HB Wealth Management LLC Cuts Stock Position in Albemarle Corporation $ALB

HB Wealth Management LLC lessened its holdings in Albemarle Corporation (NYSE:ALB) by 8.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 402,083 shares of the specialty chemicals company’s stock after selling 38,525 shares during the period. HB Wealth Management LLC owned 0.34% of Albemarle worth $56,871,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ALB. AQR Capital Management LLC lifted its holdings in Albemarle by 25.5% in the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock worth $229,000 after purchasing an additional 654 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in Albemarle by 26.2% during the first quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock valued at $346,000 after acquiring an additional 996 shares in the last quarter. United Services Automobile Association purchased a new position in Albemarle during the first quarter valued at $208,000. Empowered Funds LLC purchased a new position in Albemarle during the first quarter valued at $411,000. Finally, EverSource Wealth Advisors LLC grew its stake in Albemarle by 536.7% during the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after acquiring an additional 483 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Albemarle

In other news, CEO J Kent Masters sold 11,783 shares of Albemarle stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total value of $2,012,654.23. Following the completion of the transaction, the chief executive officer owned 134,628 shares in the company, valued at approximately $22,995,808.68. The trade was a 8.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ALB. Zacks Research cut shares of Albemarle from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 17th. JPMorgan Chase & Co. decreased their target price on Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. BMO Capital Markets boosted their target price on Albemarle from $145.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Mizuho boosted their target price on Albemarle from $156.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 12th. Finally, Royal Bank Of Canada raised their target price on shares of Albemarle from $200.00 to $216.00 and gave the company an “outperform” rating in a report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $176.32.

Albemarle Stock Down 2.1%

Shares of NYSE ALB opened at $194.27 on Thursday. The firm’s 50-day moving average price is $175.35 and its 200-day moving average price is $147.71. The company has a current ratio of 2.23, a quick ratio of 1.57 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $22.90 billion, a price-to-earnings ratio of -33.79, a P/E/G ratio of 1.54 and a beta of 1.43. Albemarle Corporation has a 12-month low of $53.70 and a 12-month high of $215.71.

Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.13). The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.09) earnings per share. On average, equities research analysts anticipate that Albemarle Corporation will post 8.07 EPS for the current fiscal year.

Albemarle Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were issued a $0.405 dividend. The ex-dividend date was Friday, March 13th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 0.8%. Albemarle’s payout ratio is -28.17%.

About Albemarle

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.