd. now owns 2,415 shares of the specialty chemicals company’s stock valued at $151,000 after purchasing an additional 225 shares in the last quarter. 92.87% of the stock is owned by institutional investors.

Albemarle Stock Up 1.3%

Shares of Albemarle stock opened at $126.86 on Thursday. The business has a fifty day simple moving average of $97.86 and a 200 day simple moving average of $79.66. The stock has a market cap of $14.93 billion, a PE ratio of -13.61 and a beta of 1.70. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.38. Albemarle Corporation has a 12 month low of $49.43 and a 12 month high of $127.70.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.73. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.27 billion. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.The company’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.55) earnings per share. Research analysts predict that Albemarle Corporation will post -0.04 EPS for the current year.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be paid a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, December 12th. This represents a $1.62 annualized dividend and a yield of 1.3%. Albemarle’s dividend payout ratio (DPR) is presently -101.89%.

Wall Street Analyst Weigh In

Several research firms have issued reports on ALB. Zacks Research downgraded Albemarle from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Rothschild & Co Redburn assumed coverage on Albemarle in a research report on Friday, October 24th. They set a “buy” rating and a $135.00 target price for the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Albemarle in a research note on Tuesday. Rothschild Redb upgraded Albemarle to a “strong-buy” rating in a report on Friday, October 24th. Finally, Truist Financial boosted their price objective on Albemarle from $87.00 to $91.00 and gave the stock a “hold” rating in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, sixteen have assigned a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, Albemarle has a consensus rating of “Hold” and an average price target of $101.29.

Albemarle Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.